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That's not true at all. Downpayment and closing costs can be almost everything one has. It really depends on the board.
MOST boards do not want someone to stroll into the coop with zero dollars in their savings after everything is said and done. Of course there are always exceptions but for most boards, that's a risk.
I'm not sure what you are asking here. A condo or coop that cost $200K will have a mortgage of around $650 a month, if you have really great credit. Maintenance on a coop will be between $800-$900 per month, maybe a little more.
You can certainly find a coop with a lower maintenance than $800 a month.
My coop is worth double that price and the maintenance is below $600 a month.
I've looked in the Bronx and my real estate agent said the board required me to have two years of maintenance fees in the bank at closing. $1,000 per month for two years is $24,000. They will not approve anyone with less in the bank.
There are closing fees, lawyer fees, and co-op insurance too. My husband's bathroom sink leaked and damaged the apartment below his. Co-op and liability insurance saved his a*s!
I have about 60K in savings/down payment and can handle a mortgage for 140K - 190K, in other words, 200-250K.
What is my best option on housing type if I plan to live there for a long time and save money from paying a lower price than a monthly rent of $1400 (co-op, condo, a house in Connecticut?)
Thanks, elnrgby. I read your post and I will probably surf through your history via search, once I get home. Parkchester North, I'll remember that.
Thanks roseba. With common area fees+mortgage+taxes, I think I will have to save up for a while.
I saw those houses. I wonder how the commute is.
Right now, with my price ceiling, it's either budget co-ops or something with 2 hours+ commute in Connecticut or SI or something. I guess I'll have to save up a bit more, just to be safe.
OP, actually you can just search this forum (and the Internet in general) by "Parkchester". Obviously, you'll have to see the place before you make any decisions, so spend a day on a weekend in the area, and see if that kind of place is for you or not. The landscaping will be wonderful when it gets warmer, it is a bit bleak under the snow (although I like it under the snow too). If you have any questions that I could answer, send me a private message.
I am going to buy next year but not in NYC. It would be NJ for me. Jersey City (Jersey City Heights) Union City, Weehawken, Fort Lee, Cliffside Park, Edgewater, etc.
Trying to save 10K for down payment and have 3 months worth of PITI + maintenance fee as backup.
I am going to buy next year but not in NYC. It would be NJ for me. Jersey City (Jersey City Heights) Union City, Weehawken, Fort Lee, Cliffside Park, Edgewater, etc.
Trying to save 10K for down payment and have 3 months worth of PITI + maintenance fee as backup.
Trying to buy at max 180K.
Fort Lee has become K-Town West in recent years and now Koreans have moved beyond into Palisades Park are other areas. The neighborhoods are changing completely like Flushing did and points East
I am going to buy next year but not in NYC. It would be NJ for me. Jersey City (Jersey City Heights) Union City, Weehawken, Fort Lee, Cliffside Park, Edgewater, etc.
Trying to save 10K for down payment and have 3 months worth of PITI + maintenance fee as backup.
Trying to buy at max 180K.
I don’t know NJ well but from some quick real estate searching all the areas you mentioned have good looking condos, in good condition, for under $200K. I know people are hyper focused on living IN nyc but honestly if you can’t afford to buy within nyc and really want to buy something, there are a lot of options outside nyc with just as good commuting ability into nyc, for much cheaper than nyc.
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