Pros and cons of buying a Condo Vs. Co-op?

[mathjak107]

common charges do not hold a portion of your mortgage in the payment. a condo or private home would require a bigger personal mortgage payment if you kept things equal.

most co-ops have reasonable charges once heat ,taxes and mortgage payments on the buildings share are figured in .

[Vroooom12]

Originally Posted by gichicago

The board app is a pain because you need to assemble a lot of paperwork, make multiple copies, and summarize your spending/cash flow on a yearly basis. I spent a good 3-4 hours at work typing up the form and making copies at work....

If you go through a broker, get one that is familiar with the process. Our's was not very good, and we actually relied on the Sellers broker for clarification.

Yikes, I know your pain for someone who hasn't done enough board packages - I work on them often .

Late last year I had an inexperienced broker represent a buyer for my seller's unit and it was exactly the same thing. At one point it felt like I was the buyer's broker .

-Andrew

[Norwood Boy]

Originally Posted by rubygreta

One bad thing about coops is that you have to provide a complete financial statement to the Board of Directors. So you get in the elevator with board members who know everything about your finances. I would find that to be a very uncomfortable situation.

Coop's for the most part fared better than home owners and condo's during the housing meltdown. I think coop's learned their lesson's from the 90's coop's failures. Also a board member told me it's a way of keeping criminals with cash out. They have to show where they earned their cash. That all goes out the window if someone just buy's a sponsor unit.

[fmatthew5876]

Amazon.com: The New York Co-op Bible: Everything You Need to Know About Co-ops and Condos: Getting In, Staying In, Surviving, Thriving eBook: Sylvia Shapiro: Kindle Store