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Dilema- Purchase co op now, or wait to buy house
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Dilema- Purchase co op now, or wait to buy house
Posted by Leeners
Posted by Meaghan729
bc if she stays for just two years, she probably wont make any $$ even if it does go up, bc of selling costs, etc.
This is 100% UNTRUE. As Moehick said, she's been in hers 3 years and would make a hefty profit. I dare say that if you asked her this question last year, at 2 years, she would be able to say the same thing. I've been in mine 10 months and we would far more than make what we put into it, closing costs and all.
The point that us coop owners are trying to make is that if you cannot afford a decent house, a coop is a great option v. renting because rather than throwing away money renting, you're building equity toward a house.
You may not like it FOR YOU, but how can you say no, you're all wrong, you can't gain enough equity in a short term to even cover closing costs?? People are telling you that this is their actual experience; I'm not sure how you can possibly argue with that. 
ETS: I just reread your statement and you keep saying 'selling costs'. Are you talking about the Flip Tax? Most coops have moved away from this (mine doesn't have one; I pay all my own utilities except gas but that's just included in the maintainence). When I sell, the only 'fee' associated is my lawyer.
absolutely you made a profit in the last two years - the market went up higher than ever, that may not happen in the next two years - housing prices can DECREASE...its happened on LI before!! i just dont want to give someone the advice that their property will go up in value in the short term, which I cant safely say will happen, bc i dont have a crystal ball.
iwhich if you live in the house less than two years you have to pay a capital gains tax, which you can't "move away from" bc its a federal tax, so im not to sure what you are talking about.
the seling costs the closing costs that are associated with buying another property when you are ready to sell (recording tax, escrow, etc) a real estate agent, etc.
we can have a difference of opinion, you dont have to get all crazed about it!I never said you were wrong, im giving my opinion.
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Posted 1/21/07 12:33 PM  |
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Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Dilema- Purchase co op now, or wait to buy house
Posted by tourist
Posted by Beth1210
I have to go thru everything - except the approval process- so what's the point of the approval process if they are just going to rent to anyone that can afford to pay the rent?
Different co-ops have different rules. Some of them have to approve renters too. Some ( like mine) do not allow sub-letting.
mine apartment is owned by the people who built the buildings- so it's not a sublet- they don't care about anything except getting there check on the 1st
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| Posted 1/21/07 12:48 PM |
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Palebride
I am an amazing bakist
Member since 5/05 13673 total posts
Name:
Lori
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Re: Dilema- Purchase co op now, or wait to buy house
Posted by Leeners
Posted by Meaghan729
bc if she stays for just two years, she probably wont make any $$ even if it does go up, bc of selling costs, etc.
This is 100% UNTRUE. As Moehick said, she's been in hers 3 years and would make a hefty profit. I dare say that if you asked her this question last year, at 2 years, she would be able to say the same thing. I've been in mine 10 months and we would far more than make what we put into it, closing costs and all.
The point that us coop owners are trying to make is that if you cannot afford a decent house, a coop is a great option v. renting because rather than throwing away money renting, you're building equity toward a house.
You may not like it FOR YOU, but how can you say no, you're all wrong, you can't gain enough equity in a short term to even cover closing costs?? People are telling you that this is their actual experience; I'm not sure how you can possibly argue with that.
ETS: I just reread your statement and you keep saying 'selling costs'. Are you talking about the Flip Tax? Most coops have moved away from this (mine doesn't have one; I pay all my own utilities except gas but that's just included in the maintainence). When I sell, the only 'fee' associated is my lawyer.
exactly!
No one is saying that anyone will definitely make a profit on ANYTHING ever....people are just sharing their experiences of buying a co-op, and making a profit off of it....even in only 2 years.
It IS a good option to look at if you can't afford a house or a condo!
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| Posted 1/21/07 1:14 PM |
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| Pages: 1 2 [3] |
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