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My wife and I are soon moving to NYC from Belgium, and are looking for housing advice for our specific situation.
The last three years we have made less than $65,000 total (per year), allowing us to fit most coop income restrictions...should we choose to buy. Over the past 10 years, we've managed to save considerably -- about $350,000 in non-retirement funds, which we intend to use to start over in NYC. I have family in the area, and the job prospects + shortish distance to her family in Europe means we intend to stay there for many years.
There are many 2 bedroom HDFC coops for sale in Brooklyn (near Williamsburg Bridge) and South Harlem, in which the mortgage+maintenance fee would be around $2,000-$2,200 / month, after putting $150-$200k down up-front. This is equal to the monthly rent of a 1bedroom in similar locations with favorable commute times.
We hope to have a kid in about 5 years, and I think it makes sense to buy a 2 bedroom HDFC coop now in anticipation of this event. I'll be attending grad school (free via GI Bill, +$4,000/month living stipend), and I don't foresee it being too difficult for my spouse to find a job in an architecture office making around 40-50k/year.
Given the standard flip tax and sublet rules, we wouldn't intend to think of this as an investment, but as a place to live for at least the next 10-15 years while we start a family. Assuming we find an HDFC coop whose building has solid financials...is this a no-brainer? Am I overlooking anything which might make renting a better option? What do you guys think?
You could also look into sponsor units in coops anywhere in the city. A sponsor apartment means you do not have to go through board approval, so you could just make your large downpayment and get a mortgage secured and you'd be good to go.
Just curious, but what are the kinds of corruption a co-op board does and what are the signs of that happening to watch out for?
I have heard of situations like this over and over again regarding HDFC co ops. Enough over the years so that it made me very leery of them. Yes, it could happen with any co op or corporation but seems to be much more prevalent with HDFC. Might be because their organizational structure tends to be less formal with little oversight.
Have also heard many stories of HDFC board members taking large sums of under the table cash as key money to get apartments. That doesn’t happen with market rate co ops.
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