Can anyone give me any insight on the pros and cons of a co-op and/or condo. My fiance and I have started to look around, but are getting a bit discouraged. We prefer to stay in Nassau County, I work in Garden City and he works in New Hyde Park.
We would prefer to buy a condo, but we feel as though there just aren't that many located in Nassau.
I wouldn't mind considering looking into co-ops, but fiance keeps hearing negative things about them, specifically that you lose money one them when you want to sell.
Any and all opinions are welcome.
bellaro782
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Re: Co-op vs. condo
I work in Lake Success & My FH works in Manhatten so we would have to stay around here Honestly I would go into Queens like Bellrose or Dougluston and do a co-op its cheaper If you have more money then go for the Condo. if you do Queens you dont pay Taxes LIke LI AND you DONT pay taxed on a CO-op on a condo i think you do.. Im not to sure MY FH Is the FINANCE guy lol .. But we are doing queens over LI as much as we rather be In LI .. Its just cheaper...
chellynyc
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Re: Co-op vs. condo
I currently own a co-op in Rego Park, Queens. The differences b/w a coop and condo is with a coop you own shares in a corporation but with a condo you actually own real property. Both will entail maintenance fees in addition to your mortgage. Condos are more expensive then co-ops. Also, when you purchase a coop you must receive board approval.
This is a great article and explains the differences and pros, cons
RobbsWifey
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Re: Co-op vs. condo
I was a paralegal for 3 1/2 years in real estate and my best advice to you is if those were your only two options, I would choose the CONDO. Cooperative apartments are usually smaller and you pay around $1000 a MONTH (pending on the area - could be less or more) just for maintance fees in addition to your mortgage. It's insane! Remember one important thing though, COOP's are easy to buy and hard to sell! Good luck on your decision!
mlopez
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Re: Co-op vs. condo
Thanks for all of the information. The reason why we are looking at condos & (possibly) co-ops is simply because we don't want to start off too big. We want to start off small and then in 2-3 years look for a bigger place. But, as our search becomes more specified, we would not rule out a house either. We are just really trying to consider everything and when we make a decision we want it to be an educated one.
SunBride07
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Re: Co-op vs. condo
Posted by RobbsWifey
I was a paralegal for 3 1/2 years in real estate and my best advice to you is if those were your only two options, I would choose the CONDO. Cooperative apartments are usually smaller and you pay around $1000 a MONTH (pending on the area - could be less or more) just for maintance fees in addition to your mortgage. It's insane! Remember one important thing though, COOP's are easy to buy and hard to sell! Good luck on your decision!
Not necessarily. There are more co-ops in the garden city and surrounding areas. They are hard to get into because you need approval and there is a waiting list to get in to buy. I waiting over 7 months before a unit came up that I could jump on fast enough.
Athee07
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Re: Co-op vs. condo
thanks so much for posting this! I was confused as well about this whole condo coop issue. Pegs great article thank you so much!
PegaLega
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Re: Co-op vs. condo
No problemo...we were going thru the same issues a few months back when we were going to move back to NY......weve had a change of mind since we can buy a house here for the same $$$
Good Luck Ladies!!!
JenNDan07
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Re: Co-op vs. condo
Posted by bellaro782
I work in Lake Success & My FH works in Manhatten so we would have to stay around here Honestly I would go into Queens like Bellrose or Dougluston and do a co-op its cheaper If you have more money then go for the Condo. if you do Queens you dont pay Taxes LIke LI AND you DONT pay taxed on a CO-op on a condo i think you do.. Im not to sure MY FH Is the FINANCE guy lol .. But we are doing queens over LI as much as we rather be In LI .. Its just cheaper...
I totally agree with you! The taxes on LI are soo high. So much cheaper to stay in Queens. I would rather live in Nassau county too. I would love to buy a house but there is no way we can afford it now especially in Queens. So I think we will probably go with either a coop or condo. I would prefer a condo but we have to see what we can swing.
FH and I went to a couple of open houses on LI this past weekend and I was so stressed out thinking about the prices and taxes!
leshellem
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Re: Co-op vs. condo
Just some infor on Condo's. My FH is making $125,000 profit on his co-op after owning it for less than five years, second maintenance varies, but me or FH don't pay near a $1000 for maintenance fees, and realize that part of the maintenance fee is your taxes which you can claim when you file your taxes. You do have to be approve, but consider that a good think, they are looking for the best people for their community. Just some info since me and FH both own co-ops.
June12007bride
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Re: Co-op vs. condo
My FH and I bought a co-op in Queens last year best decision we ever made!! We have already watched our equity grow. Owning a condo is more like owning a house (you can usually do renovations without having to get permission from the board) and the maintenance is a lot lower than on a co-op. But on the flip side Condo's are so expensive right now and if you can afford a condo you most likely can stretch to buy a house. We waited 8 weeks for the board to approve our co-op application but aside from that everything has been great and the tax refund I would recommend a co-op for first time buyers. And the 1 bedrooms in Bayside are selling like hot cakes right now!
EvaLution333
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Re: Co-op vs. condo
I live in a co-op in Mineola, and I am a bit mixed on the issue of owning a co-op. I absolutely love my apartment, it is big and beautiful... howeverrr, the co-op board has in the past stole money from the shareholders, and as a result, my maintenance has increased 19% in only 13 months. I now pay close to $800 a month JUST on maintenance. If you can afford a condo, go for it (and please let me know where I can find one that is affordable, lol). But if not, co-ops are fine-- except just be prepared for the BS and aggrivation that comes with them!
TaraJohn
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Re: Co-op vs. condo
I was a co-op atty for about 1 yr. I would never buy into a co-op. Def do condo if you can afford it. The coop bd has way to much control over your life...trust me.
camerakrazie
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I would go with a condo...i think its better!!Co-ops might be harder to sell if you decide to buy a house later on!!!
mlopez
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Re: Co-op vs. condo
thanks for all of the helpful information. like i said, we are just trying to really look into all of our options. it can be so hard for young couples starting out, i think anyway.
