XOXO

Co-op means that when buying you will have shares in the entire complex. It is governed by a board, who then decides how much $ will be allocated for upkeep, etc. Generally co-op prices are lower, but maintenance fees for ones we saw ranged from $650-800 a month, in addition to mortgage, etc. The maintenance fees vary in terms of what they include (heat, hot water, etc.). Condos are more like buying a home--it is not like having a share in the complex. Condos also charge monthly charges for maintenance fees and upkeep--anywhere from $200-300 for the ones we were looking for.

My lawyer explained it to me like this: first you would want to get a house if you can afford it. If you can't afford a house, try for a condo. If you can't afford a condo, getting a co-op is still better than renting in that you will make some $ back when you sell.

Some co-ops are risky if the board decides to keep maintenance fees lower and not invest in upkeep, new roof, etc. It could lower the resale value in units in the whole complex. We were looking at a co-op in Smithtown, but after our lawyer looked at their prospectus he saw they did not have nearly enough money saved for repairs, and advised us not to buy it. If they do not have enough money saved as a complex, monthly fees could drastically rise if anything needs fixed or replacing.

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Posted by MonkeyLuv

So, a condo is better than a co-op? That's what I thought.

What's a homeowner's association?

Besides MLSLI and Newsday, where can I find condo listing?

And if someone is moving, can I have your condo? Please? Pretty please?

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LOL what areas are you looking? In Nassau? There are always some in my complex available in Suffolk. A homeowner's association is a nonprofit association that manages the common areas of a planned unit development (PUD) or condominium project. In a condominium project, it has no ownership interest in the common elements. In a PUD project, it holds title to the common elements.

In terms of condo or co-op, my lawyer said the condo is a better investment, but both are rising in price so dramatically both would be a good investment. I think there are more co-ops in the city boroughs and the more urban areas of LI (many more in Nassau than Suffolk). I looked on MLSLI, but once we decided on which complex we wanted, we let a few agencies know and they called us before they were listed.

Can I buy a condo just so I can talk about my PUD?

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Posted by MonkeyLuv

Well, Mr Boots wants a condo on the water.

We're looking in Nassau primarily, but Suffolk too. You're right, there are like 4 condos in all of Nassau but a frajillion co-ops. Mr Boots is adamantly against co-ops because he's an asshat and enjoys being hateful.

so an HOA is akin to a condo?

We can just call up certain complexes and say 'hey, we're interested, let us know'?

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HOAs are mostly developments of actual homes, but with a governing body (i.e. more rules than a regular home). Some co-ops keep listings of people who are interested, but we called several agents near the complex we decided we wanted and asked them to call us as soon as any came on the market.

We live in a co-op
My brother lives in a co-op
my sister ised to live in a co-op, but she moved, so now my other brother lives there.

We like it

Keep in mind that the maintenance fees for a co-op include the taxes as well - so all you have is a mortgage and the maintenance, whereas a condo, i think you have mortgage, maintenance and taxes.

If you find a condo on the water - will you adopt me so i can live there?

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Posted by palebride

We live in a co-op
My brother lives in a co-op
my sister ised to live in a co-op, but she moved, so now my other brother lives there.

We like it

Keep in mind that the maintenance fees for a co-op include the taxes as well - so all you have is a mortgage and the maintenance, whereas a condo, i think you have mortgage, maintenance and taxes.

If you find a condo on the water - will you adopt me so i can live there?

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this is not true..at least not in my case and in all the condos i know which people own..
the taxes are included in the maintenance fees.
And i agree with Beth..all the condos and co-ops i have looked at (even sister complexes) co-ops have higher maintenance.

Plus another drawback for some is when selling or buying a co-op there must be board approval. Which can be annoying when selling.

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Posted by RedHead

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Posted by palebride

We live in a co-op
My brother lives in a co-op
my sister ised to live in a co-op, but she moved, so now my other brother lives there.

We like it

Keep in mind that the maintenance fees for a co-op include the taxes as well - so all you have is a mortgage and the maintenance, whereas a condo, i think you have mortgage, maintenance and taxes.

If you find a condo on the water - will you adopt me so i can live there?

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this is not true..at least not in my case and in all the condos i know which people own..
the taxes are included in the maintenance fees.
And i agree with Beth..all the condos and co-ops i have looked at (even sister complexes) co-ops have higher maintenance.

Plus another drawback for some is when selling or buying a co-op there must be board approval. Which can be annoying when selling.

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We just bought a condo and every unit we looked at had seperate taxes and maintenance fees. Overall from what we saw, when you add the taxes and maintenance together it equals the maintenance for the co-ops. The plus though, for us anyway, is that our condo has a lot of amenties, pool, restaurant, tennis courts, game rooms, club house etc, that a co-op would not have.

But whatever you choose, either is much better than renting because you'll be creating your own equity.

Good luck.

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Posted by KarenK122

We just bought a condo and every unit we looked at had seperate taxes and maintenance fees. Overall from what we saw, when you add the taxes and maintenance together it equals the maintenance for the co-ops. The plus though, for us anyway, is that our condo has a lot of amenties, pool, restaurant, tennis courts, game rooms, club house etc, that a co-op would not have.

But whatever you choose, either is much better than renting because you'll be creating your own equity.

Good luck.

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interesting...i haven't sen that but i have to say...the thing i do not like about my condo is the tennis courts, the gym and then pool...
drives up the maintenance...
we had to replace out pool this year
one word ASSESSMENTS
Next year...the tennis courts

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Posted by MonkeyLuv

Lori, are you building equity with your co-op? Is the co-op board hard to get approved by? Do you feel restricted?

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The co-op board interviews you to make sure that you're not mass murderers or child molesters or anything like that. So you migh thave some problems.....
I kind of like that they interview all of the people who move in, because, since we do own shares in the community, they sort of make sure that everyone hat lives here meets a certain standard.
And I did hear that they turned some people away - mostly for financial reasons - so not just anyone gets approved.

(I wonder how the guy who threw everything out his kitchen window passed the interview )

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Posted by MonkeyLuv


My next question for everyone... what are some things I should be looking for in a condo?

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Pool, gym and extra room for an English stowaway

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What questions do we ask?

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Do they have anything against English stowaways

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What do we bring to the table?

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Sangria and anything dipped in chocolate!!!

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Posted by MonkeyLuv

What questions do we ask?

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Is there a limit on nu mber of babushka puppies ...