Condos vs. Coops vs. Single Family Homes vs. Multi Family Homes

BMD'sPeanut Posted: Aug 31, 2005 04:17 PM

Condos vs. Coops vs. Single Family Homes vs. Multi Family Homes

Primarily I am interested in finding out the pros and cons to owning a condo and/or a co-op. Are they cheaper than single family dwellings?

ETA: Tired of apartment life, not quite ready for single family home ownership.

Beth1210 Posted: Aug 31, 2005 04:31 PM

Re: Condos vs. Coops vs. Single Family Homes vs. Multi Family Homes

co-ops - you own shares of the building- cheaspest way to go ususally- but you need to put 20% down to be approved by the board
also maintience fees

condo- you on the unit- more $$ then a co-op but easier to get a mortage for- maintiance fees not included in price

SFHouse- you have your won space- but it's up to you to maintain it

palebride Posted: Aug 31, 2005 04:50 PM

Re: Condos vs. Coops vs. Single Family Homes vs. Multi Family Homes

we live in a co-op and we like it a lot.
yes, you pay maintenance fees, but they take care of the place, so you dont' have to worry about anything.
it was the cheapest living situation we could find - and it is helping us to build equity for when we want to buy a house.

condos are similar, but i found them to cost a bit more money.

nov04LIbride Posted: Aug 31, 2005 05:45 PM

Re: Condos vs. Coops vs. Single Family Homes vs. Multi Family Homes

We have a condo. It was as expensive as some not so great houses when we were looking, but it was a bonus for us that all the maintenance is taken care of. DH doesn't have to mow, but we do have a porch and garden. The complex has a pool, gym, etc., and our condo has it's own washer/dryer, dishwasher, A/C, etc. I really wanted our own washer/dryer because I hated lugging laundry in college. Many of the co-ops we looked at did not have their own washers in each unit. Maintenance fees are pretty high--I think ours are nearly $400/month now for a 1 bedroom--plus we pay taxes of about $2000 with star. In the co-ops the taxes are included in the monthly charges. It's nice to own, and this was a good step for us on the way to a home.

palebride Posted: Aug 31, 2005 05:50 PM

Re: Condos vs. Coops vs. Single Family Homes vs. Multi Family Homes

Beth is right.....we aren't allowed to have a washer/dryer in our unit
But we do have a laundry room to use (just like in college)

SuzBride Posted: Aug 31, 2005 05:51 PM

Re: Condos vs. Coops vs. Single Family Homes vs. Multi Family Homes

also SFH tend to go up in value at a quicker rate than Condos.

nov04LIbride Posted: Aug 31, 2005 06:52 PM

Re: Condos vs. Coops vs. Single Family Homes vs. Multi Family Homes

Posted by SuzBride

also SFH tend to go up in value at a quicker rate than Condos.

Actually our RE agent said there is a greater demand for nice condos now as older couples or singles are looking to downsize and capitalize on the market by selling their homes, and there is a greater need on Long Island for lower-priced housing, and co-ops and condos fill the need. Of course many condos and townhomes are more pricey than a single family home, but in our complex the condos went up at a higher rate than any homes in the area in the past 2 years. Nation-wide this might not be the trend, but people on Long Island are willing to pay a great deal for condos, more than they are worth, because they are still cheaper and easier to maintain than a nice home.

DjPiLL Posted: Aug 31, 2005 09:54 PM

Re: Condos vs. Coops vs. Single Family Homes vs. Multi Family Homes

Posted by SuzBride

also SFH tend to go up in value at a quicker rate than Condos.

Not necessarily.

My co-op is seeing a 40% increase in sales prices in the last year alone.

There are co-ops out there that allow washer/dryers. You have to look for them.