Co-Ops

Moehick Posted: Oct 11, 2003 04:34 PM

Co-Ops

Anyone here purchased a co-op? If so where? And do you have any advice? Thanks

HillandRon Posted: Oct 11, 2003 07:50 PM

Re: Co-Ops

Moechick, you got mail

kittyke Posted: Oct 13, 2003 07:59 AM

Re: Co-Ops

Ask away, I think I am an expert on this one! We have been in a co-op for 3 years now, 1 buying closing and 2 re-finance closings! There are definately pros and cons to co-ops, they can be difficult - they have there on rules and the board is always changing. Please ask what you need too! You can e-mail me at [email protected].

DecBride04 Posted: Oct 14, 2003 07:23 PM

Re: Co-Ops

My Brother and his wife own a Co-op in Oakdale. If I can be of any help, just ask me. I know that they are very happy at their place. They have a mortgage and pay maintance fees each month which goes towards their garbage removal, leave removal, snow removal, ect... They are apart of the board for the community, so that they have a say in what goes on in the community.

Moehick Posted: Oct 19, 2003 08:08 PM

Re: Co-Ops

Thanks Guys...we are actually looking in the Queens section of New Hyde Park. Any info on that area?

Curley999 Posted: Oct 19, 2003 08:44 PM

Re: Co-Ops

I live in a co-op in Bellerose, near Glen Oaks, so that might be close to were you are looking. I think it is a great investment, and has worked out great for DH and me. Let me know if you have any questions!

jags77 Posted: Oct 22, 2003 11:50 PM

Re: Co-Ops

i have a coop in manhattan and they have their perks and their disadvantages as stated above.

right now, i'm working in long island (have been for the last year) so i usually stay out here during the week and go back to the city on weekends only and am paying so much $ for it in mortgage and maintenance. i wish i could rent it out but co-ops have 8 million rules for doing this and my buildling just got more stringent due to a problem with someone renting. so it kind of bothers me i couldn't have rented it for the last year.

another issue is that co-ops maintenance is higher than that of condos - another consideration. not sure if it differs to where you are looking though.

octobergirl Posted: Oct 23, 2003 04:46 PM

Re: Co-Ops

I sent you FM

Moehick Posted: Nov 12, 2003 11:21 AM

Re: Co-Ops

Anyone have any info on what closing costs are like?

HillandRon Posted: Nov 12, 2003 12:18 PM

Re: Co-Ops

closing costs for co-ops are much less than for houses or condos...

we almost bought a co-op in great neck and the closing costs would have been 2500 or so.

Moehick Posted: Nov 29, 2003 11:52 PM

Re: Co-Ops

Thanks for your help guys...we have signed the contract and are on to the mortgage! It is nice to finally stop looking.

palebride Posted: Nov 30, 2003 11:52 AM

Re: Co-Ops

curley - my sister is in a co-op in bellerose too!
my sister has lived in a co-op for like 10 years, my brother just purchased one in great neck, and my fiance and i are in the process of getting one as well.
it helps to look around and see what the prices are - there are even mortgage programs out there that can eliminate closing costs....
so-ops probably arent's for everybody....but for us starting out our marriage it's a great idea...we're going to be saving a lot of money

Moehick Posted: Nov 30, 2003 11:42 PM

Re: Co-Ops

Exactly...we felt it would be better to purchase something now, instead of wasting our $ on rent for who knows how long. At least when we want to go look for a house we will have some equity to play around with.