Leaving 80/20 Rental for Mitchell Lama Coop ? (apartment, how much, purchase)
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A little over a year ago, I applied for a lottery for a Mitchell Lama Coop and I received an application with a low number. I sent in my money order thinking it would be another 5 years before being called. Lo and behold the list is moving faster that I thought and I expect to be called by next year.
The coop's purchase price would be about 50K with a maintenance fee of 800.00 per month for the 2 Bedroom unit. I would now be living with my sister, (who travels for work often).
I currently pay under 800.00 a month for a studio in Manhattan. All around a great place and I feel very fortunate to have it. The max rent for the studio would be 1,000 a month.
Maybe in 5 years I will be at the cap and would be required to pay the surcharge for the Coop. The cap for the rental would be much higher, I think 250K before the unit would be destabilized.
I would stay living a lone and try putting my name in for a coop for just me. Living with someone after you lived a lone much less family is a hard adjustment
A little over a year ago, I applied for a lottery for a Mitchell Lama Coop and I received an application with a low number. I sent in my money order thinking it would be another 5 years before being called. Lo and behold the list is moving faster that I thought and I expect to be called by next year.
The coop's purchase price would be about 50K with a maintenance fee of 800.00 per month for the 2 Bedroom unit. I would now be living with my sister, (who travels for work often).
I currently pay under 800.00 a month for a studio in Manhattan. All around a great place and I feel very fortunate to have it. The max rent for the studio would be 1,000 a month.
Should I leave the studio for the coop?
For the mortgage, I calculated 50K, at 4.1 percent, for 30-years (current rate I saw online). Came out to $242. (Of course, that's an estimate), with that said......$800 + 242 = 1042.
ML coop pro.....
1. 2 BR's only $42 more than the studio
2. Sister will be splitting costs
ML coop con.....
1. Still have not been called yet, though moving down list
2. How do you feel living with Sis?
Studio pro.....
1. $800/month in Manhattan....!
2. Great location
Studio con....
1. Does building's 80/20 mandate expire? If so, when? If so, can the '20' go market rate? Rent could jack up!
2. How much stuff have you accumulated in the studio?
Those are the factors that, IMO, I would be considering! Whatever choice, good luck!
For the mortgage, I calculated 50K, at 4.1 percent, for 30-years (current rate I saw online). Came out to $242. (Of course, that's an estimate), with that said......$800 + 242 = 1042.
ML coop pro.....
1. 2 BR's only $42 more than the studio
2. Sister will be splitting costs
ML coop con.....
1. Still have not been called yet, though moving down list
2. How do you feel living with Sis?
Studio pro.....
1. $800/month in Manhattan....!
2. Great location
Studio con....
1. Does building's 80/20 mandate expire? If so, when? If so, can the '20' go market rate? Rent could jack up!
2. How much stuff have you accumulated in the studio?
Those are the factors that, IMO, I would be considering! Whatever choice, good luck!
Paying 600 per month for studio now, upper west side. The program expires in 2020 I think. Don't mind sister living with me. She travels a lot and it would be good to have an actual bedroom with a door. Don't have too much items to move.
Coop would be in lower manhattan. Larger apartment roughly 1K square feet with balcony.
Ideally I want to move to a bigger place at some point, just don't know if this is place worth jumping for.
Surcharge on Mitchell Lama Co-Op maxxes out at +50% of maintenance charge.
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