Difference between...

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Posted by Mizzdimple

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Posted by cbcf

A condo and a co-op??

This might have been asked before but I dont think I am searching for it properly cause I cant find a thread

But just wondering what's the difference between the 2. And if they are worth getting rather than a house?

FYI: I dont plan on having kids for another 5 or 6 yrs I am only 21 and will be 23 at time of wedding!! so I dont know if that comes into consideration when thinking about co-ops or condos and the space available in them?

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I own a Co-op and I am on the Board of Directors.
FM me for any uestions.

Condos, you own the actual apartment that you purchase and there is a board involved because you do own shares. You are responsible for your own repairs., property tax, water, etc. Your maintenance fee goes towards the maintenance of the building.

Co-ops you own shares in the entire corporation. The building is the corporation and you do not own the apt., you own part of the corporation. There is a board. You are not responsible individually for your property tax, water, or repairs (outside of the walls). You pay maintenance and your portion is included in the cost.

My advice to you is to look into a CONDO.
In a co-op you are constantly on watch by the Board. You need approval from them for most things you do in the apartment. Some things you need approval for like structural work, but if for example you want to rent your apartment and make some extra money...you need to get approval from the board and there are restrictions.

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thank you for that advice...very helpful!!!

i dont even know if FH would want to do it since we have an apt to live in haha but i was thinking when we were ready to buy a house check out condos cause it is hard to buy a house here on LI with the prices of them!!

i was just seeing cause i never knew hte difference and wondered if it would be worth it instead of buying a house when we saved up $ for that

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Definatley buy a house IMO., I cant wait to get rid of mine.....only problem is theres a timing restriction and I have to wait to sell!!!ughhhhh.

i dont even know if FH would want to do it since we have an apt to live in haha but i was thinking when we were ready to buy a house check out condos cause it is hard to buy a house here on LI with the prices of them!!

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I thought LI was cheap..I mean *Thought as in I never looked into it....Ideally I want to live in Brooklyn or Staten Island but the houses are INSANE!

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Posted by Mizzdimple



i dont even know if FH would want to do it since we have an apt to live in haha but i was thinking when we were ready to buy a house check out condos cause it is hard to buy a house here on LI with the prices of them!!

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I thought LI was cheap..I mean *Thought as in I never looked into it....Ideally I want to live in Brooklyn or Staten Island but the houses are INSANE!

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well i know my parents are paying an arm and a leg and their first grandchild for property taxes and crap and morgage!!! I think our house sells for 600,000$ and it is OLD!! but yeah there are parts of LI that are extremely expensive...

like i wont be living in my town cause it is too much $$

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Posted by cbcf

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Posted by kimNanthony

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Posted by cbcf

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Posted by kimNanthony

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Posted by cbcf

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Posted by Espo22

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Posted by cbcf

Thanks everyone!! Your info is definitely helpful

now I am trying to figure out what a co-op and condo look like

are they pretty much the same- like actual houses with garages but they are attached to eachother...like you might have 3 houses kinda attached but you can have a backyard and front yard etc

sorry there are these co-ops or condos near my office building that i pass by all the time but i dont know if they are co-ops or condos....but there are like 3 houses with garages attached to eachother with a backyard (some of them have theirs fenced off frmo their neighbors) and they even have decks from their upstairs

sorry am i confusing anyone- i think i am confusing myself

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Well alot of them are buildings. The way you describe it though as houses sounds like a condo though

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oh ok so the ones that look like houses are prob a condo....now what do co-ops look like then? are they just bigger apts?? lolol

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I think they are apartments. I only know this stuff in city context though so everything is an apartment in the city

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haha same here. i lived in the city my first 3 years of college in the dorms and then in an apt...but everything in the city seems like an apt so thats why i never really new teh difference between a co-op, apt or a condo haha

but condos can be very expensive right?

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It depends on how big of a condo you want and where you are buying. In you wanted a 3-4 bedroom one it would probably be about the same price of a house, maybe a little cheaper. I remember looking for a one bedroom one in nassau once and they were around 350,000

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wow it seems better to just buy a house...especially if you have maitenance problems you are paying out of your own pocket anyway so why not get a house...

i was just seeing cause i never knew hte difference and wondered if it would be worth it instead of buying a house when we saved up $ for that

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Yes personally I would just buy a house. I like my own space though and I wouldn't want to be attached to my neighbors. Lol. Just a personal preference though.

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Posted by Mizzdimple



i dont even know if FH would want to do it since we have an apt to live in haha but i was thinking when we were ready to buy a house check out condos cause it is hard to buy a house here on LI with the prices of them!!

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I thought LI was cheap..I mean *Thought as in I never looked into it....Ideally I want to live in Brooklyn or Staten Island but the houses are INSANE!

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Oh gosh LI is so insanely expensive!

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Posted by kimNanthony

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Posted by cbcf

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Posted by kimNanthony

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Posted by cbcf

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Posted by kimNanthony

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Posted by cbcf

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Posted by Espo22

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Posted by cbcf

Thanks everyone!! Your info is definitely helpful

now I am trying to figure out what a co-op and condo look like

are they pretty much the same- like actual houses with garages but they are attached to eachother...like you might have 3 houses kinda attached but you can have a backyard and front yard etc

sorry there are these co-ops or condos near my office building that i pass by all the time but i dont know if they are co-ops or condos....but there are like 3 houses with garages attached to eachother with a backyard (some of them have theirs fenced off frmo their neighbors) and they even have decks from their upstairs

sorry am i confusing anyone- i think i am confusing myself

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Well alot of them are buildings. The way you describe it though as houses sounds like a condo though

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oh ok so the ones that look like houses are prob a condo....now what do co-ops look like then? are they just bigger apts?? lolol

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I think they are apartments. I only know this stuff in city context though so everything is an apartment in the city

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haha same here. i lived in the city my first 3 years of college in the dorms and then in an apt...but everything in the city seems like an apt so thats why i never really new teh difference between a co-op, apt or a condo haha

but condos can be very expensive right?

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It depends on how big of a condo you want and where you are buying. In you wanted a 3-4 bedroom one it would probably be about the same price of a house, maybe a little cheaper. I remember looking for a one bedroom one in nassau once and they were around 350,000

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wow it seems better to just buy a house...especially if you have maitenance problems you are paying out of your own pocket anyway so why not get a house...

i was just seeing cause i never knew hte difference and wondered if it would be worth it instead of buying a house when we saved up $ for that

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Yes personally I would just buy a house. I like my own space though and I wouldn't want to be attached to my neighbors. Lol. Just a personal preference though.

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i agree with you.....i dont want to share either- not paying that kind of money

but i thought they were cheaper that is why i would have thought about it...but nevermind haha

Yes personally I would just buy a house. I like my own space though and I wouldn't want to be attached to my neighbors. Lol. Just a personal preference though.

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i agree with you.....i dont want to share either- not paying that kind of money

but i thought they were cheaper that is why i would have thought about it...but nevermind haha

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I bought mine when I was single...I thought it was a good idea....because the maintenance is so cheap..its similar to renting...with mortgage payments and maintenance combined.

Mind you I had no idea I was gonna get married...I was actually very against getting married until I met FH. He doesnt like the City...=(

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Posted by cbcf

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Posted by kimNanthony

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Posted by cbcf

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Posted by kimNanthony

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Posted by cbcf

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Posted by kimNanthony

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Posted by cbcf

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Posted by Espo22

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Posted by cbcf

Thanks everyone!! Your info is definitely helpful

now I am trying to figure out what a co-op and condo look like

are they pretty much the same- like actual houses with garages but they are attached to eachother...like you might have 3 houses kinda attached but you can have a backyard and front yard etc

sorry there are these co-ops or condos near my office building that i pass by all the time but i dont know if they are co-ops or condos....but there are like 3 houses with garages attached to eachother with a backyard (some of them have theirs fenced off frmo their neighbors) and they even have decks from their upstairs

sorry am i confusing anyone- i think i am confusing myself

---

Well alot of them are buildings. The way you describe it though as houses sounds like a condo though

---

oh ok so the ones that look like houses are prob a condo....now what do co-ops look like then? are they just bigger apts?? lolol

---

I think they are apartments. I only know this stuff in city context though so everything is an apartment in the city

---

haha same here. i lived in the city my first 3 years of college in the dorms and then in an apt...but everything in the city seems like an apt so thats why i never really new teh difference between a co-op, apt or a condo haha

but condos can be very expensive right?

---

It depends on how big of a condo you want and where you are buying. In you wanted a 3-4 bedroom one it would probably be about the same price of a house, maybe a little cheaper. I remember looking for a one bedroom one in nassau once and they were around 350,000

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wow it seems better to just buy a house...especially if you have maitenance problems you are paying out of your own pocket anyway so why not get a house...

i was just seeing cause i never knew hte difference and wondered if it would be worth it instead of buying a house when we saved up $ for that

---

Yes personally I would just buy a house. I like my own space though and I wouldn't want to be attached to my neighbors. Lol. Just a personal preference though.

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i agree with you.....i dont want to share either- not paying that kind of money

but i thought they were cheaper that is why i would have thought about it...but nevermind haha

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Yea definitely for paying that much you are probably better off just getting a house and having your own yard

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Posted by cbcf

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Posted by kimNanthony

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Posted by cbcf

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Posted by Espo22

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Posted by cbcf

Thanks everyone!! Your info is definitely helpful

now I am trying to figure out what a co-op and condo look like

are they pretty much the same- like actual houses with garages but they are attached to eachother...like you might have 3 houses kinda attached but you can have a backyard and front yard etc

sorry there are these co-ops or condos near my office building that i pass by all the time but i dont know if they are co-ops or condos....but there are like 3 houses with garages attached to eachother with a backyard (some of them have theirs fenced off frmo their neighbors) and they even have decks from their upstairs

sorry am i confusing anyone- i think i am confusing myself

---

Well alot of them are buildings. The way you describe it though as houses sounds like a condo though

---

oh ok so the ones that look like houses are prob a condo....now what do co-ops look like then? are they just bigger apts?? lolol

---

I think they are apartments. I only know this stuff in city context though so everything is an apartment in the city

---

haha same here. i lived in the city my first 3 years of college in the dorms and then in an apt...but everything in the city seems like an apt so thats why i never really new teh difference between a co-op, apt or a condo haha

but condos can be very expensive right?

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i LIVE in queens and there are alot of co-ops and condos. In astoria its mostly houses and just like you said if you get an apt its just an apt...there are some condos and co-ops and more are being built now. THere is one section where its two family houses but they're all condo's, you would never know just driving by.

But i live in kew gardens and in this area and forest hills there are condo's and co-ops everywhere and they're all buildings

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Posted by kimNanthony

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Posted by missigreg

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Posted by Espo22

A condo you own and a co-op you own shares in the building. Condo you dont need board approval but for a co-op you do. You also can do whatever you please in a condo and in a co-op you need board approval to do things

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be careful with your boards. they can be a pain in the a$$ to deal with. I work at an appriasal company and deal with them all the time.. and it is like pulling teeth!

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Yes I have heard it is very hard to get approval. ESPECIALLY since you are young they might give you a really hard time.

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yeah they do a credit check on you and will really get on you if you even missed one payment on a CC or anything. They rejected my aunt bc of one late payment on a CC years before

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Posted by Mizzdimple



i dont even know if FH would want to do it since we have an apt to live in haha but i was thinking when we were ready to buy a house check out condos cause it is hard to buy a house here on LI with the prices of them!!

---

I thought LI was cheap..I mean *Thought as in I never looked into it....Ideally I want to live in Brooklyn or Staten Island but the houses are INSANE!

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no LI really isn't cheap and depends what part, some places are extremely high...BUT the thing is in LI you pay taxes on your house. Average is about $6-8 thousand a year, and ive even seen higher for some areas. Massapequa wasnt bad, i saw some houses with tax that were $3-4 thousand a year.

I live in queens now but have been look at LI since we'll probably move there after we get married