Co-Ops versus Condos
Co-ops and condos are frequently confused with each other because they are fairly similar concepts. However, some distinct differences keep them from being interchangeable. Before deciding on a co-op or condo, there are a few things homeowners need to know.
The Type of Property You Own Differs
In a co-op, you are not legally purchasing any real estate. Instead, you are buying a share in a corporation that owns the building, and then in return, you get a place to live. Co-op fees will include the cost of the mortgage itself. This can result in some differences for various tax and inheritance purposes. In a condo, you own the real estate itself. You are purchasing the condo unit itself, along with part of all the condo amenities.
Levels of Resident Involvement Aren’t the Same
Residents run both co-ops and condos, but the level of involvement changes quite a bit. In a co-op, residents are very involved. Every resident usually votes on decisions, and it takes quite a bit of effort to be approved by the co-op before purchasing the unit. Meanwhile, condos are a little more hands-off. They make it easier for new residents to join, and every owner does not have to get involved in every little decision. Those who like being part of the decision-making process may prefer a co-op, while those who want a more convenient home may prefer a condo.
There are Different Financial Considerations
Generally speaking, co-ops are more affordable than condos. This happens because co-ops tend to be small, historical buildings, while many condos may be luxury high rises. However, the lower overall purchase price of co-ops comes with some downsides. Co-ops tend to have slightly higher fees, and usually, they require a higher down payment.
They Tend to Have Separate Vibes
The differences in condos and co-ops result in a slightly different feel for each home type. Co-ops tend to have more interactions with neighbors and more rules in place for residents. People are more invested in the property and tend to stick around a while longer. Meanwhile, condos typically have a more impersonal feel and more relaxed rules.
Mixed-Use Development a Growing Trend
In a world where everything is changing, corporations are no exception. While it has largely been unheard of for a business to occupy a residential or industrial building, the lines between the three are becoming increasingly blurred. This is referred to as mixed-use development and is a growing trend in today’s competitive landscape.
However, this trend’s growth does not mean that businesses using it are guaranteed to benefit from it. While mixed-use development may give companies more options, it also tasks them with living up to more responsibilities.
It can be difficult to choose the best possible property in a situation such as this one. Before choosing anything, it is essential to understand that there are two types of mixed-use development; vertical and horizontal.
Most people define mixed-use as a property with commercial businesses on the ground floor and apartments or condos on the above floors. Though this is the most common type, it is not the only type of mixed property. A property with businesses on the bottom and residences above them is classified as vertical.
When it comes to horizontal, this type of development involves a building with one purpose and one purpose only. Consecutive buildings can then be used for either business or residential space.
Investors have found that these types of properties are beneficial to them. One benefit is that it gives property managers the ability to handle numerous properties at the same time efficiently. Another is that the residential spaces are easy to rent out because people enjoy having various businesses conveniently close to where they live.
The more types of tenants that occupy a particular building, the better it is for investors. They are taking less of a risk when it comes to renting spaces out to those who need them. Redevelopers also appreciate the lack of risk they are taking when they invest in mixed-use properties. These types of properties tend to attract renters, whether business or residential, that are extremely unlikely to have a problem making their payments on time and in full.
Last but not least, everyone benefits from mixed-use development because they make it easy for people to travel between their residence and the businesses they frequent. The convenience is appealing.
Tips for Renovating Small Spaces
Many millennials are looking to build their lives in smaller spaces than the Baby Boomers, and Generation X. Tiny homes, nomad lifestyles, and other alternative ways of living have made the small space the preferred space. Before renovating a small space, there are essential strategies to be aware of.
Focus on Function
To make the most of small spaces, it’s important to consider function first. Creating a logical layout requires understanding the spacial needs of those living there and how they will use the different areas. It’s also important to consider lifestyle questions like whether they will need a working space with office supplies, or whether they like entertaining others. This can help the designer determine the best floor plan for the space that is being remodeled.
Plan for Organized Storage
Another critical aspect of designing for smaller spaces is considering storage needs. Storage can be added to unique places for small homes such as under the bed, creating closets, under the couch, or other overlooked spaces.
Keep Essentials
Every object in a small space needs to be considered carefully, but it’s also important to keep the essentials. By minimizing the things taking up space, people can maintain a greater sense of spaciousness. The home will also feel more organized without so much clutter. An easy way to determine if an object in question has a place, ask if it is beautiful or useful. The items that are worth keeping will be treasured even more!
Take Advantage of Light
The more light pours into a home, the bigger it will feel. Glass doors and large windows allow a small space to stay lit by natural light throughout the day. Mirrors are a great way to enhance natural light while also creating the illusion that the place is more spacious. However, if there isn’t much natural light available, brighten up the area by painting it white. Painting the walls white will create a sense of greater space while also lightening it up. It affects the perception that the room has more space while also making it appear more comfortable and positive.
Conclusion
The design of a small space will begin to evolve with the people who live there. It will start to come together naturally, revealing their tastes and preferences!
About Avraham Glattman
Avraham Glattman is the owner of First American Properties Group, a real estate business based in New York City, New York.
Avraham brings over 26 years of experience working as a real estate agent in the city, where he continues to work today. He graduated from Newport University with a Bachelor’s Degree in Business Administration and Management and remained at the university to attain his Masters of Business Administration (M.B.A.). After graduation, he jumped straight into the real estate field in 1992 in the greater New York City area. Throughout his career, Avraham has explored listings across the New York area, keeping a detailed account of the locations, pricing and comparable properties in the housing market.
After gaining a wealth of knowledge about the real estate marketing in New York, Avraham Glattman decided to take it a step further by creating First American Properties Group with his longtime business partner, Pete Jacov in 2008. First American Properties is a real estate and development company that services the five boroughs of New York. The company currently owns residential and commercial properties in Queens, Downtown Brooklyn, Harlem, and Manhattan. The company focuses on monitoring the growth and development in different areas of the city, so they can work to establish more patterns of growth and help revitalize the area.
While monitoring the different areas of New York City, Avraham Glattman consistently keeps an eye out on up-and-coming neighborhoods that he could potentially invest in. For example, after seeing Harlem, Avraham was immediately impressed by the neighborhood’s charm, leading him to invest in properties in the area. With a convenient location next to the subway and charming business like music venues in the area, it was not hard to see what attracted Avraham to the area.
Today, Avraham Glattman continues to find new investments with First American Properties Group, alongside his business partner, Pete Jacov. Together, they are working towards the goals that they set for First American Properties Group. The goals include acquiring property in the Harlem area to renovate and sell, as well as acquiring properties in all five boroughs.
Avraham Glattman is also the proud owner of 1927 Café Bar Popularr. Located in Harlem, the café serves a variety of open-faced Mediterranean sandwiches, called ‘Toastics’, and many types of coffee. Café Bar Popularr is proud of the rich artistic traditions of Harlem, and invites local musicians, authors, and comedians to visit and share their talents with friends.
Avraham was born and raised in Israel, where he went graduated high school. Not long after, he served in the Israeli army for three years, before he was sent to the United States to work with an Israeli newspaper in Brooklyn, NY. Not long after making the move to New York, Avraham met the woman that would become his wife in 1991. Together, they have three children.
In his spare time, Avraham Glattman enjoys spending his time with his wife and three children and loves to explore new parts of New York City. Avraham’s incredible dedication to both his work and family brings him immense happiness and purpose each day.
To learn more about who Avraham Glattman is, visit AvrahamGlattmanNewYork.com.
