Coop bargains (rental, condos, mortgages)

[Elvira Black]

Just happened on a website that listed many many one bedroom coops in the NYC and Long Island areas. Lots in the 100K's, some below.

Queens Village, Jackson Heights, Briarwood, Brooklyn, Long Island, etc.

Anyone looking to get off the rental merry go round and live like a human being, take heed! It can still be done.

Don't know if I can post a link, though...you can DM me if you want it.

[rlgoldstein]

Anything that you know of in Manhattan?

[meemsone]

I believe condos are better than coop.. but yes i agree its doable as long as you can save some money on the side at the end of the day its how you manage your money! I'm horrible at managing my money but im trying to start a savings account and NOT touch it!

[bluedog2]

Originally Posted by meemsone

I believe condos are better than coop.. but yes i agree its doable as long as you can save some money on the side at the end of the day its how you manage your money! I'm horrible at managing my money but im trying to start a savings account and NOT touch it!

The condo v. coop issue can be argued both ways.I lived in a condo and it was a nightmare .Full of people who were determined to do whatever they wanted and felt that they had paid the condo premium so they were entitled to do anything.Multiple huge dogs with no carpeting,renting to whoever whenever,loud whenever ,etc. Just generally no respect for any neighbors. I am now in a coop that is much better maintained and very mellow.Sometimes it is better to have some rules that everyone agrees on and to have a way to enforce them if necessary.

[bluedog2]

Originally Posted by Elvira Black

Just happened on a website that listed many many one bedroom coops in the NYC and Long Island areas. Lots in the 100K's, some below.

Queens Village, Jackson Heights, Briarwood, Brooklyn, Long Island, etc.

Anyone looking to get off the rental merry go round and live like a human being, take heed! It can still be done.

Don't know if I can post a link, though...you can DM me if you want it.

And don't forget The Bronx! You can find 2 br's for the price of 1 br's almost everywhere else and there are some great neighborhoods(contrary to popular opinion) if you want to actually look.

[Moderate Guy]

Originally Posted by bluedog2

The condo v. coop issue can be argued both ways.I lived in a condo and it was a nightmare .Full of people who were determined to do whatever they wanted and felt that they had paid the condo premium so they were entitled to do anything.Multiple huge dogs with no carpeting,renting to whoever whenever,loud whenever ,etc. Just generally no respect for any neighbors. I am now in a coop that is much better maintained and very mellow.Sometimes it is better to have some rules that everyone agrees on and to have a way to enforce them if necessary.

I believe that there are pros and cons of each type of shared housing - co-ops and condos. One should examine all aspects of each and find the best fit based on one's own financial capabilities, acceptable tolerance level for behavior of neighbors, how much rules one feels comfortable with, etc., before making the plunge.

First off, realize that both condos and co-ops have advantages and disadvantages vis-a-vis detached houses. Study these and know them up front.

Then do online research or buy books which discuss the myriad differences between co-ops and condos ranging from bylaws, blanket mortgages, subleasing policies, rules on having pets, rules regarding extended-stay guests in the purchased unit, maintenance charges vs. common charges and the components of each, title deed vs. share certificates to represent ownership, and the list goes on.

Generally, detached houses are the most favored form of housing outside urban areas. In urban centers, many like condos as opposed to co-ops, but the former are more costly to purchase. Indeed, for shared owned housing, condos are the more prevalent form in the USA. In NYC co-ops are the more prevalent form.

After one has educated oneself to the advantages of each type of housing, one may well find that one's financial constraints pretty much determine the housing one will be able to purchase.

Good luck.