First let me say our heads are swellings lol. Anyways, are co-ops even worth the hassel ..they are by far in my opinion the hardest of the bunch to gey into according to the realtors we are talking to but I dont know if thats becasue they just want to push the houses? What has your co-op experience been like?
Chloegirl
Posted:
Member since
Re: Is a CO-OP worth the hassel?
Our experience was seamless, however it was a little more competitive to get our bid accepted. Owners in Co-ops tend to be a little more picky about whose offers they accept...and can be strict with how much money you put down....especially if they need to move fast. They want a good candidate to go in front of the board. This was just our experience.
But other than that, the process was easy and we couldn't be happier!!
gina&ken
Posted:
Member since
Re: Is a CO-OP worth the hassel?
i think a co-op is worth the hassle, since you will be building equity as you live there, but they can be a PITA - the managing agent for our co-op was so slow in sending us the application and setting up an interview with the board that the whole process took a few months longer than it should have. You just have to stay on top of that stuff (or let your agent do that).
kittyke
Posted:
Member since
Re: Is a CO-OP worth the hassel?
Good Question! I have to say buying the co-op was EASIER than selling it, all that paperwork and share information is crazy, they have sooo many of there own rules. Would I do it over again - YES, it is worth the investment, we made $50K on ours in 3 years!
TracyInQueens
Posted:
Member since
Re: Is a CO-OP worth the hassel?
I have a friend who is in the process of selling her co-op. She's finding it a big hassle. Though the price has nearly tripled (but I don't know how much equity they have in it). I know in her complex you don't need board approval but you have to put down 25%.
KimberlyBride
Posted:
Member since
Re: Is a CO-OP worth the hassel?
I definitely think so. 2 of my friends are in co-ops and love it and 1 is in the process of buying one. They are a great investment on LI. They will gain value quicker here because of the housing situation. Some say it is easy to get in and some say it is hard. I guess it depends on the co-op board. We bought a townhouse and pay commons charges but we didn't have to be approved by a board like you do for a co-op. Also make sure to read the bylaws before signing the contract. Some are really really strict like down to what brand of appliances and air conditioners you can buy.
IrishBride-05
Posted:
Member since
Re: Is a CO-OP worth the hassel?
Definitely. I had a little hassle buying mine but have just accepted an offer at double what I paid for it two years ago. It is the only way we would have been able to buy a house at today's prices.
dandj
Posted:
Member since
Re: Is a CO-OP worth the hassel?
I don't know about selling, but buying was fairly easy and around this area there seem to be a ton of coop developments. As for board approval, I think that if you have decent jobs and seem like overall good people who aren't ridiculously in debt, you are fine. I would do it again, especially since I can't afford a house at this point and we don't have to pay rent anymore.
dkwife
Posted:
Member since
Re: Is a CO-OP worth the hassel?
I had no problem buying my co-op, just do what they ask of you, fill out the forms, blah blah and there should be no problem. They are only really looking for your salary info and that you aren't maniacs.
August2004
Posted:
Member since
Re: Is a CO-OP worth the hassel?
myasmom
Posted:
Member since
Re: Is a CO-OP worth the hassel?
Thanks for the help ladies but DH has made the decision easy..he does not want to. He said he would consider a townhouse/condo or a house that may need a little handywork instead. I just want out of our apt.
