With the insane prices of homes, FH and I are thinking about buying a condo or a co-op. We have been looking online at both. Some of the co-op apt. seemed really nice and affordable!!
I know that condo's are basically like owning a home. But, I have heard different things about co-ops. Are they hard to sell?
Thanks!
Ang&Rich
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Re: Does anyone know info on co-op's?
We bought a co-op in 2001 and it was newly renovated so that was a plus but to be honest with you - if I could do it again I think I would have purchased a condo. They are more expensive but I would prefer to have complete control over the inside renovations. Right now I have to put down a $500 deposit to do work and the person has to be insured for about $1million - fine but it sucks when I have family who can do the job. FM me if you have any questions!
palebride
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Re: Does anyone know info on co-op's?
we just bought a co-op and are doing some minor renovations at this very moment actually. we went through the co-op maintenance people and they were pretty reasonably priced and were very open to any changes we wanted to make....we even had a wall knocked down! granted, we only purchased it a week or so ago - but i couldn't be more pleased with our choice! my sister has had one for about 10 years now and she loves it also! theyr'e so much more affordable!
jessnyc711
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Re: Does anyone know info on co-op's?
in Queens basically there are more co-ops than condo's and the condos are the same prices as some homes. If you have the money of course it's best in the long run to own a condo, but if you don't have much money and want to purchase something now co-ops are your best bet. But with that there are limitations with co-ops and with each different co-op/management company there are different rules. so find out the rules and regulations, some places allow washers/dryers, some have fees for when you do sell the managment gets $5000, some have stricter rules about renting. some have really high maintenance, but alot of times the maintenance will be 40-60% tax deductable.
WinterBride2005
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Re: Does anyone know info on co-op's?
Posted by jessnyc711
in Queens basically there are more co-ops than condo's and the condos are the same prices as some homes. If you have the money of course it's best in the long run to own a condo, but if you don't have much money and want to purchase something now co-ops are your best bet. But with that there are limitations with co-ops and with each different co-op/management company there are different rules. so find out the rules and regulations, some places allow washers/dryers, some have fees for when you do sell the managment gets $5000, some have stricter rules about renting. some have really high maintenance, but alot of times the maintenance will be 40-60% tax deductable.
Yes!!! I live in Queens. Condos are up there with the cost of a home. For that reason, we are gearing more towards a co-op.
This sounds petty.. but I wonder about living in a building with other people. I have never lived in a building before... always a private house. Is it hard to adapt to? Anyone else feel or felt this way?
Rob-luvs-me
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Re: Does anyone know info on co-op's?
I have a co-op and LOVE it - I am not currently living in it since I am temporarily in Michigan - but we still own it.
Honestly there are co-ops and co-ops - some have strict rules -as to how much of your apt you can leave uncarpeted - what colors you can paint walls - many you have to have any renovations or changes approved by the board - that is something you might want to consider when looking - IF you are unhappy with the layout or if you want to make changes will you be able to do that and will you be happy if you can't.
Don't forget some co-ops you have to pay for parking and I believe they all have monthy maintenance you must pay
bridzilla
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I don't have any info on either, but just wanted to say thanks for this post. I find it helpful too!
Ang&Rich
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Re: Does anyone know info on co-op's?
Posted by WinterBride2005
Yes!!! I live in Queens. Condos are up there with the cost of a home. For that reason, we are gearing more towards a co-op.
This sounds petty.. but I wonder about living in a building with other people. I have never lived in a building before... always a private house. Is it hard to adapt to? Anyone else feel or felt this way?
Yeah - condos are pretty expensive - that's ultimately why we went with the co-op. Ours was newly renovated so I have to say that that was a great thing. There's more I want to do (sorry for the vent above) but no matter where you are there will be some rule - and honestly each board sets up the rules to protect the co-op. We live in a garden-appt style co-op and we have our own private entrance - that is a big plus for me. I love the set up. I was worried about living in a building - I didn't want the 'dorm' feel to things. But I have friends who love it - their neighbors are great and it works for them. Me personally I love the that my front door is only accessed by me and that it leads to the outside. I only have one person above me and three of the four exterior walls have windows.
ETA: As far as resale - I've heard mixed things but the reputation of the co-op makes a difference. We bought our three weeks after the sellers started selling and my friend just sold hers in a matter of months (she's in a different co-op down the block). If the place is renovated it'll be easier. My hope is that it will be easy to sell.
AtticaQT
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Re: Does anyone know info on co-op's?
Ang& rich - Where did you buy your coop? FH and I have been looking - mostly in the Queens area - Bayside, Littleneck -to no avail yet - we've seen a couple- but they have been so old and run down.
Ang&Rich
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Sorry to hijack.
We bought our co-op in Bayside (Holis Court) it's near Cunningham Park. Technically the area is Oakland Gardens.
ETA: I know what you mean -when we first started looking the ones we saw really turned us off but soon we started seeing some really nice ones. When we walked into our place we knew it was the one! Definitely helps when the seller has renovated the place. My appt looks completely different from my neighbor's (no renovations in nearly 30 yrs! )
AtticaQT
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Re: Does anyone know info on co-op's?
Posted by WinterBride2005
Hi guys!!
With the insane prices of homes, FH and I are thinking about buying a condo or a co-op. We have been looking online at both. Some of the co-op apt. seemed really nice and affordable!!
I know that condo's are basically like owning a home. But, I have heard different things about co-ops. Are they hard to sell?
Thanks!
It definitely depends on the area that you end up buying - I know that the Bay Terrace ones arent hard to sell at all - they get sold within a couple of months on the market - but i think that is because they are in a nice and convenient area.
Rob-luvs-me
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Re: Does anyone know info on co-op's?
Not all are hard to sell - my place is very popular because of the school district and the convience to the LIRR - we have a lot of professionals who live there because they can run across the street hop on the train - walk to the mineola courthouses or other law firms, accounting firms etc in the area - not only are they easy to sell but they ahve been getting a lot more than people every expected when they sell them
anjer4
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Re: Does anyone know info on co-op's?
i'm in the market also..the houses are ridiculous on long island..if the prices stay like this none of you should have difficulty selling your co op..look how many of us are out there looking..lol
