Condo or co-op owners, a question... a little personal

GoingNutty Posted: Sep 02, 2004 09:53 PM

Condo or co-op owners, a question... a little personal

I have some time yet but I am thinking I don't really want to pay rent on an apartment but at the same time I don't have the money for a house...

What kind of down payment is required on a condo or co-op? What kind of monthly payments? I have heard about maintenance fees being about $1000 a month??

If you don't mind sharing, I'd appreciate it! FM is okay too! If not- no biggie :) Thanks in advance!

christy Posted: Sep 02, 2004 09:57 PM

Re: Condo or co-op owners, a question... a little personal

We put down about 5% and pay about 290 a month in maint. fees at our condo. I would say from start to finish with closing costs it was about 20,000 down. Dh handled most of this, so I could be off a bit.

Moehick Posted: Sep 02, 2004 10:05 PM

Re: Condo or co-op owners, a question... a little personal

We put about 20% down and our maint fee is $640 per month. $1000 seems pretty steep!

GoingNutty Posted: Sep 02, 2004 11:02 PM

Re: Condo or co-op owners, a question... a little personal

Doesn't sound awful... where are you both located?? Thanks for sharing too :)

RedHead Posted: Sep 02, 2004 11:17 PM

Re: Condo or co-op owners, a question... a little personal

We put down 20% but you don't have to...
My common charges are a lot less than 1000!

Moehick Posted: Sep 03, 2004 06:51 AM

Re: Condo or co-op owners, a question... a little personal

I am in New Hyde Park.

luvsun27 Posted: Sep 03, 2004 08:57 AM

Re: Condo or co-op owners, a question... a little personal

I bought my condo...I put 5% down...and I paid all my closing costs. Probably, out of pocket was about 20K. My condo fees are $212/month.

DjPiLL Posted: Sep 03, 2004 09:35 AM

Re: Condo or co-op owners, a question... a little personal

A condo you won't have very high maintenance... but you have to pay property taxes.

Your budget will probably require you to get a co-op instead.

A $1000 maintenance fee is commom among 3br co-ops and some newer 2br co-ops in Nassau County.

Oh... and most co-op boards require a certain percentage down (regardless of what the bank requires). Most co-ops want anywhere between 10-20% off.

You definitely need to have cash in the bank to buy a co-op.

GoingNutty Posted: Sep 03, 2004 03:19 PM

Re: Condo or co-op owners, a question... a little personal

Thank you all for your help!! Other than NHP- where are the rest of you located?

August2004 Posted: Sep 03, 2004 03:26 PM

Re: Condo or co-op owners, a question... a little personal

nov04LIbride Posted: Sep 03, 2004 03:31 PM

Re: Condo or co-op owners, a question... a little personal

Posted by christy

We put down about 5% and pay about 290 a month in maint. fees at our condo. I would say from start to finish with closing costs it was about 20,000 down. Dh handled most of this, so I could be off a bit.

Same condo complex here! Monthly fees $279. Start to finish and closing we put $60,000, but we also had bought a point and a half. We probably could have put down less--it was about 20%.

boosh78201 Posted: Sep 03, 2004 03:34 PM

Re: Condo or co-op owners, a question... a little personal

We put down 20% on our co-op. Im not sure if this is the same everywhere but our building required that we put at least 20% down. I know in my inlaws building you have to put 10% down.

We pay $696 for a two bedroom, two bathroom in Howard Beach. Also, with a condo you are responsible for your own maintenance.

anjerandunder Posted: Sep 03, 2004 03:55 PM

Re: Condo or co-op owners, a question... a little personal

we put 10 percent down and our maintainence is 713 a month for our co op in smithtown..

palebride Posted: Sep 03, 2004 04:21 PM

Re: Condo or co-op owners, a question... a little personal

We have a co-op in Glen Cove. We put 20% down and pay $525 for monthly maintenance.

Stefanie Posted: Sep 03, 2004 04:34 PM

Re: Condo or co-op owners, a question... a little personal

My DH and I live in a co-op in West Hempstead. I don't know how we got our co-op for such a low price but ours was 63,500. We only put down 12,000. Our mortgage payment is 300 a month (50 year) and the maint. fee is 600. Our complex has a pool and it's right off a golf course. Plus we have two private parking spots at $30 a spot. It's sooo much better than renting an apartment.

DjPiLL Posted: Sep 03, 2004 06:39 PM

Re: Condo or co-op owners, a question... a little personal

My 2br maintenance in Oakland Gardens/Bayside Queens is $545. I was required to put 15% by the board... but I just did the 20% to avoid PMI.

RedHead Posted: Sep 03, 2004 07:01 PM

Re: Condo or co-op owners, a question... a little personal

My condo is in Hauppauge

Pookiesangel Posted: Sep 03, 2004 07:09 PM

Re: Condo or co-op owners, a question... a little personal

$15-20,000 sounds reasonable. When my parents bought this place, it was just before the uptown boom, post 9/11. 8 years ago they paid $87K and it was recently appraised for over $400k, go figure..

The maintance here is $980 a month, but remember I live in Manhattan, so my guess is that other boro's and LI would be less.

GoingNutty Posted: Sep 04, 2004 12:57 AM

Re: Condo or co-op owners, a question... a little personal

Okay- a REALLY dumb question. Whats the difference between a co-op and condo?

boosh78201 Posted: Sep 04, 2004 01:04 AM

Re: Condo or co-op owners, a question... a little personal

Posted by GoingNutty

Okay- a REALLY dumb question. Whats the difference between a co-op and condo?

Not dumb at all, with a co-op you own shares, a condo you own like a house. A co-op includes maintenance, like if there is a leak you have a guy to come in to take care of it. With a condo, you have to fix it yourself. Thats all I can think of for now.