Why do people buy condos/co-ops in Suffolk?

Not asking in a snobby way, just curious for myself as a back-up plan...

I can see where if you like a smaller place, less work, if you aren't planning on needing more rooms, or if it fits you budget, etc...

..but for people who are *able* to buy a 4 br house now but choose a condo to use it as a first home per se, and plan on "upgrading" (for lack of a better word) to a house in the future, what is the pros of doing so?

I've always heard they were risky investments in Suffolk; hard to sell, etc.. but I'm probably wrong.

I hope I don't sound disrespectful, I'm curious for myself, in case my purchasing a home doesn't pan out for whatever reason, I just want to hear my other options.

TIA!

Re: Why do people buy condos/co-ops in Suffolk?

We own a co-op and we bought it bc at the time the market was still in its bubble, and we bought a 3BR almost fully renovated co-op in Smithtown, with about the same square footage as a ranch for a third of the cost that fixer upper homes were going for. That still applies sort of , bc the values of homes has dropped more or less proportionally.

We liked the no maintenance of it, we were newly married and didnt want tons of yard work, still dont. BUT we only bought bc we found a 3 bedroom, so we had MORE than enough room to grow. We've since had a son and still have plenty of room and dont have to spend time taking care of a house.

The only downside to it, no basement or garage, but we just learned to purge instead of saving everything.

ETA: speaking for others, I have also heard with the tightening on the eligibility requirements to get a mortgage, or just in general, the amount down is significantly less on a co-op, making it more obtainable, or like us, left us more in the bank after all was said and done.

Message edited 1/18/2010 11:59:32 PM.

Re: Why do people buy condos/co-ops in Suffolk?

My mom has one and likes it because of the no-maintenance aspect. Everything outside is taken care of. She also likes being very close to her neighbors.

Sis and BIL are in an apartment, but are looking at condos/co-ops also for the maintenance aspect. Plus, it's cheaper than buying a house with land.

Why buy more than you need? If you don't need a big house, with land, or you don't want to deal with it, it makes a lot of sense to buy a condo.

Re: Why do people buy condos/co-ops in Suffolk?

We just bought a condo instead of a house... It has 3 bedrooms, 1.5 baths... Enough room if our family grows... We have plenty of attic storage, outside storage, a patio to fix a table and bbq... pool (that we dont have to maintain ourselves), tennis courts, etc.... In a good school district and wasnt a fixer upper and cost less than any house that needed tons of work! We like to relax on our weekends and not have to mow lawns/rake leaves/shovel snow etc...

The only negative that we've come across really is neighbors... You are close to one another and they sureee do like to talk about one another to us... We're ttying not to get involved with them really...

Message edited 1/19/2010 9:07:37 AM.

Re: Why do people buy condos/co-ops in Suffolk?

Re: Why do people buy condos/co-ops in Suffolk?

My sister and her fiance would rather buy a condo than a house. They prefer not to have to worry about the maintenance.

Re: Why do people buy condos/co-ops in Suffolk?

We started out in a condo and it was great living without worrying about maintenance...The complex had a pool and gym. It was probably around the same price as a small house in the area, but less fixing up. We sold it with no problem 5 years later. We didn't make anything on the sale, but most houses lost value significantly during that time. I haven't heard (or experienced) that they are harder to resell.

My mom bought a townhouse condo that was either the same price or more than a house of the same sq. foot (it has a large attic, garage, 3 beds/2 baths, etc), but she wanted the maintenance free living.