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

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Posted by boosh78201

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.

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How do the shares work?

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Posted by GoingNutty

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Posted by boosh78201

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.

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How do the shares work?

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That Im not sure, but ill find out for you.

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Posted by GoingNutty

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Posted by boosh78201

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.

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How do the shares work?

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The shares are your investment into the co-op. Its like buying into the cooperation. As the cooperation improves, becomes more valuable/desireable to live there... the value of your shares goes up. You don't own the actual property. You pay for the co-op... you are paying for the *right* to live there for free. Its called the proprietary lease.

There are plenty of articles on the web that discuss this in endless detail (whats better / worse /etc). Just do a search.

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Posted by DjPiLL

The shares are your investment into the co-op. Its like buying into the cooperation. As the cooperation improves, becomes more valuable/desireable to live there... the value of your shares goes up. You don't own the actual property. You pay for the co-op... you are paying for the *right* to live there for free. Its called the proprietary lease.

There are plenty of articles on the web that discuss this in endless detail (whats better / worse /etc). Just do a search.

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So when you leave a co-op, do you sell it and make the money off of it or does someone else?

when you sell your co-op, you are selling your shares, so you make the money.
it's just like a house or a condo....

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Posted by GoingNutty

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Posted by DjPiLL

The shares are your investment into the co-op. Its like buying into the cooperation. As the cooperation improves, becomes more valuable/desireable to live there... the value of your shares goes up. You don't own the actual property. You pay for the co-op... you are paying for the *right* to live there for free. Its called the proprietary lease.

There are plenty of articles on the web that discuss this in endless detail (whats better / worse /etc). Just do a search.

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So when you leave a co-op, do you sell it and make the money off of it or does someone else?

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You make the money off of it...BUT i hear selling/renting out a co-op is more of a pain..You have to get 'board approval'

I live in Bergen county, NJ

I have a one bedroom, one bathroom condo. My taxes are $3100 per year

we put 15% down. Our association fees are $200 per month. We don't have a pool here, but our fees do cover our water, heat, and gas bills.

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So when you leave a co-op, do you sell it and make the money off of it or does someone else?

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You make the money off of it...BUT i hear selling/renting out a co-op is more of a pain..You have to get 'board approval'

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Yeah you do have to get board approval and the process does take about 2 weeks. They want to make sure that you are financially able to pay the maintenance, its the same for when you apply for a mortgage. It can be a pain but in the end your a homeowner.