daytona luxury condo Archives - Marina Grande
Menu
Request Pricing & Availability

The Differences Between Coops & Condos

What You Need to Know About Condos

Condominiums are buildings or complexes that house a multitude of families with shared grounds, services, and amenities. Condos are individually assessed real estate properties that will be taxed separately from the other units by the city. While condo owners don’t have to worry about the building’s mortgage, the condo association that manages the building will determine the budget for the building and its grounds, charging each unit for a monthly “common charge.” Although a condo’s monthly cost might be lower than a similar coop might be lower, the initial purchase price will be significantly higher.

What You Need to Know About Coops

What is known as a “coop,” or a cooperative, is a corporation that owns a building. If you own a “coop,” you own stock in the corporation, and thereby have propriety rights to a specific unit in the building. How many shares in the stock you own will determine the size of your unit, the floor of your unit, and certain amenities or view. Any monthly maintenance fees are based on the percentage of shares you own to the total number of shares in the building.

When you own a coop, your monthly maintenance payment covers your share of three types of expenses:

  1. Covers your share of any basic operating costs or upkeep, such as heat, water, electricity, etc. This also covers your share of any building maintenance staff, the superintendent, management, and other building employees. Liability and other insurance for the building is also covered here.
  2. You pay your share of real estate taxes on the entire building.
  3. The last expense is either your share of the building’s mortgage, or a refinance or equity loan.

Although the list of expenses may sound like a lot of things that you’ll need to cover, the purchase price of shares in a coop will generally be lower than the price of an equal condo unit.

Request Pricing & Availability

Spooky Halloween Events Near Daytona Beach

2017 Enchanted Forest in South Daytona

A fantasy filled hayride with local high school drama clubs performing fairy-tale skits along the way. Reservations/tickets are required. Pick up tickets at the Piggotte Community Center 504 Big Tree Road.

Dates: Oct. 26-28th

Time: 6:30 – 8:30 p.m.

Location: Reed Canal Park

Cost: $3.00 per person (2 & under free)

Halloween Haunted Hotel in Lake Helen

Full liquor Piano Bar, food & dining, entertainment, and psychic readings.

Dates: Oct. 26th-31st

Time: 7 – 11 p.m.

Location: 355 Cassadaga Rd Lake Helen, FL 32744

Cost: $15 per person (recommended 18+)

Ghost Stories Tour in Daytona Beach

An evening of frightseeing nand ghostly adventures at the Lilian Place Museum, a REAL haunted house.

Dates: Oct. 27 – 28

Time: 6 – 9 p.m.

Location: Lilian Place Museum 1000 S. Peninsula Drive, Daytona Beach, FL

Cost: $10.00

Haunted Farm in Merritt Island

“Florida’s Adventures in Paradise hosts the return of the haunted farm of Merritt Island. this year’s event will feature a large hiking trail with seven unique scare zones guaranteed to have your heart pounding! you’ll make your way around the farm and, if you’re lucky enough to survive crossing the troll bridge, you’ll find yourself amidst a gathering of other scare seekers enjoying food, drink and music before the scares continue! Fast moving lines, minimal wait time, affordable, scary, and fun!”

Dates: Every Friday & Saturday throughout October 2017

Time: 7 p.m. –

Location: Merritt Island 165 Gator Drive

Cost: $12 per person (Ages 12 and under not admitted without a parent)

Blue Heron’s Treats & Treasures Boat Tour in DeLand

Bring your family and friends out to Blue Heron’s Treats & Treasures Boat Tour, Saturday October 28, 2017! Designed especially for your little ones, this 30-40 minute boat tour cruises along the St.John’s River where we will enjoy festive music, play games, learn cool facts, and possibly see some of the river’s wildest treasures like alligators, bald eagles, turtles, and much more! Don’t forget to bring your little ones in their Halloween costumes as Awards will be given out for Best Costume and Most Creative!

Dates: October 28th (Reservation Required!)

Time: 10 a.m. – 3 p.m.

Location: Blue Heron River Tours is located at St.John’s Marina & Resort. 2999 West State Road 44. Deland, FL 32720

Cost: $8 Adults, $5 Kids (4-12), & Free for 3 and under

Haunted House & Fall Festival in South Daytona

“Kinetic Expression Dance Academy transforms their DancePlex into Carnivale! Where restless circusfolk wait to greet you from the big top and taunt you with their dance. This will be a performance treat like no other. Walking tours start every 15 minutes!” Face painting, bouncy houses, carnival snacks and games, trunk or treat, kona ice truck.

Dates: Oct. 28th

Time: 5 – 8 p.m.

Location: Kinetic Expressions Dance Academy, South Daytona Business Park

Cost: $5.00 each

Halloween Carnival at Embry Riddle in Daytona Beach

Each year, resident advisors and professional staff from the Housing and Residence Life department at Embry-Riddle Aeronautical University get together to plan a fun and memorable Halloween Carnival for families of the Daytona Beach community.

This year, we are planning on having a lot of activities like trick or treating in the Embry-Riddle residence halls, face painting and more! We will also have food and refreshments for guests to enjoy. Come and join us this October for a free, fun, and family-friendly outing.”

Date: Oct. 29th

Time: 1 – 4 p.m.

Location: 1500 Richard Petty Blvd in Daytona Beach

Cost: Free

Zoo Boo Bash at the Sanford Zoo

“Trick-or-treat in the wildest neighborhood in town during ZOO Boo Bash. It’s a safe, fun, and not-too-scary event for young and old alike. Kids are invited to bring goody bags and wear costumes for trick or treat stations. If you forget your costume, not a problem, our face painter will help you fit right in.”

Date: Oct. 28 – 29

Time: 9  a.m. to 3 p.m.

Location:  3755 NW Hwy 17-92 in Sanford

Cost: Included with regular zoo admission

 

 

Request Pricing & Availability

What You Need to Know About Rent to Own Condos

Why People Choose the Rent-to-Own Option

The two most common reasons that people choose the rent-to-own option are:

  1. They have poor credit
  2. They don’t have the finances for a mortgage now, but will likely have it in the near future.

It’s important to remember that usually you have to be able to qualify for a traditional mortgage within a few years of moving in. If you don’t have the ability to put down the mortgage, you may lose all of the extra money you’ve been putting in.

How do Rent-to-Own Condo Arrangements Work?

All of the rent-to-own condo agreements are going to be different, each state will have its own requirements and regulations. However, a typical rental-purchase agreement will involve the renter/buyer having the option to purchase the property after a set period of time. This time period is, on average, 3 to 4 years. This will be achieved by an option payment, which is typically a one-time payment to the seller offering the buyer the option to purchase the condo at the end of the period. On average the option price is typically 3% of the total purchase price. Usually the option price will be 2.5% to 7%, which is substantially less than the 20% down payment of most mortgages.

How do Rental Payments Work for Rent-to-Own Condos?

The renter/buyer agrees to pay the full amount of rent during the lease, but a percentage of the rent will be applied towards the purchase price. This percentage, which is on average 25% of the rent, will become the rent credit.

When are Rent-to-Own Condos a Good Idea?

Rent-to-own condos are a great option for those who are recovering from bad credit or for those who aren’t ready to make the down payment on a mortgage. Rental-purchase agreements give the potential homeowners a chance to build up a good credit history and some additional time to save money.