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Log 3xx don’t really understand coops so not sure on how to proceed. Not sure if mortgage is included in the carrying fee or separate
Did you get requested for docs? If so congrats, I hope it works out.
A coop is the same process to buying a house. You get approved for a mortgage with income and credit score factored in and pay a down payment. Since this is a housing lottery, the interest rate on the mortgage is super low and the required down payment is also very low. Carrying costs are separate from your mortgage payment.
I know for sure the advertisement for this coop is over inflated. The carrying fee is around $989, then add in a mortgage, insurance, taxes/fees.
For most people that’s at least $2000 a month, but you own it!
Did you get requested for docs? If so congrats, I hope it works out.
A coop is the same process to buying a house. You get approved for a mortgage with income and credit score factored in and pay a down payment. Since this is a housing lottery, the interest rate on the mortgage is super low and the required down payment is also very low. Carrying costs are separate from your mortgage payment.
I know for sure the advertisement for this coop is over inflated. The carrying fee is around $989, then add in a mortgage, insurance, taxes/fees.
For most people that’s at least $2000 a month, but you own it!
You don’t own a co-op, you own shares in the corporation that sets aside the co-op for you.
Did you get requested for docs? If so congrats, I hope it works out.
A coop is the same process to buying a house. You get approved for a mortgage with income and credit score factored in and pay a down payment. Since this is a housing lottery, the interest rate on the mortgage is super low and the required down payment is also very low. Carrying costs are separate from your mortgage payment.
I know for sure the advertisement for this coop is over inflated. The carrying fee is around $989, then add in a mortgage, insurance, taxes/fees.
For most people that’s at least $2000 a month, but you own it!
Location: Read the Marketing Handbook, and Income a Guide.
2,010 posts, read 1,628,911 times
Reputation: 479
Quote:
Originally Posted by Denellis
Will not follow thru with it
This is an opportunity. It is a huge discount over market rate. You have this opportunity because you were lucky. You might not be lucky again. I urge you to pursue this opportunity. No one can make you buy it if you don’t like it. Take a tour at least!
Learn the facts of this specific case yourself. You will gain practical knowledge about what co-ops are and are not. Even if this affordable housing co-op does not suit you another co-op might.
When you see rich and famous people in the media in their fancy NYC apartments huge numbers of them are co-ops. Park Ave and SoHo are full of co-ops. There are many thousands of co-ops in NYC. Some entire blocks are co-ops. It’s not some kind of time-share ripoff.
Maybe you have a favorite building on a nice street you dream of living in. There is an excellent chance that building is a co-op.
Both being a tenant who pays rent, and being a co-op owner are BOTH FORMS OF OWNERSHIP. It’s true that owning car or a pair or shoes, or a condo, is a more powerful form of ownership than a co-op apt.
When you leave a co-op you can sell your shares to someone else. Because this is an affordable housing situation there might be rules on how much profit you are allowed when you sell.
A friend was lucky enough to get chosen for three different affordable housing co-ops, one was a Mitchell-Lama, the others new construction. Their co-op is new large and awesome. It costs them just a bit more per month for everything for a larger and brand new place than their cramped old Rent Controlled apt. It’s an incredible value for the money, it would cost many times more if it were market rate, and many thousands a month as a rental.
The fact that people will wait DECADES on a wait list to get into a Mitchell-Lama co-op speaks volumes about how much people want them.
Yes, not every co-op is nice or a good value. But to reject co-ops as a category is a mistake.
This might be the opportunity to end your waiting in affordable housing lotteries. DM if you like.
Location: Read the Marketing Handbook, and Income a Guide.
2,010 posts, read 1,628,911 times
Reputation: 479
Quote:
Originally Posted by Denellis
This was exactly what I wanted to know I thought you would have own the apartment
“ In early 2017, Habitat for Humanity New York City and Westchester County and co-developer Latent Productions broke ground on the three-building “Seed” development which will allow 25 hard-working New York individuals and families to become first-time homeowners.”
Most any co-op owner would tell you they bought their home. As would most people in real estate. Yes, it’s a bit more complex than that.
Habitat for Humanity is a highly reputable national developer of affordable housing. The quote above is from them. They use the word ‘homeowner’.
If you want to own something in NYC and don’t want to own a co-op you’re going to eliminate a huge portion of the properties for sale. You’ll have to hunt for a condo, or house or townhouse.
Call up Habitat for Humanity and ask to speak with someone about it. They might give you more time if you submit paperwork.
Ownership of a co-op unit, and a condo unit, are different but condo have lots of rules and restrictions too, so do rentals.
This co-op almost surely qualifies for an excellent first time home buyer mortgage like SONYMA which you can apply for.
My friend got a mini course to be ‘schooled’ about co-ops before going forward.
Thousands of NYCers dream of owning a co-op. Learn for yourself. Don’t take my word for it, or the word of any anonymous poster here. Trust yourself to learn and make the right decision.
You don’t own a co-op, you own shares in the corporation that sets aside the co-op for you.
Thank you for stating the obvious…. While continuing to discourage homeownership in one of the most expensive cities in the world. You have done a great service.
Owning shares in the building = collective ownership over the PHYSICAL building. Meaning you can’t be rendered homeless because again you OWN it. Same as with a single family home or condo. Pay your mortgage and pay your taxes(carrying fee), and you can live in the physical building for generations.
For those who need clarity please read this blog post:
This was exactly what I wanted to know I thought you would have own the apartment
Please get 100% informed before you make a final decision. Simply saying “you don’t own the apartment” is a very obtuse way of presenting what a co-op actually is. I would not take anyone’s advice blindly. If you are seeking permanent housing co-ops are awesome. If you want cheap property to “flip” and or make a huge return on then a co-op would feel limiting but you do in fact own the apartment.
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