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The "hassle" of co-ops is VASTLY overrated. I found the co-op thing to be quite painless. I love living in a co-op. The rules are meant to make the co-op a better place to live.
As a buyer, I had a 20 min interview. I think it was 2 WEEKS after we signed the contract. At worst, it created another monthly cycle for the owner. Big deal when you buy something once a decade. They wanted to know I had a job, and a few bucks in the bank, I think. Same as any bank making a mortgage loan.
Approval for renovations?? Fill out 1 sheet of paper, which is approved within a day or two.
Selling? I assume it will be similar to buying.
The only thing I'd be annoyed at is if they rejected my buyer. Well, the rules in 914 pretty damn simple, so act accordingly. Sell your co-op to someone who can document a salary over $30k, and some sort of bank account (or whatever your co-op's requirement is)
As someone who *just* sold their co-op, I'd recommend staying away from co-ops.
They're a huge pain on the buying end (can take forever for the board to approve your application), on selling end (ditto on the application for a prospective buyer) and as for the living there in between, well, it's annoying, to say the least, to have a bunch of petty dictators be in charge.
(Not that I'm biased, or anything...)
Interesting... I'm in a condo and have none of that. Guess that's why condo's cost more.
The "hassle" of co-ops is VASTLY overrated. I found the co-op thing to be quite painless. I love living in a co-op. The rules are meant to make the co-op a better place to live.
As a buyer, I had a 20 min interview. I think it was 2 WEEKS after we signed the contract. At worst, it created another monthly cycle for the owner. Big deal when you buy something once a decade. They wanted to know I had a job, and a few bucks in the bank, I think. Same as any bank making a mortgage loan.
Approval for renovations?? Fill out 1 sheet of paper, which is approved within a day or two.
Selling? I assume it will be similar to buying.
The only thing I'd be annoyed at is if they rejected my buyer. Well, the rules in 914 pretty damn simple, so act accordingly. Sell your co-op to someone who can document a salary over $30k, and some sort of bank account (or whatever your co-op's requirement is)
I think it depends on the building. We're both guilty of generalizations. My experience in buying/selling a co-op *was* a huge hassle. It sounds like yours wasn't. My experience of living in a co-op was one rife with in-fighting among the board of directors, petty and capricious rules, and a lack of transparency in the board's decision-making process. It sounds like yours isn't.
I'd bet dollars to donuts that your experience is probably the exception, rather than the norm, when it comes to dealing with co-ops.
Any of the hamlets in Mount Pleasant are good. Mt. Pleasant has low taxes, train stations within a walk from a lot of neighborhoods and easy access to all the main highways.
I will say though that road maintenance in the town is horrible. We've lived here for 18 years and never, ever had our road paved. Contrast to living upstate (Millbrook) where we lived for 3 years and had our road paved twice.
I have a large 1 bedroom 1 bathroom condo 1000 sq feet for sale in lower Westchester 15 mins from Manhattan. You are more then welcome to email me lisa4235@Gmail. Com for more information
i agree with the poster who said that their co-op is managed by petty dictators. Our president wasn't even voted in (he was vice president when the president passed away) and there is no way to make any changes because of all the clique-iness on the board. I can't wait to get out of here!
There was a leak from the roof and they told me the day before that a guy woudl come in to repair the wall - then they left a plastered wall - I had to sand it and paint it myself! The whole reason I moved to a co-op was so I wouldn't have to do aany maintenance myself - it's why I pay about $900 a month in maintenance (ok, some of that is property taxes, but still!). I am VERY unhappy here - the board doesn't want to work with you - the rule book is absolute and there is no way to change it because of the "old guard".
We are selling a gorgeous townhome in Bedford hills by owner. The taxes are under $4k per year and common charges are under $400 per month! We are less than 3 min from the bh train station. Best of luck. Northern Westchester is great!
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