I'm nervous! Buying co-op advice

So, DH and I have been searching for a co-op probably for the past year or so. We wanted to be really serious after the wedding so we can assess how much we have for a downpayment.

We originally started looking in brooklyn and then for the past few months looked at Forest Hills.

We found a 2 br under our original budget (in fact, way under what we thought it would be) in a great area of FH, one block from the subway. The only 'flaw' is that the maintenance fee is high but it's 55% tax deductabel

We have enough for 20% downpayment etc. but we're just SO nervous. Both DH and I are in advertising sales and with the market being so shaky, it's scary to let go of our savings for this new place! But at the same time, we live in a teeny Manhattan apartment and I would LOVE to have some space.

I'm just hoping that this nervous feeling subsides. I really hope I'mmaking the right decision!!!

It's always hard to make such a BIG purchase.

Ask yourself if you could keep the apt. if you and DH only had one salary...and if the answer is YES it'll put you at ease in terms of what you are spending. If the answer is No then maybe I would re-think it.

It's soo tough these days because I don't think any career , job , etc. is safe, but it's also a great opportunity to buy something at a more reasonable rate.

BTW congrats on your apt.

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Posted by bluekat16

It's always hard to make such a BIG purchase.

Ask yourself if you could keep the apt. if you and DH only had one salary...and if the answer is YES it'll put you at ease in terms of what you are spending. If the answer is No then maybe I would re-think it.

It's soo tough these days because I don't think any career , job , etc. is safe, but it's also a great opportunity to buy something at a more reasonable rate.

BTW congrats on your apt.

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I agree. Even if you can close to make it on one income, you could always cover the difference with part time pay. I would do it. Good luck!

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Posted by bluekat16

It's always hard to make such a BIG purchase.

Ask yourself if you could keep the apt. if you and DH only had one salary...and if the answer is YES it'll put you at ease in terms of what you are spending. If the answer is No then maybe I would re-think it.

It's soo tough these days because I don't think any career , job , etc. is safe, but it's also a great opportunity to buy something at a more reasonable rate.

BTW congrats on your apt.

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Aww, thanks Kathryn and yes, if either of us lose a job we can definitely take on the mortgage/maintenance. We would be eating ramen but we could afford it on our own

I'll keep you updated. We're going to put in an offer tonight!

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Posted by Cutechef729

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Posted by bluekat16

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I agree. Even if you can close to make it on one income, you could always cover the difference with part time pay. I would do it. Good luck!

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You're so right. Thank you for advice!

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Posted by NapaValleyGirl

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Posted by bluekat16

It's always hard to make such a BIG purchase.

Ask yourself if you could keep the apt. if you and DH only had one salary...and if the answer is YES it'll put you at ease in terms of what you are spending. If the answer is No then maybe I would re-think it.

It's soo tough these days because I don't think any career , job , etc. is safe, but it's also a great opportunity to buy something at a more reasonable rate.

BTW congrats on your apt.

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Aww, thanks Kathryn and yes, if either of us lose a job we can definitely take on the mortgage/maintenance. We would be eating ramen but we could afford it on our own

I'll keep you updated. We're going to put in an offer tonight!

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Good luck

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Posted by NapaValleyGirl

So, DH and I have been searching for a co-op probably for the past year or so. We wanted to be really serious after the wedding so we can assess how much we have for a downpayment.

We originally started looking in brooklyn and then for the past few months looked at Forest Hills.

We found a 2 br under our original budget (in fact, way under what we thought it would be) in a great area of FH, one block from the subway. The only 'flaw' is that the maintenance fee is high but it's 55% tax deductabel

We have enough for 20% downpayment etc. but we're just SO nervous. Both DH and I are in advertising sales and with the market being so shaky, it's scary to let go of our savings for this new place! But at the same time, we live in a teeny Manhattan apartment and I would LOVE to have some space.

I'm just hoping that this nervous feeling subsides. I really hope I'mmaking the right decision!!!

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Onething to keep in mind, make sure you ask about when you want to sell if there are any charges... A lot of co-ops take about 20% of the sale price.

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Posted by Karen9508

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Posted by NapaValleyGirl

So, DH and I have been searching for a co-op probably for the past year or so. We wanted to be really serious after the wedding so we can assess how much we have for a downpayment.

We originally started looking in brooklyn and then for the past few months looked at Forest Hills.

We found a 2 br under our original budget (in fact, way under what we thought it would be) in a great area of FH, one block from the subway. The only 'flaw' is that the maintenance fee is high but it's 55% tax deductabel

We have enough for 20% downpayment etc. but we're just SO nervous. Both DH and I are in advertising sales and with the market being so shaky, it's scary to let go of our savings for this new place! But at the same time, we live in a teeny Manhattan apartment and I would LOVE to have some space.

I'm just hoping that this nervous feeling subsides. I really hope I'mmaking the right decision!!!

---

Onething to keep in mind, make sure you ask about when you want to sell if there are any charges... A lot of co-ops take about 20% of the sale price.

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Oh really? That's good to know. I will ask.
Thank you!

Hey...that is GREAT news! Is this the one you were thinking about for awhile or a new one?

I totally understand why you are nervous but I think if you have the $$ now is the time! And like others said if you can make it on one salary (at least for a few months)...you should be ok!

I always think about it too, like how long could we go on one salary or no salary and yes its scary but I know myself and I would get any job just for income and so we wouldnt lose the house. Its definitely nerve racking for sure and I think that is a normal feeling...even if the economy wasnt bad, its still a big big purchase but it sounds like you have everything worked out and if you love it and its the one then you have to go for it! YAY!

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Posted by Jenn04

Hey...that is GREAT news! Is this the one you were thinking about for awhile or a new one?

I totally understand why you are nervous but I think if you have the $$ now is the time! And like others said if you can make it on one salary (at least for a few months)...you should be ok!

I always think about it too, like how long could we go on one salary or no salary and yes its scary but I know myself and I would get any job just for income and so we wouldnt lose the house. Its definitely nerve racking for sure and I think that is a normal feeling...even if the economy wasnt bad, its still a big big purchase but it sounds like you have everything worked out and if you love it and its the one then you have to go for it! YAY!

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It's actually a new place right down the block from the other place. Still needs work but not as much as the other place AND it has a seperate dining area while the other place didn't!

I think the other thing that is scaring me is moving out of Manhattan. I know it's an absurd thing to worry about but I've lived in Manhattan for so many years and the thought of leaving it makes me a little

Also be careful about the maintenance, if you think its too high now, remember that your building can do an assessment at any time if it needs repairs and you'll be paying more than your monthly maintenance. Last year we had to get a new roof and we had to pay an extra 3 months maint over 6 months. it was NOT fun but we were able to swing it. If you found a place you love, I'd say go for it but if you keep looking around, you should check out Kew Gardens. Its quieter than Forest Hills and less $$.

FM me.
I own in FH and lived there 11 years. I know very building lol..
I have advice but too much to post.

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Posted by BeccaJo

Also be careful about the maintenance, if you think its too high now, remember that your building can do an assessment at any time if it needs repairs and you'll be paying more than your monthly maintenance. Last year we had to get a new roof and we had to pay an extra 3 months maint over 6 months. it was NOT fun but we were able to swing it. If you found a place you love, I'd say go for it but if you keep looking around, you should check out Kew Gardens. Its quieter than Forest Hills and less $$.

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Yes this happened to a friend of mine who lived in Miami. His maintenance was about $700/month but one day they needed a new roof and that wasnt included in the maintenance fees and he had to come out of pocket ALOT of money. I think I remember him saying it was several thousands dollars. Ugh.

Also does maintenance cover exterior insurance? In other words we have regular homeowners insurance and then we have an exterior policy with the other two townhomes connected to us. Its for our shared roof, walls, backyard, etc. Its not that much but still something to remember...it may not be included in your maintenance and is an added expense!

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Posted by BeccaJo

Also be careful about the maintenance, if you think its too high now, remember that your building can do an assessment at any time if it needs repairs and you'll be paying more than your monthly maintenance. Last year we had to get a new roof and we had to pay an extra 3 months maint over 6 months. it was NOT fun but we were able to swing it. If you found a place you love, I'd say go for it but if you keep looking around, you should check out Kew Gardens. Its quieter than Forest Hills and less $$.

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i was looking in forest hills also, but ended up buying in briarwood. our maintenance has gone up twice in about 14 months which totally sux. but, if you love the place, go for it. i think forest hills is a nice transition from the city. they have good restaurants, good shoppng, and forest park is nearby, but i know it won't be the same. good luck!!

some other points :
- are the units all owner occupied or are some rentals ?
- how often does the base maintenance increase ?
- are assesments charged and if so, how often ?
- are assesments broken down over the course of a few months ?
- is there a flip tax (when you sell, part of profit or a set fee goes to the co-op)
- are there any major capital improvements planned in the near future (this might be cause for an assesment)
- when were the units built ?
- does the land under the unit belong to the co-op or is it a land-lease ?
- if land-lease, what is the term.

I've been a co-op owner for almost 11 years now, in a garden complex in Bayside.

well the 55% deductible helps but just a warning, maintenance fee's go up and can up alot so if its high already just keep in mind that can get higher. In 4 years my maintenance fee's went up $300

but even if it goes up higher you still get 55% of that so even if you end up paying more you'll get back more.

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Posted by SusiBtoM

some other points :
- are the units all owner occupied or are some rentals ?
- how often does the base maintenance increase ?
- are assesments charged and if so, how often ?
- are assesments broken down over the course of a few months ?
- is there a flip tax (when you sell, part of profit or a set fee goes to the co-op)
- are there any major capital improvements planned in the near future (this might be cause for an assesment)
- when were the units built ?
- does the land under the unit belong to the co-op or is it a land-lease ?
- if land-lease, what is the term.

I've been a co-op owner for almost 11 years now, in a garden complex in Bayside.

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Susi, Thank you! This is great advice and exactly what our attorney asked us. We're getting the financials and the minutes from the board meeting to find out why the maintenance is so

The owners counter offered but I think we may withdraw our offer because according to our friend who is a realtor in Manhattan, the maintenance fee of this apartment would be equal to or the same as what it would cost for a million dollar home in manhattan AND this apartment is WAY, WAY less than that..