Long Beach Own Your Owns or Condos: What’s the Difference?

The difference between Own Your Owns (OYO) and Long Beach condos is a philosophical one.

With a condo, one owns the airspace that the condo occupies, with an OYO you own an undivided interest in the complex with the right to occupy a certain apartment.  OYO has much more limited financing but otherwise is like a condo in that respect.

All Long Beach Own Your Owns for Sale

Even though the property type says condos, my property search tool has not updated the property type to say Own Your Owns. I carefully created this list of OYOs for you. Let’s meet for coffee and talk about your real estate plans so we know how to advise you. Call Jay at 562-413-7655.

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What are the Financing Requirements?

Please keep this in mind: some of the Own Your Own buildings may require you to pay “cash only” which is due to having too many rentals in the community or this is an issue and it doesn’t qualify for financing. 

Additional Information Own Your Own Properties

I call them one of the first types of condominiums.  The number of own you owns has dropped over the years with a lot of them converting to condos status.  When you convert over to condominiums, it is easier to finance a purchase.  I only know one lender in Long Beach that can finance the purchase of an Own Your Own. 

Property taxes on either are segregated (billed to each unit on an individual assessor’s parcel number).

If you’re looking to invest in real estate, owning your own residential properties can be a great option. Not only can it provide a steady stream of passive income, but it can also offer long-term financial benefits through appreciation and equity.

However, before diving into the world of property ownership, it’s important to understand the responsibilities and considerations that come with it.

Equity and Appreciation

Owning your residential property can be a great investment in your financial future. One of the primary benefits of owning a property is the potential for equity and appreciation. When you own your own home, you are building equity with each mortgage payment you make. This equity can be used in the future to finance other investments or to pay off debt.

Additionally, property values tend to appreciate over time, meaning that your home could be worth more in the future than it is today. This can be a great way to build wealth and secure your financial future.

Stability and Security

Owning your own home can also provide a sense of stability and security. When you rent a property, you are subject to the whims of your landlord. They may decide to sell the property, raise the rent, or make other changes that can disrupt your life. When you own your own home, you have control over your living situation and can make changes as you see fit.

Additionally, owning your own home can provide a sense of security for you and your family. You don’t have to worry about being evicted or having to move because of someone else’s decisions.

Factors to Consider Before Buying a Residential Property

When you decide to buy a residential property, there are several factors you need to consider to ensure that you make the right choice. Here are some of the most important factors to keep in mind:

Location and Neighborhood

The location of the property is one of the most important factors to consider before making a purchase. You want to choose a location that is convenient for you and your family, with easy access to amenities such as schools, hospitals, shopping centers, and public transportation. You should also consider the safety and security of the neighborhood, as well as the quality of the schools in the area.

Budget and Financing Options

Before you start looking for a property, you should determine your budget and financing options. You need to know how much you can afford to spend on a property, including the down payment, closing costs, and ongoing expenses such as property taxes and maintenance costs. You should also consider your financing options, such as getting a mortgage or using your savings to pay for the property.

Do You Want a List of Long Beach Own Your Own Properties Sent to You?

Long Beach has a small number of Own Your Owns (OYO) for sale.   If you are interested in this type of property, please contact us and we will email you a list of them. 

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