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But the people living in my coop ARE the corporation.
The people living in the coop are the shareholders. They do not own any property either. The shares in the corporation gives them a proprietary lease to live in the unit. It is just another form of paying rent with some morons on a board calling the shots.
I have a coop that I will rent out regardless of what is said in the offering plan. These units can be very difficult to sell and maintenance constantly goes up, some people don't pay and all sorts of issues. I don't know how anyone can prove that I don't live there anymore. You have to be extremely careful when buying into a coop. I wouldn't recommend them to anyone.
we sold every co-op unit with no difficulty at all . 9 in total so far in different areas and buildings .
we are likely buying another one next year in bay terrace
I have a coop that I will rent out regardless of what is said in the offering plan. These units can be very difficult to sell and maintenance constantly goes up, some people don't pay and all sorts of issues. I don't know how anyone can prove that I don't live there anymore. You have to be extremely careful when buying into a coop. I wouldn't recommend them to anyone.
A co-op has far more power to deal with a non-paying shareholder than a condo has with an owner. A co-op can evict a shareholder and force the sale of the apartment. They also have a first lien on the sale proceeds to pay back any balance due to the co-op, so I'm not sure what "issues" you refer to. In a condo, good luck taking any action on a condo owner and good luck getting condo fees paid back when they actually do sell.
The people living in the coop are the shareholders. They do not own any property either. The shares in the corporation gives them a proprietary lease to live in the unit. It is just another form of paying rent with some morons on a board calling the shots.
Guess who votes in the board? the shareholders at an annual meeting. If you don't like the way the building is going, change the board.
A co-op has far more power to deal with a non-paying shareholder than a condo has with an owner. A co-op can evict a shareholder and force the sale of the apartment. They also have a first lien on the sale proceeds to pay back any balance due to the co-op, so I'm not sure what "issues" you refer to. In a condo, good luck taking any action on a condo owner and good luck getting condo fees paid back when they actually do sell.
In the Co-op I live some people have not paid in 2 years and their balance is over 20K. Instead they keep raising the maintenance.
Condo fees are much lower than Co-op fees. I pay over $900 a month for 2 bed 2 bath 900 sq ft apartment. Often times when you buy into the Co-op you are also buying into the building debt.
Guess who votes in the board? the shareholders at an annual meeting. If you don't like the way the building is going, change the board.
If only shareholders would show up to vote or run for the board. All they do is complain. We have had the same morons as president and vice-president from the beginning going on for 10 years.
I recently purchased a home. I prefer to be the master of my domain and not have to deal with the politics.
In the Co-op I live some people have not paid in 2 years and their balance is over 20K. Instead they keep raising the maintenance.
Condo fees are much lower than Co-op fees. I pay over $900 a month for 2 bed 2 bath 900 sq ft apartment. Often times when you buy into the Co-op you are also buying into the building debt.
Then you need to ask your Board why no action has been taken. It's your right as a shareholder. If you don't want exercise that right, it's your problem.
Condo fees don't include taxes, while maintenance fees do - so while it the fees are lower, they are not all that different.
If only shareholders would show up to vote or run for the board. All they do is complain. We have had the same morons as president and vice-president from the beginning going on for 10 years.
I recently purchased a home. I prefer to be the master of my domain and not have to deal with the politics.
Which one is it? Do you live in a co-op - you wrote "In the Co-op I live some people have not paid in 2 years and their balance is over 20K" or not (according to what you wrote above)?
If only shareholders would show up to vote or run for the board. All they do is complain. We have had the same morons as president and vice-president from the beginning going on for 10 years.
I recently purchased a home. I prefer to be the master of my domain and not have to deal with the politics.
That's like NYC politics. Hardly anyone votes, but everyone complains.
In the Co-op I live some people have not paid in 2 years and their balance is over 20K. Instead they keep raising the maintenance.
Condo fees are much lower than Co-op fees. I pay over $900 a month for 2 bed 2 bath 900 sq ft apartment. Often times when you buy into the Co-op you are also buying into the building debt.
most co-ops have a building mortgage . all of ours do and the maintenance covers the building side of your mortgage . if it was a condo your personal mortgage would be that much more .
over all our maintenance increases have not been bad at all . in our kew gardens building the maintenance was 475 when we bought in 1987 . today it is 675.00 . the city apartments are higher but still not to bad . low financing has really kept costs down .
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