my co-op doesn't allow renting at all - they said they used to, but it became a problem so they eliminated it. i kind of like knowing that everyone who lives near me had to get approved same as i did.....
Oh you still have to go through the entire board approval process if you want to rent. At least thats the way it is where I live.
boosh78201
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Re: co ops
Me and hubby just brought a co-op in Howard Beach. We got a 2 bedroom with a parking spot and our maintenance with our mortgage is about $1,500 a month.
You do have to get approved by the board, it can be a pain because they check all your financial documents, where you work, references but in the end, your a homeowner
kittyke
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Re: co ops
We had a co-op in Suffolk County and it is the best thing we ever bought, it made it possible for us to get into our new home. The maintenance was $450.00 - included water, gas (heat and stove) and taxes!
anjerandunder
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Re: co ops
the co ops we're looking at will be about 1500 a month including maintanence fee..i'm very excited about it..
ChristineC68
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Re: co ops
Posted by DjPiLL
Posted by palebride
my co-op doesn't allow renting at all - they said they used to, but it became a problem so they eliminated it. i kind of like knowing that everyone who lives near me had to get approved same as i did.....
Oh you still have to go through the entire board approval process if you want to rent. At least thats the way it is where I live.
I don't think being allowed to sublet should be a big deal - since you are buying shares in a corporation and not actual real estate it is in the best interest of the shareholders to have other shareholders living on the property.
My building allows sublets but only for short periods 2-3 years. They primarily want the owners to live here.
Moehick
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Re: co ops
Our Co op is in Langdale Gardens which is in the New Hyde Park section of Queens. Literally we are right over the border but our maint is cheaper then Nassau because of property taxes. Maint. is $640 which includes gas, electric, taxes and upkeep. We have unlimited parking so that is not a problem, both parking lots and on street parking. Great place to live, renovated 2 bedrooms are going for $210,000. In 4 months we have already made a profit of $25,000!
DjPiLL
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Re: co ops
Posted by ChristineC68
I don't think being allowed to sublet should be a big deal - since you are buying shares in a corporation and not actual real estate it is in the best interest of the shareholders to have other shareholders living on the property.
My building allows sublets but only for short periods 2-3 years. They primarily want the owners to live here.
It is a big deal to me because I want the option after I did my time there if I want to keep the property or not. When I go looking for a house... I may decide to cash out on my equity in the co-op for the down payment... but then rent it out to someone else. I can easily rent it out for the price of my mortgage and maintenance... and I then have somebody else paying my mortgage and building more equity for me... while my property continues to rise in value.
No brainer for me.
I am against any co-op that allows immediate subletting. That will just encourage the wealthy to come in... buy a lot of apartments and then rent them out to the riff-raff. If you put your time in there (2-3 years)... you should be able to do what you want with it at that point.
anjerandunder
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Re: co ops
i agree with that..i think you should have a few years in before you can rent or lease. i don't want people living there who are not vested in keeping it nice.
Misha
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Re: co ops
I have listed a 1 bedroom co-op in Great Neck for $329,000, maintenance fees are $541. Here is the listing if anyone is interested: Great Neck Co-Op
If you need more info you can PM me or call me.
heidla
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Re: co ops
Posted by Maribelle7777
I can't see paying the mortgage + maintenance fee. Maybe it's a good investment but I'd never be able to save for a downpayment or closing costs for a house if I'm shelling out close to $2G a month for a co-op.
We have a Co-op in the city. It's a really nice 1 br in a great area and nice building. We pay less for our mortgage and maintenance then I paid for my tiny 400sf 1 br in midtown. It is a great investment. We have been in our place for almost a year. We paid $165 for it (a great deal even then) and now it is worth $200. That is in less then a year and no inprovements.
