you cant afford the house right now. I think my husband and I are looking into that right now. Instead of renting a 1BR in Long Beach we were thinking of buying a coop and staying there for 2 years to build equity for when we can afford a house.
anyone do the same?
If you have a coop/condo where did you buy?
hotelcalie
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Re: anyone decide to buy a coop-condo just to own b/c
YUP! We couldn't afford the house yet so we bought a co-op in Bayside. We have been in for 10 months. It has been a great investment! The price of our place has already gone up $40K! So when we do sell (probably in a 1 or 2) we will make a nice profit to help with a new place. It is def much better than throwing away our money on rent.
november12003
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Re: anyone decide to buy a coop-condo just to own b/c
We did too! We didn't want to waste our money on rent, so we bought a 2BR co-op for now. In February, we'll be there 2 years and ready to SELL!!!! We're ready for a house now. Right now, we're in Valley Stream, Gibson area.
julz33
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Re: anyone decide to buy a coop-condo just to own b/c
I was about to... but I would want to sell in under 2 years... so we decided not to do it
Stefanie
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Re: anyone decide to buy a coop-condo just to own b/c
We bought a pretty big one bedroom co-op in West Hempstead. We've been here for two years so far. When we purchased it, it was 63,000...now we can get 110,000. That's not a bad profit! The thing is, you can sublet after 5 years and I don't think we'll be here for 3 more years...at least I hope we're not! Our payment per month for the mortgage is around 300 dollars plus co-op maint. which is 600. I guess I'd rather pay 900 dollars and own something rather then giving it to someone to rent. So a co-op was definately a good decision right now, since it' SO expensive to own a house.
Kriss2c
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Re: anyone decide to buy a coop-condo just to own b/c
we were considering this also... keep in mind you can always keep the condo and rent it out to supplement your income.
palebride
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Re: anyone decide to buy a coop-condo just to own b/c
that's exactly why we did it - and it was a great decision!
Helene718
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Re: anyone decide to buy a coop-condo just to own b/c
Best decision we ever made! We are now about to start looking for houses. We never could have done that if we had been renting all of this time.
xjulietx
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Re: anyone decide to buy a coop-condo just to own b/c
Posted by Kriss2c
we were considering this also... keep in mind you can always keep the condo and rent it out to supplement your income.
This is what we want to do. We bought a condo (moved in two weeks ago) and we want to live here until we have a child who reaches school age and then we will move to a house with a backyard.
Sasha96
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Re: anyone decide to buy a coop-condo just to own b/c
We bought a condo/townhouse but it cost just as much as the houses we were looking at, only it needed less work. We'll stay here until we are ready for kids. Love the amenities and not having to do yard work yet!
nov04LIbride
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Re: anyone decide to buy a coop-condo just to own b/c
We are buying a condo in Ronkonkoma, probably staying 3-5 years, until we want to have kids. Definitely better than paying to rent somewhere!
christy
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Re: anyone decide to buy a coop-condo just to own b/c
We bought a 2br condo because houses were rediculous! I am so happy with it. It is nice having the outside maintained for us, and I LOVE the pool!
I still want a house, but this is so easy right now, that we plan to stay a while. It is much better than renting in my opinion.
Moehick
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Re: anyone decide to buy a coop-condo just to own b/c
Thats what we did and we couldn't be happier. We own a 2 bedroom in new Hyde Park and since March have made a $15,000 profit. Not bad. We plan on being here about 3 years, it will be a great down payment for a house.
Chloegirl
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Re: anyone decide to buy a coop-condo just to own b/c
We are in contract for a co-op in Great Neck. Crossing fingers it all goes through...but the funny thing is we could have bought a house for the price we paid for the co-op. We did this to be in the area....we love the village...easy commute for me and not bad for DH either. We plan to stay for about 5 years and then buy our dream house in the area we want and in the school district we desire for the kids we hope to have.
DjPiLL
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Re: anyone decide to buy a coop-condo just to own b/c
I just bought my second co-op last year. 2br in Bayside. Used to own a 1br across the street.
JuneBabyBride
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Re: anyone decide to buy a coop-condo just to own b/c
Does anyone know some towns that they even have co-op's?
I have read the post's with the one's you ladies are buying, but is there anyother out there, we want to stay in nassau preferbly or western suffolk.
Thanks
RedHead
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Re: anyone decide to buy a coop-condo just to own b/c
We did and it was the BEST decision we ever made. We bought a 1BR condo 2 years ago for 110,000. People are selling the same condo (in our complex) for no less then 185! One of the 1 Br.'s is actually listed for 205! I hope they get it, but i doubt it. I say definately do it... The profit we get is going to be our DP for a house!!!!
