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Mrs213
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Member since 2/09 18986 total posts
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Deciding to dormer Coop or Buy a House
Sell it. Too much aggravation
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Posted 3/24/15 5:38 PM  |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Deciding to dormer Coop or Buy a House
Sell it. Too much aggravation
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| Posted 3/24/15 5:39 PM |
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whoababy11
it's only forever
Member since 11/10 1598 total posts
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Re: Deciding to dormer Coop or Buy a House
Posted by LuckyStar
Sooo, I'm in the minority here but I say dormer the coop and stay in Queens. I'm biased though, because I moved to LI from Queens and am not very happy here. Like you, I lived in a nice part of Queens and could not afford a house there so we bought on LI. I love my house but I kind of wish we saved for another couple of years and stayed in Queens.
As far as schools, your children are very young. I don't think you need to worry about HS at this point and if you're still in Queens 12-15 years from now they can apply to the specialized schools, go to private school, etc. No one knows where any district will be 15 years from now- not in Queens, on LI or anywhere else.
i agree. to me, being close to family and friends trumps all. plus, i am a lifelong queens resident and think its a great place to live. no house can replace being at your family's house in 10 minutes. plus a long commute takes years off your life.
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| Posted 3/24/15 7:06 PM |
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Re: Deciding to dormer Coop or Buy a House
Just adding that co-ops can be a challenge to sell to start, but if your maintenance goes up 50%, that can make resale very challenging. High maintenance can be a bigger deterrent than an overpriced unit, since a good chunk of co-op buyers pay cash or have a substantial down payment.
I'd also consider that many co-op buyers are first time buyers or downsizers, not families. If that's the demographic in your co-op, the extra space is not going to be needed by or appeal to most buyers looking in your development, and it's not going to be worth the extra expense. It's very easy to overimprove a co-op unit --- that's an issue I see often when consulting with potential co-op sellers.
That being said - if people have long-term plans to stay somewhere, then resale value is less of a factor and the decision should be driven by what works best for your family.
If you haven't done so already, maybe research the "house in Nassau" option a bit more by looking at what you can get in the areas you are considering, testing out the commute, etc.
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| Posted 3/24/15 8:58 PM |
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DaniJude
You're My Home <3
Member since 11/06 14815 total posts
Name:
Danielle
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Re: Deciding to dormer Coop or Buy a House
Posted by Century 21 Dallow - Christine Braun
I'd sell the co-op and buy the house. Co-ops don't tend to appreciate much.. it's hard to build a lot of equity and easy to over-improve. I think even with dormering the attic, you will likely outgrow a co-op eventually.
Yes, you likely won't walk away with much, if any, profit on the co-op. But you have to think about the fact that it's a great time to "trade up" because interest rates are still low, and prices have gone up a bit, but it's been a gradual rising and they are still not crazy high. So whatever you lose out on financially with the co-op, you will make up on your house purchase. And I think it will be a better long-term investment (and a better fit for your family situation).
It's bc of the lack of equity in the co-op and the fact that they don't appreciate/hold value like a home does. So to sink money into it wouldn't be a sound investment. It's risky.
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| Posted 3/25/15 10:04 AM |
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Pray4Baby2010
<3 Cutest Giants Fan
Member since 10/09 5796 total posts
Name:
MB
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Re: Deciding to dormer Coop or Buy a House
Posted by Century 21 Dallow - Christine Braun
Just adding that co-ops can be a challenge to sell to start, but if your maintenance goes up 50%, that can make resale very challenging. High maintenance can be a bigger deterrent than an overpriced unit, since a good chunk of co-op buyers pay cash or have a substantial down payment.
I'd also consider that many co-op buyers are first time buyers or downsizers, not families. If that's the demographic in your co-op, the extra space is not going to be needed by or appeal to most buyers looking in your development, and it's not going to be worth the extra expense. It's very easy to overimprove a co-op unit --- that's an issue I see often when consulting with potential co-op sellers.
That being said - if people have long-term plans to stay somewhere, then resale value is less of a factor and the decision should be driven by what works best for your family.
If you haven't done so already, maybe research the "house in Nassau" option a bit more by looking at what you can get in the areas you are considering, testing out the commute, etc.
Thank you- this is very helpful!
Our community is a lot of families like us that cannot afford a house in queens. I also checked and our maintenance would go up 25%-- we are on the low side, so adding the additional space would move our maintenance to about $900
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| Posted 3/25/15 10:07 AM |
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Aries14
Can't plan life...
Member since 8/08 2860 total posts
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Deciding to dormer Coop or Buy a House
I would buy a house. mainly bc if you have already bought the coop at the top of the market - I wouldn't put in another $130k into it. Plus a higher maintence fee.
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| Posted 3/25/15 3:12 PM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: Deciding to dormer Coop or Buy a House
I am going to say dormer your coop, if you love city living, and the lifestyle of being in the 5 boroughs then moving to long island is not going to be for you.
Construction sucks, but you don't get much more for your money on long island and the taxes are insane and go up every year.
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| Posted 3/26/15 11:27 AM |
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