Real Estate Investing Forums

Miscellaneous => Random Ramblings => Topic started by: hansleyward on June 16, 2009, 11:54:10 am

Title: Condos vs. Coop
Post by: hansleyward on June 16, 2009, 11:54:10 am
My mom is retiring, wants a set price monthly payment...wants a maintenance free investment....Shes stuck on a coop..doent want to listen to me about buying a single family (I only know houses)...Can anyone suggest something...

Is a Condo better than a Coop?- what are the pros and cons
I believe we are narrowed down between Condo and Coop, I cant really offer her a maintence no worry solution to buying a single family, being that the key for her is to purchase below market, and that means repairs...

Im NYC...Thank you

Title: Re: Condos vs. Coop
Post by: HoldAndBuy on June 16, 2009, 02:39:46 pm
Co-op board approval is usually much stricter than a condo. They don't have to give you a reason for rejection either. In a co-op you owns shares in a corp., and a right to a dwelling space in the building, but you don't "own" the specific unit you live in. There's more financial risk for the co-op if they get someone who defaults than there is for a condo, so they may put you through the ringer in terms of documentation, etc. The advantage is that co-ops are usually more affordable than condos, if your willing to jump through all the hoops. Make sure you understand the bylaws and monthly fees, whatever you decide. Good luck.
Title: Re: Condos vs. Coop
Post by: Bluemoon06 on June 16, 2009, 02:43:55 pm
I think your mom is right.  You should always look at the lifestyle.  She should not be in a single family.  Most of my tenants should not be in a single family home.  You have to do some repair in a single family home and a condo or co-op are much better for a person who wants to enjoy life and not fix stuff.
Title: Re: Condos vs. Coop
Post by: hansleyward on June 20, 2009, 01:09:39 pm
Thanks bluemoon06 and holdandbuy for your responses...we will choose between condo n coop...