Question on Co-Op

Question on Co-Op

I've been posting about homes for a few months now (well just yesterday, I started thinking about a Co-op) We have been having such a hard time finding a home - we are paying rent - I saw a co-op in the area we want (the maint. fee is around $500) of course this is less then what we are paying in rent - my question is this
Are they difficult to sell? Does anyone know anything about them?
I was just starting to think we are throwing this money away on rent (we have the money in the bank we could buy the co-op live in it for 2/3 years and start looking again.
Any info. anyone can tell me I would appreciate.
As always thank you!
Tara

Question on Co-Op

Tara
It all depends on the usual factors, location, condition, price, plus the financial situation of the co-op. It is a little harder to get a mortgage on a co-op vs. a condo but someone with good credit should not have a problem.

I have lived in my co-op in Little Neck for over 10 years and right now they are selling immediately upon listing. Compared to housing prices in the area co-op's are a good way to go. You get the added benefit of a Super to fix things.

Question on Co-Op

Selling a coop depends on what's in the area. If the majority of properties in your area are coops (ie Manhattan, Queens, etc), then you won't have a problems selling. As for Mortgages, you'll find that if you're buying in NY, many banks give mortgages for Co-ops - which maybe wasn't the case a few years ago. You'd need to check w/ your broker.
I'm in the hunt for a coop and I bought the Co-op bible. If you are considering a coop, it's a MUST read. You'll know what to ask and what to look for.

Thanks...

I'm going to start looking at co-op's in RVC - as I said I don't know much about them - I'm just sick of living in such a small place (it's putting my life on hold) I don't want to move into a 2 bedroom apt. and throw more money out the window - I am just not sure we will find a home in the next year and I am starting to get really sick of looking.
I will look out for the book - thanks for the info.

Thanks...

JuneBride, if you don't mind - pls keep us posted on how ur search goes for co-ops's in RVC... my husband and I are starting to consider co-ops too. Good Luck to you