Whats the deal with Co-ops?

OK after the harsh realiazation that there is no way we can afford a house, I have started looking inot co-ops.

I am unsure on the benifits/drawbacks and wanted to know if anyone can help me decifer this.

I would need a place that has a small yard, even a tiny one for the doggie and obviously allows pets.

Any suggestions on where there are good complexes would also help. Icurrently live in lake ronkonkoma and would like to stay in the area or further west if possible. Oakdale seems to look pretty good for us and I saw a bunch listed that seem nice.

My question is.. is it worth it to pay 200k plus for a co-op? or is it better to spulrge for a house?

Do you pay taxes?

Re: Whats the deal with Co-ops?

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Posted by Jen2999

OK after the harsh realiazation that there is no way we can afford a house, I have started looking inot co-ops.

I am unsure on the benifits/drawbacks and wanted to know if anyone can help me decifer this.

I would need a place that has a small yard, even a tiny one for the doggie and obviously allows pets.

Any suggestions on where there are good complexes would also help. Icurrently live in lake ronkonkoma and would like to stay in the area or further west if possible. Oakdale seems to look pretty good for us and I saw a bunch listed that seem nice.

My question is.. is it worth it to pay 200k plus for a co-op? or is it better to spulrge for a house?

Do you pay taxes?

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we gave up on the house...we found our 2br co-op with backyard for less then 175k. It really depends what you can handle if your gonna go to a house. we were shopping for 300k houses but nothing was found after many months and searching houses.

our complex doesn't have any 2 br left for sale but serveral 1 br's. our unit allows dogs

Taxes are usually included in your maintence fee's. You will find the grounds always to be neat, snow sholved, etc..

only drawback i found are some strict rules..then again, some of the rules they list are just obvious.

here is a link to our unit

link

Re: Whats the deal with Co-ops?

i know there is a co-op complex in setauket near 347...on old town rd... kind of south of Ward Melville HS...

Re: Whats the deal with Co-ops?

one draw back with a co-op is the building has to be in good standing as well as you

the building also has to be approved for the mortgage-

you don't own the unit- you own shares in the building

they are ususally cheaper then Condos- with a condo you own the unit

with a co-op you need to put 20% down- not true with a condo

Re: Whats the deal with Co-ops?

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Posted by Beth1210

one draw back with a co-op is the building has to be in good standing as well as you

the building also has to be approved for the mortgage-

you don't own the unit- you own shares in the building

they are ususally cheaper then Condos- with a condo you own the unit

with a co-op you need to put 20% down- not true with a condo

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Not all co-ops require 20%. Ive seen some go as low as 10%... and if you buy a sponsored co-op unit sometimes you can get them down to 5% since a co-op really want to move sponsor apartments.

A lot of the major banks already have a list of 'approved co-ops' they will lend to. But even if you want to buy into a co-op that isn't approved by the bank... you can have the bank start the process to get them approved. I did this one (had to get Windor Oaks co-op approved by M&T Bank). It really wasn't an issue... co-op just had to send financials to the bank and they were good to go.

You don't own the unit itself... but you own exclusive rights to live there. Thats pretty much the same as owning the unit for most people... and your unit will appreciate in value based on market conditions just like a condo.

I have bought and sold co-ops on a few occasions... so I am very familiar with the process. I have no problems recommending it to anyone.

Re: Whats the deal with Co-ops?

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Posted by Jen2999

My question is.. is it worth it to pay 200k plus for a co-op? or is it better to spulrge for a house?

Do you pay taxes?

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I am in contract to sell my 2br/1bth co-op for 267k. If you wanted to splurge for a house in my neighborhood where my co-op is... you will be paying over 800k most likely (Oakland Gardens, Queens).

Taxes are included in your co-op maintenance and they are deductable in the same way condo taxes are.


If you are looking in eastern Queens... let me know and I can point you in the direction to find some nice places. I don't know much about Nassau or Suffolk though.

Re: Whats the deal with Co-ops?

We're in the same position now. We don't want to be 'house poor', especially not to live in squalor, which is about all we could afford. So I *think* we're probably going to do a co-op (we do change our minds daily though so ask me again tomorrow, I may have a different answer).

If you're not looking to buy this second, I suggest doing a ton of research on your own. We too have a dog and want outdoor space for him to play and obviously the building has to be pet friendly. So, I signed up on mlsli.com for notifications of all co-ops (regardless of space, although we're looking only for a 2BR or more) in the towns we want to live in (Queens and very western Nassau) under X price. Every day I get a listing of all of the newly available (or price changed) co-ops in these towns. This gives me the opportunity to get to know the buildings, the amenities each has and, ideally, whether they're pet friendly or not. I already have a list of 35 bldgs that are pet friendly, and another list of about 15 that are definitely not so we don't waste our time there. Each listing has different info and so many have pictures - sometimes you can just knock out a building after 1 or 2 listings, even if they're pet friendly, because it's not what you'd be looking for. If you're going to do this, I wouldn't narrow it down by the amentities that mlsli allows you to because often the properties are mislisted, either with or without something. You can surmise a lot on your own just looking at the pictures.

Also, DJ's right, not all co-ops require 20%. Actually, a large number are amending their bills to be lower than 20% because of the insane market today. If people have that much $ in the bank, they're probably looking for a house and not a co-op anyway.

Let me know if you have questions or anything - it seems like we're going through the process at the same time.

Re: Whats the deal with Co-ops?

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Posted by eogara

We're in the same position now. We don't want to be 'house poor', especially not to live in squalor, which is about all we could afford. So I *think* we're probably going to do a co-op (we do change our minds daily though so ask me again tomorrow, I may have a different answer).

If you're not looking to buy this second, I suggest doing a ton of research on your own. We too have a dog and want outdoor space for him to play and obviously the building has to be pet friendly. So, I signed up on mlsli.com for notifications of all co-ops (regardless of space, although we're looking only for a 2BR or more) in the towns we want to live in (Queens and very western Nassau) under X price. Every day I get a listing of all of the newly available (or price changed) co-ops in these towns. This gives me the opportunity to get to know the buildings, the amenities each has and, ideally, whether they're pet friendly or not. I already have a list of 35 bldgs that are pet friendly, and another list of about 15 that are definitely not so we don't waste our time there. Each listing has different info and so many have pictures - sometimes you can just knock out a building after 1 or 2 listings, even if they're pet friendly, because it's not what you'd be looking for. If you're going to do this, I wouldn't narrow it down by the amentities that mlsli allows you to because often the properties are mislisted, either with or without something. You can surmise a lot on your own just looking at the pictures.

Also, DJ's right, not all co-ops require 20%. Actually, a large number are amending their bills to be lower than 20% because of the insane market today. If people have that much $ in the bank, they're probably looking for a house and not a co-op anyway.

Let me know if you have questions or anything - it seems like we're going through the process at the same time.

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WOW .. you are so organized. I am looking in Suffolk county , but too bad cause Id hit you up for your list!!!!

I think I amay make an appoi tment with a morgage broker and just see what they recommend and how much we would qualify for.

Re: Whats the deal with Co-ops?

dJ pill... thanks for all your help as well

Re: Whats the deal with Co-ops?

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Posted by Jen2999

I think I amay make an appoi tment with a morgage broker and just see what they recommend and how much we would qualify for.

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you can get quailifed for just about what they think you can afford. make sure you konw before you get into something how much you really can afford. you have to factor in other varibles that you may not pay now like taxes, eletric, etc...

Re: Whats the deal with Co-ops?

We have a condo in Ronkonkoma but they're going for $260's-280s for one bedrooms now, around $300 for 2 bedrooms.

Re: Whats the deal with Co-ops?

we have a co op and the taxes are included. the value has increased significantly which is good and shows you that co op's are good to buy if you can't afford a house..which is why we bought one. we needed 5 percent down but that was because it was a new complex..now we have to get 10 percent from any perspective buyer when we go to sell next year. good luck with your search!!

Re: Whats the deal with Co-ops?

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Posted by nov04LIbride

We have a condo in Ronkonkoma but they're going for $260's-280s for one bedrooms now, around $300 for 2 bedrooms.

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Really? I live in ronkonkoma.. where at?

Re: Whats the deal with Co-ops?

We have a co-op also, and we didn't need to put the 20% down...

one of the units actually just went up for sale last week....

http://www.mlsli.com/uniDetails.CFM?MLNum=1748366&typeprop=1&start=1&rpp=20

incase you're interested...

Re: Whats the deal with Co-ops?

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Posted by suezboss

We have a co-op also, and we didn't need to put the 20% down...

one of the units actually just went up for sale last week....

http://www.mlsli.com/uniDetails.CFM?MLNum=1748366&typeprop=1&start=1&rpp=20

incase you're interested...

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can u have animals there?? cat or dog?

Re: Whats the deal with Co-ops?

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Posted by dbleplay17

can u have animals there?? cat or dog?

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Indoor pets, (cats) but no dogs...