Q & A with Dottie Herman

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Q1 - How do I know if a co-op or condo is the right choice for me and my family?
     
A - For the most part, living in a co-op provides a more permanent tenancy environment. Co-ops prefer shareholders who are prime residents, and therefore, sublets are discouraged. Condominium ownership, on the other hand, has more relaxed rules, particularly in connection with leasing and often results in a more transient population.  Newer condominium construction many times includes family-oriented features such as swimming pools, health clubs and recreation centers. In New York City, for example, co-ops remain the largest form of ownership, and many of them, in an attempt to compete with newer condominiums, are building fitness and recreation centers.

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Q2 - I recently bought a home in New Jersey, and now we decided that we shouldn't have moved out of Manhattan, and we want to move back. We are afraid that, since we literally just purchased the home, people may think there is something wrong with it and not want to buy it- is there something we can do to assure them the house is  fine, but  the suburbs are not for us?

A - Being honest is the best policy. It may be helpful to have a current inspection document, or offer to pay for one, if a serious buyer should challenge your motivation for selling. If you purchased through a Real Estate Broker, you might want to hire the same one as they are most familiar with the property's history. If you are selling on your own, check the comparables on the market, as prices may have changed from when you purchased.

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Q3 - My husband just got a new job on the east end of long island. We currently live on the north shore, so we need to move since the drive for him each day will be too long. The home that we just purchased is furnished, so we want to sell our house furnished since we don't need the furniture. Do buyers see this as a plus or a negative?

A - Selling the home furnished only narrows your target market. It would be best to offer it both furnished and unfurnished. If you sell it unfurnished, there are many vendors who will purchase the contents in bulk. Depending on the quality of your furnishings and fixtures, there are many auction houses available to you and they will most likely be helpful to you by providing you with an appraisal of the contents so that you have accurate values.

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If you have a real estate question for Dottie, please send it to; Reporters@WorldPropertyChannel.com

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