Can you share the pros and cons? Also, what made you decide on a coop? Thanks and happy new year!
boosh78201
Posted:
Member since
Re: if you own a coop...
I dont have a coop, but I am in the process of buying one. Here is what made us decide on buying a coop:
1. Its cheaper than buying a house but you own it like a house.
2. Maintenance fee is usually not that expensive.
If you have any more questions, send me a forum
Christine
NIHA
Posted:
Member since
Re: if you own a coop...
We're also in the process of buying one, and for the same reasons as Christine, we want to invest, but can't afford a house right now. And, the maintenance is taken care of, and the fees include taxes. The cons are that you only own a share in the co-op, you don't actually hold a title to your property like you do for a house or condo. Also, you have to get permission from the board if you want to make any major structural changes. The good thing about most co-ops is that you can sublet them after living there for a year or so and the rent can be more than your mortgage and maint. fees.
Teri
Posted:
Member since
Re: if you own a coop...
We thought about purchasing one, but we mainly want it as an investment property, and most, except for 1 building in our town, do not allow you to sublease. (some allow you to sublease only to family) Then again, the board could easily change their minds, so we decided against it.
We're now looking for a condo - they're more expensive, but you fully own it and can basically do what you'd like with it!
MichelleW
Posted:
Member since
Re: if you own a coop...
Before you buy your coop make sure you research the stability of the corporation. Each unit has a number of shares attached to it. One coop I had looked into was not fiscally fit, they had a balloon mortgage, the monthly maintenance fee was more than the mortgage and the shareholders were always getting hit with assessments for things like roof repairs, emergency maitenance..etc
Not trying to scare anyone..just make sure you do your homework
NIHA
Posted:
Member since
Re: if you own a coop...
Yes I agree with Michelle about making sure the coop is financially stable. That is partly what you hire your lawyer to do. We gave our lawyer the financial statements of the last 2 years, amendmentsm and prospectus. He's supposed to review this before we even sign the contract to make sure they are stable. Also, the mortgage company usually wants to see these statements as well before they approve you.
bride04
Posted:
Member since
Re: if you own a coop...
Are there any coops in Nassau? We looked into buying one in Queens or Westchester about a year ago, but now that I work in Suffolk I wouldn't want to move so far.
