co-op question

Hi guys,
I've never even considered living in a co-op before, but with the market the way it is, it seems that that's what's in our price range... we have seen some that we really like... but I'm curious about what the downside is about co-op living.... and also, how is resale value later on? They don't appreciate as much, correct?

Any input and insight is greatly appreciated!

Re: co-op question

I lived in co-op for 1 year..

Was in the same situation as you. We are quite happy were we are and we paid so little money (compared to a house) and got more out of it.

Downsides...you can never justify the expense of maintence and taxes cause you don't see a breakdown but i'm just the type of person to see my hard earned dollars at work.

Besides that, I just wish some techincal rules would be lifted...like for my complex, i would love to install a washer dryers (w/o possibly getting in trouble) People do it anyway but i'm not risking it.

We know the board vice president personally so we have no problems and when we did, they were resolved in a quick manor.

Tom

Re: co-op question

We've loved living in a co op and the only reason we're leaving is because the kids are getting older and can't really be sharing a room. We couldn't afford anything else at the time. The downside to community living is that you have a board making decisions for you. We just had verizon come in and put fios in even though we didn't want it because the board approved it in all buildings. No washer dryer also. But ours has appreciated plenty for us so we're not complaining. Good luck and fm if you have any specific questions.

Re: co-op question

Posted by anjerandunder

We've loved living in a co op and the only reason we're leaving is because the kids are getting older and can't really be sharing a room. We couldn't afford anything else at the time. The downside to community living is that you have a board making decisions for you. We just had verizon come in and put fios in even though we didn't want it because the board approved it in all buildings. No washer dryer also. But ours has appreciated plenty for us so we're not complaining. Good luck and fm if you have any specific questions.

Re: co-op question

We moved into our co-op in July and have really like to so far! One of the main downsides is that you do have to follow certain "rules." For example, in my co-op you need special permission to have a furniture delivery on Saturday. However, they are generally accomodating at my co-op. On the plus side, we have full staff of maintenance and handyman 7 days a week which can be very convenient. A lot depends on how the co-op board is running thing.

Re: co-op question

We live in a co-op now and we've been very happy. It worked out well for us b/c at the time we could afford to buy something but we couldn't afford a house; so it was perfect. The rules aren't so bad and it's nice to have a maintenance crew around when we need them; we like that they maintain the gruonds and shovel the snow, etc.

Re: co-op question

We both really like our co-op, but we have outgrown the space, and we would really like to live in a house at this point in our lives. Co-ops are great for people just starting out since they are usually less money than condos. The downside, some co-op complexes have too many rules. Ours wasn't bad overall, you could have pets for example. But you can't have a washer installed in the apartment, and you need to put any potential buyers through the co-op board when you sell. They aren't worth as much as condos, but they are good for people just starting out.

As it turns out, ours may still be on the market. FM me if you are interested, it's in Great Neck.

Re: co-op question

We live in a co-op and we think it's great. Yeah there are rules, but a lot of them are just "common courtesy" and things that people would never really do anyway (for example...one of the rules is that you can't leave your bagged garbage in the hallway...who would do that????). If you are working with an agent, maybe you can ask him or her what she knows about the board and the owners in the complex. If you have laid back neighbors and a normal board, you should have no problem. Good luck! If you have any questions, fele free to FM!

Re: co-op question

One major downside to owning a co-op from a real estate standpoint..is it is not considered real property ..u don't own anything just shares in a corporation..