Rent vs Buy Co-op vs Condo in Westchester County (Yonkers: apartment, rentals)

[AugustBridein09]

Here is my situation. We are trying to find out what would be best for us. Renting first or buying?

I am looking for a place in Westchester county b/c I work in Hastings, and my fiance goes to school in Dobbs Ferry but works in NYC. (he drives in so trains aren't a big thing for us).

I keep searching on trulia, yahoo, and google and keep seeing co-ops and condos for $85,000 (Vernon Woods in Mt. Vernon---pool/gym/gated community) Anyone know anything about this complex?

I also see condos and co-ops in the $100,000 to $165,000. Are these prices normal in Westchester? I also heard about co-op communities that aren't allowed to rent out their units...anyone know where in Westchester these are located???

If we do decide to rent...anyone know any NICE buildings to rent in? I was interested in the studios or 1 bdrms at Avalon communities but after reading reviews on apartmentratings.com I think I may have to reconsider.

Our budget would be approx. $1500 - $1750(depending on whats included) per month for a studio or 1 bedroom. Is it possible to buy w/ that budget? or Even rent?

What areas should we look into?...we don't need train access(we both have cars so PARKING is a big deal)....we don't need "good" schools b/c kids are not in our immediate future (like 8 to 10 yrs away). I heard good things about some areas but can't seem to find any "nice" buildings in our range.


Thanks in advanced for any help you can share,

[bmwguydc]

The prices that you are seeing are not that out of range for Westchester co-ops in the areas quoted. Some co-ops are very restrictive in terms of rentals, while others have a more liberal approach; liberal for a co-op as they will want to interview and examine the financials of the prospective tenant. This is similar to what is done when you purchase a co-op. Many co-ops have requirements as to downpayments, something that is not the same as with a condo, where you are constrained only by your mortgage company. Also, with a condo, you are free to rent it out yourself should you wish to keep it as an invetment property down the road, with no hassle, as you own the unit, not shares in the corporation that owns the buildings and land as in an co-op.

You might look in the Bronxville area, not the village itself since it's expensive, but the section of Yonkers with a Bronxville post office (Bronxville P.O.) as it offers proximity to the village, and the option of the train should you want to do so. Plus, you can find many vintage, pre-war co-ops there that have good space and details in well-constructed brick buildings.

It is quite possible to buy a 1BR, even a 2BR, in your price range, even with the condo/co-op maintenance fees. The co-op will want a specified downpayment, however.

[AugustBridein09]

Thanks for replying. I drove by Bronx River Road next to Bronxville but there didn't seem to be a lot of parking. Are there anymore safe, quiet areas (buildings) within the Bronxville PO that have parking? We would need to park two cars.

[bmwguydc]

The nice thing about Bronxville PO is that it is a very safe area, and the leafy canopies of the old growth trees really make the neighborhoods stand out. There are some other areas to check, and you might want to look more toward post-war buildings as they usually incorporate a garage. The garage will likely not be deeded with unit and usually includes an extra maintenance fee, though such buildings might also offer some off-street parking as well.

In Bronxville PO, some areas I'd suggest looking are Parkview and Tuckahoe Roads there are co-ops there that are post-war. And, I'd also check into buildings on Midland and Palmer, some of which don't appear to be as congested with vehicles as other roads in the area. Off Midland, check out Georgia, Louisiana, and Vincent, which are post-war buildings that have some garages.

Another consideration would be Tuckahoe itself, since there are some buildings with parking there, though they can tend to be a tad more expensive as it's a Tuckahoe address, not Yonkers with the PO. But still, a 1BR or smaller 2BR might be within your budget guidelines, so it's worth a look. Check out Sagamore Road, Westview Avenue, and Fairview Avenue, all of which are off Main Street in Tuckahoe, for buildings that might be of interest. There are some in that area that do have off-street parking, and some pre-war buildings where it might be an easier propsition to find parking spaces.

A little less expensive than some parts of Tuckahoe, with parking, as they date from the 1960s, would be some of the buildings on Garth Road in the Scarsdale PO. A 1BR here is closer to $200k, unless it's in need of substantial updating, and then it can be less, but be careful as some co-op boards do not make it easy to do renovations, so I would check that out thoroughly before signing on a fixer unit.