OK, here is the situation . . . (living arrangements)

Original post by BriBri529

May 22, 2005 05:00 PM

We have 2 options . . .

1) Very small one bedroom co-op in Middle Island. Beautiful, Meticulous. Efficiency kitchen, room for dining table right outside the kitchen. Bedroom is very tight but lovely. One tiny bathroom. This would be a purchase, but again, many factors can make this an investment or a 'dud'. We can end up stuck with this place and there is literally NO room to work with if in fact we end up having kids - LITERALLY NO ROOM. Anything else that we would be able to afford right now would be pretty unliveable and would need tons of work. Heat, water, Gas cooking, maintenance included CAC- responsible for electric. Laundry room must be payed for. Use of pool and tennis courts. Patio Deck.

2) Rent for about $200 more a month than our mortgage would be, HUGE- two bedrooms, two bathrooms- basically a two story condo but for rent. Community fees are included. We just have to pay for our electric. Cooking is electric. Can hook-up for washing machine and dryer. CAC, maintenance, hot water heater and heat included. Use of gym, clubhouse, pool, tennis courts.
attached is the link of the layout of the rental, don't have one for the co-op.

Which would you choose:

http://www.brookwoodtownhouses.com/prod03.htm

BriBri529 Posted: May 22, 2005 10:05 PM

Re: OK, here is the situation . . . (living arrangements)

Thanks- it may not even be my decision- if the other couple gets the co-op then we have to look at our options again . . .

CC59 Posted: May 22, 2005 11:46 PM

Re: OK, here is the situation . . . (living arrangements)

Wow that co-op is beautiful! Best of luck with whatever decision you make!

wood2be Posted: May 23, 2005 10:01 AM

Re: OK, here is the situation . . . (living arrangements)

Years ago, houses with only two bedrooms were not considered to have a great resale value. But that was Houses not apartments or co-op's/condos.

Now, because prices are so high and inventory is so low, EVERYTHING has resale value!!

Blu-ize Posted: May 23, 2005 10:08 AM

Re: OK, here is the situation . . . (living arrangements)

Co-op, no doubt. It doesn't look that small. DH and I lived in a smaller place before we married. It worked out. Keep it for 2 years and then take the equity out of it for a down payment for a bigger place, rent it out or sell it. How much of a down payment were you considering?

tourist Posted: May 23, 2005 11:33 AM

Re: OK, here is the situation . . . (living arrangements)

Ihave heard the same thing, taht biyign 1 bedrooms is not a good idea. IT hink you will be ableto re-sell, but 2 bedrooms increase in value more.

we are renting. Everyone says we should buy, but if we buy right now we will havr to settle for something we would be ok renting, but would rather not buy ( no laundry, 1 bedroom, etc)

So, sometimes what is financially smarter isn't always the nbest option for your lifestyle.

Mayeb you should keep looking?

JimmysBride Posted: May 23, 2005 12:01 PM

Re: OK, here is the situation . . . (living arrangements)

Absolutely BUY. But if the condo is just too small, keep looking.

Bumsie Posted: May 23, 2005 12:03 PM

Re: OK, here is the situation . . . (living arrangements)

Keep in mind that you do not OWN a coop, you only own SHARES in the cooperation. I would say keep looking or maybe look into a condo instead, much better resale value.

palebride Posted: May 23, 2005 12:18 PM

Re: OK, here is the situation . . . (living arrangements)

Posted by Bumsie

Keep in mind that you do not OWN a coop, you only own SHARES in the cooperation.

But you can still make money on it when you sell.

usuk2004 Posted: May 23, 2005 12:30 PM

Re: OK, here is the situation . . . (living arrangements)

At first I thought rent becaue you said the co-op was so small and I thought it would be really difficult to get rid of when you want to move. But after looking at the listing, I would say buy it. It's really reasonable and is really nice. You'd be saving $200 more a month and you wouldn't be pouring any money into repairs or decorating, it's in really good shape.

RedHead Posted: May 23, 2005 12:35 PM

Re: OK, here is the situation . . . (living arrangements)

Posted by palebride

Posted by Bumsie

Keep in mind that you do not OWN a coop, you only own SHARES in the cooperation.

But you can still make money on it when you sell.

true... although it is 100% owned by you...it is still a good investment!

AND since it is a 1 bedroom...in a not sooo good SD.It would probably be easier to sell then a 2 br. which is more money, higher taxes and a not great SD.

prncssrachel Posted: May 23, 2005 02:15 PM

Re: OK, here is the situation . . . (living arrangements)

Normally, I would say buy something, but I personally do not think buying a one bedroom is a good idea. Not just because you may have kids, but also for resale. One bedrooms can be tricky to sell. We are renting for a year while we save.