Co op vs home - better investment?

[samnyc]

Originally Posted by sirtiger

I guess you don't believe in twp permits

Yes. I do believe in town permits but they are not going to throw you out like co-op.

[pidge1114]

I believe in maps

https://www.google.com/maps/d/edit?m...Y.kyxx1Lb8C8-o

[sirtiger]

Originally Posted by samnyc

Yes. I do believe in town permits but they are not going to throw you out like co-op.

yes its possible to get thrown out. Reality is that it takes real work to get thrown out. The easiest way is not pay your maintenance....even that is a process.

[nuts2uiam]

Originally Posted by sirtiger

yes its possible to get thrown out. Reality is that it takes real work to get thrown out. The easiest way is not pay your maintenance....even that is a process.

He will never get past a coop board so there is no worry he will be thrown out of one.

[sirtiger]

Originally Posted by nuts2uiam

He will never get past a coop board so there is no worry he will be thrown out of one.

I think a few of us gave up on him

I was responding to samnyc...I've know the co-op process too well. I even helped out a friend who got threatening mail from the co-op board...and someone else who had a mentally unstable neighbor....its very hard to throw someone out in reality. Getting rejected from the getting in a co-op is the easiest way to keep potential buyers out.....even for illegal or immortal reasons.

[Joe461]

Originally Posted by LongIslander21

Also when you sell a co-op and let's say you put $150,000 down do you get that money back?

I read through this thread and don't believe this question was answered.

Generally, the answer is yes. It works just like any other purchase. If you sell your co-op for equal to or greater than what you paid, you will get your $150k back. If you sell it at a loss, you will not see part or all of your investment.

Buying a co-op is functionally similar in many ways to buying a condo or home. The difference is in the technicalities.

In GENERAL terms...

house - you own the land and building.
condo - you own the unit and have an interested in the common areas
coop - you are one of may owners in the corporation which owns all the units and property

In the end, you still have a place to live and day to day life is going to be much the same.


That said, a co-op is probably the most restrictive of the three. The "board" gets to approve people (as you have learned). You may have to jump through hoops to get approved. Worse, when you go to sell the buyer must do the same. This can _potentially_ make a co-op more difficult to sell.

Co-ops also have tend to have more rules and restrictions. Much like a "homeowners' association" in some developments. No pets, approval for re-modeling... it varies. Some people love this kind of life, some can't stand it. It is very much like rental apartment living, except you have an ownership interest.

Many years ago I lived in a co-op. It had been an apartment complex which went co-op several years before I bought in. I was younger and more naive at the time, so the process and restrictions didn't bother me. The people I bought it from loved it, the people I sold it too were also very happy. I made a very nice profit living there less than a year.

These days, I would definitely chafe at a "board" asking intrusive questions and imposing restrictions. That's just me.


I know others (different location) who bought in and sold at the wrong time. They didn't do as well. That's the real estate market.