FH and I would love to buy a co-op before getting married. We plan on living in the co-op for a few years before looking to buy a house. We would like to have kids a few years after getting married (so hopefully we will be in a house by then). I have a question about the number of rooms we should get. Obviously, the 1 bedroom co-ops are a lot more reasonable and are within our budget that we would like to spend for a co-op. My one concern is that we will have to move once we decide to start a family. I just wanted to see if any other girls who already have a co-op or are looking to get one are going to get co-ops with an extra bedroom or two for when you decide to have a family. I guess I'm just worried that if we start a family earlier than expected we won't have an extra bedroom...but the 1 bedrooms seem to be a lot better for our budget.
dfw343
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Re: Co-op Question
Look for jr 4's..where the 2nd bedroom is smaller than 1st and cheaper. You won't need a big room at first. I know people in my building with TWO kids and a one bedroom lol Some one bedrooms are huge and you can divide or make the LR half a baby room. Whatever you do, look for a place with a GREAT school district!
marinai7
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Re: Co-op Question
Are you only looking at co-ops? Co-ops usually have much higher maintenance fees than Condo's. I would do what you can afford now, but if you have kids really soon after getting married, you might not be able to sell your co-op for a profit or what you paid for it. Junior 4's are a great idea.
ellie424
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Re: Co-op Question
Thank you so much for the Jr 4 idea! Also, are condos approximately the same price as co-ops? I'm very new to the world of buying so I'm not too familiar with prices. TIA!
little j
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Re: Co-op Question
look online for a rent vs buy calculator. FH and I looked into this, and the prices we were looking at to buy would have taken us about 5 years to break-even. And we figured we would stay in our first apt 2-5 years, so we decided to rent.
of course, if we find something more affordable, we will do the math again and see what we decide.
but definately take a look at a rent v buy calculator online!
pa56
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Re: Co-op Question
If you're set on buying a co-op, then ok. But if not, please note that co-ops have MANY RULES than you must adhere to. For example, say in 5 years you want to move out and rent the apartment to your sister. The co-op board can reject her and she isn't allowed to rent your place. They may not like the candidate (your sis) or even the price of rent. They have a say in a lot of your stuff.
Condos have rules too, but not nearly as many as co-ops. Just a thought!
ellie424
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Thanks for your responses! I will definitely check out the rent vs. buy calculator online. FH and I are looking to live in Queens (right now we're thinking either Bayside or Little Neck). It doesn't really look like there are many condos available in Queens....or am I wrong? Does anyone know what area of Queens tends to have more condos??
little j
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from what ive seen, condos are where there are newer developments. there are some in bayside (by the LIRR) & some in forest hills (novo 64)
RitasEngaged
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we got a coop with 2 bedrooms - we wouldn't look at anything with 1 bedroom
ellie424
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Thanks so much for your responses! I think that we will end up looking for a 2 bedroom so that we will have the space if we decide to start a family while living in the co-op.
grkbarbie
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Re: Co-op Question
youll have a MUCH easier time selling a 2bedroom than a 1 bedroom.
dont bother with a 1 bedroom.
dfw343
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Re: Co-op Question
My reply is not an argument with anyone just my experience and opinion..and I am old so I have more lol
Condos are more expensive. Less maintenance but guess what? Something goes wrong with a pipe lets say _YO UPAY DEARLY and have the hassle. Co-ops- buildings problem (structure not cosmetic). Depends what you want to be bothered with. Usually maintenenaces in Co-ops are half taxes that you right off. Condos- you pay at end of year. More co-ops in Queens than condos but the areas you mentioned have some..
One bedrooms still sell like crazy but it depends on the area and school district. One bedrooms are selling like mad in my building and PS: I bought a studio that I am selling.
Some people rather own and pay themselves back.
I also suggest the one bedroom vs the 2 because you said you want to get a house...
and yes most boards have rules about renting...so do condos...but you can find out right away when looking at the apartment. MOST let you rent to next of kin...they just look down on renting because they like to keep the building mostly owner occupied. Sometimes renters (even if family) treat the building like crap.
Again, most of what I said is different in some situations...
Its2Snappy
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Re: Co-op Question
I am in the process of purchasing a one bedroom co-op. The good of it is that the co-op board is flexible. So, if we want to sublet it, we can. That is actually our plan to live in the co-op for awhile, but eventually use it as an investment property. If you can get a good co-op board then great. If not....
MikeandJess
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Re: Co-op Question
Please take my advice. Do NOT buy a 1 bedroom co-op. We just sold ours and as much as we loved it, it was so hard to sell because everyone wants a 2 bedroom. If we originally bought a 2 bedroom we would be able to start a family and wouldn't be in such a rush to move. I don't know what the market will be like when you want to sell but we only made a little bit of $$ on ours and technically we lost money because we didn't make enough to cover the closing costs. If you can find a 2 bedroom that you can afford I strongly urge you to splurge on that.
mag2010
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Re: Co-op Question
I have a large one bedroom in Bayside. My apt is on the 2nd floor with access to the attic so I have plenty of storage. In the end it all depends on your budget and the co-op development. My apt is big enough in the event we decided to have a baby for the 1 year but after that we would have to move. 2 bedroom, 1 bedroom everything is hard to sell in this market so do what is best for you and your FH. Warning just get as much info as possible about the co-op board and requirments for the application process. I warn you the applications ask for lots of financial information, application fees can also be expensive if the board denies your application most of the time you will lose the application fee.
cavvento
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Re: Co-op Question
Posted by dfw343
My reply is not an argument with anyone just my experience and opinion..and I am old so I have more lol
Condos are more expensive. Less maintenance but guess what? Something goes wrong with a pipe lets say _YO UPAY DEARLY and have the hassle. Co-ops- buildings problem (structure not cosmetic). Depends what you want to be bothered with. Usually maintenenaces in Co-ops are half taxes that you right off. Condos- you pay at end of year. More co-ops in Queens than condos but the areas you mentioned have some..
One bedrooms still sell like crazy but it depends on the area and school district. One bedrooms are selling like mad in my building and PS: I bought a studio that I am selling.
Some people rather own and pay themselves back.
I also suggest the one bedroom vs the 2 because you said you want to get a house...
and yes most boards have rules about renting...so do condos...but you can find out right away when looking at the apartment. MOST let you rent to next of kin...they just look down on renting because they like to keep the building mostly owner occupied. Sometimes renters (even if family) treat the building like crap.
Again, most of what I said is different in some situations...
As a co op owner and board member, I totally agree with everything here.
01ELLIE
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Re: Co-op Question
I bought a co-op last year July....its a 1 bedroom...it was what i could afford at the time. I think even if you happen to start a family before you can buy a house... things wont be too crazy with an infant in ur 1-bedroom.
I live in Queens Village/Bellerose area and the 1-bedroom co-ops are in demand. The prices havent dropped much in general. One of my friends own a 2 bedroom co-op in Forest Hills....those prices i was told have slightly dropped.
Condos from my experience give you alot more freedom but cost alot more. Co-ops (depending on that particular managment/board) can have too many rules. My maintenance is not expensive and the managment keeps the costs relatively low.
Its2Snappy
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Re: Co-op Question
My co-op is in Brooklyn and it is a 1 bedroom. We couldn't go with a two because the price of maintenance on a 2 bedroom was $800 per month and up. Add that to the price of the mortgage and it was more than we could afford. You have to do what is in your budget.
