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i am trying to rent a co-op in the new rochelle area.i recently got relocated here to new york becuase of my job and am trying to find a good place for me and my family. i am military and the goverment pays for my rent. i dont have the best of credit but i can afford all of my bills. i was hoping if anyone can help me out with this whole Co-Op thing, its the first time i'm ever dealing with something like this.
mohawk - if you're renting, i don't think there's any real reason to differentiate between a coop and a rental building. in fact, you might have an easier time just renting in a regular rental building.
the coop distinction is really more relevant when you're looking to buy. in general, the following holds true:
- single family home: the most expensive per sq ft, you pay all taxes, you pay heating bills, you can rent it when ever you want, there is no maintenance fee because you pay for everything, you don't have to deal with a board of directors
- condo: falls between the other two options in terms of price per sq ft, you pay all taxes, you pay heating bill, you can rent it when ever you want, lower maintenance fee because you pay taxes and heat yourself, you're responsible for everything from the walls in (including electric and plumbing), your maintenace pays for everything from the walls out, you actually own the physical unit you purchase, some interaction with board of directors
- coop: cheapest option in terms of price per sq ft, coop pays all taxes, coop pays heating bill, there are restrictions if you want to rent it, higher maintenance fees because taxes and heat get lumped in, you're responsible for everything from the walls in (including electric and plumbing), your maintenace pays for everything from the walls out, the coop owns the unit not you, you own shares in the building that give you the right to occupy the unit and these shares are what is bought and sold, more interaction with board of director is required then with a condo.
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