Condo/Co-Op?

DH and I currently rent an apartment. We love our apartment, but DH recently started talking about co-ops and condos, and how we could possibly get a 2-bedroom instead of a 1 for only a little more than our current rent. I know there are maintenance fees and we have pets, so those are two of my concerns. I really don't want to move unless it is into a house, but I was wondering if anyone has input on this. Should we do this to invest so we are not just wasting money on rent? Any opinions are appreciated! Thanks!

Re: Condo/Co-Op?

Wow - we are considering the same exact thing. It would be nice to actually be putting our rent money into something rather than 'throwing' it away every month...other than the maintenance fees at least.

We were thinking of looking in Forest Hills, Queens. Where were you thinking? I don't really have any info on it yet since we haven't really started searching yet...it is still just a discussion at this point.

Re: Condo/Co-Op?

DH just texted me about this today while we were both working, and now I am thinking about it instead of doing a million other things I should be doing! I started looking on mlsli.com...and I just feel very nervous about the idea. Anything that looks nice seems pretty expensive, and that makes me think that we should just save our money and buy a house instead. That will not happen for a while, but I just really like our apartment and I am not sure if I would regret moving out of here into something I don't like as much that has extra fees. Plus, I wonder about neighbors and the noise level. Our apartment is in a house and the downstairs is also rented to other tenants and we have no issues at all with them. Why did he get me thinking about this?

ETA: To answer your question, we would probably look close to where we are now which is the Patchogue-Medford area or Sayville.

Re: Condo/Co-Op?

we'd like a condo because we are not ready for the responsibility of a house. however they're more expensive than coops and there are very few in the area im looking. what area are you in?

Re: Condo/Co-Op?

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Posted by PrincessBride09

DH just texted me about this today while we were both working, and now I am thinking about it instead of doing a million other things I should be doing! I started looking on mlsli.com...and I just feel very nervous about the idea. Anything that looks nice seems pretty expensive, and that makes me think that we should just save our money and buy a house instead. That will not happen for a while, but I just really like our apartment and I am not sure if I would regret moving out of here into something I don't like as much that has extra fees. Plus, I wonder about neighbors and the noise level. Our apartment is in a house and the downstairs is also rented to other tenants and we have no issues at all with them. Why did he get me thinking about this?

ETA: To answer your question, we would probably look close to where we are now which is the Patchogue-Medford area or Sayville.

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Im right by there in Holbrook in a condo in Woodgate Village... A friend of mine lives in Blue Ridge in Medford, and my parents almost bought into Bretton Woods in Coram... all of these are condos ... I would not buy a co-op... you dont actually own your home, you only only shares in your development... Yes coops are less expensive, but also much more strict and alot harder to sell

If you have any questions about my development, FM me

Oh, and FTR, I think owning something is much better than pissin away $$ on rent to pay someone else's mortgage we did it for 1 1/2 yrs and i cringed everytime we saw them buying new furniture, Tv's, doing updates on their home... with OUR money

Re: Condo/Co-Op?

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Posted by FuTuRe MrS MaZz

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Posted by PrincessBride09

DH just texted me about this today while we were both working, and now I am thinking about it instead of doing a million other things I should be doing! I started looking on mlsli.com...and I just feel very nervous about the idea. Anything that looks nice seems pretty expensive, and that makes me think that we should just save our money and buy a house instead. That will not happen for a while, but I just really like our apartment and I am not sure if I would regret moving out of here into something I don't like as much that has extra fees. Plus, I wonder about neighbors and the noise level. Our apartment is in a house and the downstairs is also rented to other tenants and we have no issues at all with them. Why did he get me thinking about this?

ETA: To answer your question, we would probably look close to where we are now which is the Patchogue-Medford area or Sayville.

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Im right by there in Holbrook in a condo in Woodgate Village... A friend of mine lives in Blue Ridge in Medford, and my parents almost bought into Bretton Woods in Coram... all of these are condos ... I would not buy a co-op... you dont actually own your home, you only only shares in your development... Yes coops are less expensive, but also much more strict and alot harder to sell

If you have any questions about my development, FM me

Oh, and FTR, I think owning something is much better than pissin away $$ on rent to pay someone else's mortgage we did it for 1 1/2 yrs and i cringed everytime we saw them buying new furniture, Tv's, doing updates on their home... with OUR money

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Ahhh, I know you're right! Our apartment is not even anything crazy, but it is just us and our dog and ferret, you know? Our living room, kitchen, dining area, and half bath are all in one area. But, our bedroom is huge and we have walk-in closets and a cute little deck. SIGH. lol I also hate the thought of moving all of our stuff again. We just moved here last December from another apartment. I need to FM you! I have questions!

Re: Condo/Co-Op?

Nows the time to do it. For the record, we bought our condo because we didnt want to 'piss away money' unfortunately, the market took a turn for the worse and we are going to lose money big time when our condo sells. At this point we are worse off than if we rented because we spent all of that money and wont make it back AND we cant just end our lease and move.

The good thing is that since prices are so low now you will be able to spend some time living there and build equity for sure. Definitely go for a condo over a coop!

Re: Condo/Co-Op?

I would never buy a co-op. they are hard to sell and even harder to sell if you arent in NYC (manhattan, queens etc.)

Condos are a bit easier to sell but in bad markets they are not easy to sell either.

House prices are so low that I wouldn't write off a house. It might not be your forever house but when you factor in all the fees with a condo or co-op a house might not be that much more.

SIze wise you can find a condo just as big if not bigger than a house. My parents lived in the colony in Holbrook and their condo was just as big as the house I grew up in. But you have to think if you want to be that close to others....I did not so we went for a house and I would have stayed in an apt rather than go for a co-op/condo.

Re: Condo/Co-Op?

step 1 - based on the money you are spending in rent now and what you are comfortable with, figure out what kind of house/coop/condo you can afford

step 2 - google and find a rent v buy calculator

depending on the # of years you plan to stay in a coop/condo/house, you can see if it is worth it to buy or just keep renting

find the timeline when you will 'break even'...and then add to that. that should be the MINIMUM amount of time you plan to live in something you are owning....otherwise you may lose $ on the deal.

gl

Re: Condo/Co-Op?

We bought a co-op in Queens. Here were our reasons:

1. We wanted to invest in something, not pay rent.
2. Condos are always more expensive for the same size and location.
3. We didn't want to worry about yard work and other types of home upkeep.
4. We aren't having children in the next few years so we don't need a lot of space.
5. We would rather spend money on a small co-op that we love than a bigger house that would cost us money in terms of heating, electricity, etc.

A good real estate agent can answer your questions. It never hurts to ask. Good luck.

Re: Condo/Co-Op?

We have a co-op and LOVE it. I agree with pp that you get so much more for your money over a condo. Yes, you do technically own shares in the development, but that's why you have a lawyer during the process--they go over the development's financials and let you know if its a sound investment. I can renovate, update, do whatever I want with my unit--just like a condo.

I also disagree that they're hard to sell...we were outbid on 3 other units before we got ours! Our neighbor just put her unit on the market in August and its already sold! I think they're a great investment for a couple just starting out.