XOXO

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Posted by MonkeyLuv

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Posted by RedHead

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.

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Actually, you're wrong, this is true 50% of the time. I did some research and some condos don't include the taxes in the maintenance fees. Like another poster said, when you add the taxes and maintenance fees they equal about what you'd pay in a co-op (though the fees in a co-op do seem higher).


My next question for everyone... what are some things I should be looking for in a condo? What questions do we ask? What do we bring to the table?

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I SAID the condos I LOOKED AT and it IS TRUE

we have looked a little at both, but in Westchester.
Condos here are crazy, there aren't as many as there are co-ops & some of them are almost as much as a house.

With co-op boards a few of my friends have had issues with closing, b/c the board held up approval, nit because they were going to say no, but just because they hadn't gotten around to saying yes.

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Posted by MonkeyLuv

Beth, what's PMI? Are you hit with that if you put down less than 20%?

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PMI is private mortgage insurance. I'm not as familiar with it because we did put down 20%, but I do think you get hit with it if you put down significantly less. The good news is that many of my friends had their homes reappraised and the increase in value a short time after buying allowed the PMI to be removed (if the loan value is under 75% or 80% of the appraisal they will often do away with it).

We also met with someone from the CDC Definitely contact them--they are a free service, and will compare mortgage rates and let you know the lowest, and also teach you about first time home buyer programs (some which cover closing costs, etc.) that you are eligible for.

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Posted by MonkeyLuv

Actually, you're wrong, this is true 50% of the time. I did some research and some condos don't include the taxes in the maintenance fees. Like another poster said, when you add the taxes and maintenance fees they equal about what you'd pay in a co-op (though the fees in a co-op do seem higher).


My next question for everyone... what are some things I should be looking for in a condo? What questions do we ask? What do we bring to the table?

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I SAID the condos I LOOKED AT and it IS TRUE

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Okay, there's really no need to get upset. It wasn't even the point of the thread.

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oh ...i am not getting upset...just pointing out something i thought you missed in my original statement

We are in NYC and anything we could remotely afford was a co-op. We bought our place almost 2 yrs ago and it has already doubled in value (and that is without any improvements). My friend who has a co-op around the corner bought 3 yrs ago for $250,000 and just had it appraised at $550,000. Point is they are a good investment.

Each co-op board is different. Ours was pretty easy to get approval from, but I have heard stories about difficulties with other boards.

I think anytime you own something it's a great investment since you're building your own equity.

I would just caution with a co-op that some may have very stringent rules - I was reading about Heidla's issues with her kitchen & the sink and plumbing,etc (it's on homes either here or LIF)

So that may be an issue for you if you're not exactly thrilled with the layout, cabinets, etc of any co-op you may be looking at now

Good luck!

We live in a co-op in Oakdale... the maintenance fees include all heat, water, taxes, landscaping, all repairs outside of the co-op (anything inside you maintain, but they also do the labor for any inside repairs and charge for parts only).

Since we've bought it many years ago, it has gone up tremendously in value. Now that I'm getting married, it's time to sell and move on.

But it's a very nice, quiet neighborhood and very well maintained.

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Posted by Donna

I think anytime you own something it's a great investment since you're building your own equity.

I would just caution with a co-op that some may have very stringent rules - I was reading about Heidla's issues with her kitchen & the sink and plumbing,etc (it's on homes either here or LIF)

So that may be an issue for you if you're not exactly thrilled with the layout, cabinets, etc of any co-op you may be looking at now

Good luck!

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Yeah, we are just doing a kitchen remodeling. We thought that we had board approval to move forward and apparently there was a miscommunication. The board failed to ask the management company. So, we have no kitchen and are waiting to find out what the management company needs for us to proceed.

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Posted by MonkeyLuv

For all the co-op owners... We're now considering co-ops as well!! (See my 'My head just exploded' thread )

I agree it's better than renting since we are eventually planning on buying a house. (I'd prefer a condo, but again... we're poor!) We'll build some equity and all that good stuff. The downside is that Mr Boots is very handy and likes renovating. and it appears a co-op will not be conducive to that necessarily.

We're actually going to look at a co-op fairly soon. What questions should I ask about the rules and bylines?

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Your lawyer will need to check out the financials of the building for the past several years.

Ask about renovations- most places don't have a problem because you are helping add value to everyone's property.

Owner/Accocupancy rate- you don't want alot of subletters or renters because they don't have the same invested in the building as you do.

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Posted by MonkeyLuv

Heidla... thank you!

When the lawyer is checking the financials, should we specify anything or do they know what to do and look for?

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Your lawyer should know what to look for. Basically, you just want to know how solid the building is finacially. If they have enough money saved in case of major projects. Also, find out when the last assesment was and for what purpose it occured.

Our building had some previous financial issues that were questionable, but they seemed to be working in the right direction over the past 4 yrs. Our lawyer suggested that we stay active either on the board or in the meetings.