who can tell me what life in a coop is like

so, i'm selling my house, due to the divorce and thinking maybe i don't want to rent an apt, maybe i will buy a coop, but i have never lived in one before, any tips from u coop owners?

Re: who can tell me what life in a coop is like

Hi there. We're currently selling our co op in Smithtown, not because we don't like it but because we're trying to have my husbands' kids on more than just the weekends and its just too small for us and 4 kids. It's nice not having to worry about snow shoveling, grass cutting, garbage removal. The neighbors have been great to us. If you have any specific questions please fm me and I'll be happy to let you know about it.

Re: who can tell me what life in a coop is like

I love it. It is a great combo of renting and owning. We don't have to do yard work but we are investing our money into ourselves. It also depends on where you are. For us, we have no elevator and we must use a laundry room. Plus, we only have one bedroom. With a house, you don't have those issues. But our expenses aren't as astronomical. All in all, it's a great start for us.

Re: who can tell me what life in a coop is like

I loved living here because we didn't have to rent and pay someone else's mortgage. We redid our whole co-op and now we're selling it for much more.

Re: who can tell me what life in a coop is like

I lived in a co-op (Holtsville) for 3 1/2 years - very nice ! it is better than renting and you will make profit off it one day , we made 40K off it and were able to buy our house. I would definately recommend it !

Re: who can tell me what life in a coop is like

Im also selling my co op but I have liked living here I just need to have a backyard and another bedroom- we have a 2 bedroom now but I would like a playroom or office space so we are moving. Check out my place on the LIf real estate site.

Re: who can tell me what life in a coop is like

I think co-op living is great but just be sure to check out any restrictions that the co-op board may have. A lot of co-ops don't let you rent your apartment and require it to be owner occupied. Also, if they have a stringent review process, it may be a little bit harder to sell your unit later on. Just realize that buying and selling a co-op unit takes a little longer than buying or selling a house or condo.

Re: who can tell me what life in a coop is like

Re: who can tell me what life in a coop is like

My bil and sil owned a coop in Long Beach... they seemed to really like it there... their neighbors were really nice... the only downfalls that I saw was that they werent allowed pets (and I feel like if you own your home, you should be allowed to have whatever you want in it)... and when something needed to be fixed or maintained on the building.. they had to put a certain percentage towards it...no matter what... everyone in the coop did. And it kinda stinks when you are having a "hard month financially" and you have to pay out a couple of hundred dollars.

Re: who can tell me what life in a coop is like

We are selling our co-op right now and buying a house.. even though I loved the fact that I didn't have to pay rent and I made a big chunk of change off it.. besides that I hated co-op living...I hated every time I walked out my door there were people there sitting on my steps.. I hate that the people or so clickie and have nothing else to do but sit around and talk.. I hate that the people up stairs didn't have the 80% carpeting and their kids played roller derby all night.. I grew up in a house and just for me I need my space between me and my neighbors.

Re: who can tell me what life in a coop is like

Re: who can tell me what life in a coop is like

Fh and I live in a one bedroom coop. We are allowed pets (we have a cat) and we can sublet. The monthly payment is not bad so we are free to invest our $$ in other things, without spending money on rent. I love that I don't have to shovel, paint outside, take the garbage cans out etc. I"m happy here, the only thing is the lack of space (prevents me from buying junk though) and no Yard. We do have a nice patio where we have our bistro set and bbq though.

Re: who can tell me what life in a coop is like

we have great units avaiable in my complex for less then 170(2br price) and 1 br way below that...

fm for more info...

coop living is great depending on how you make of it. we tired to afford a house but i think its impossible and i refuse to really pay that much.

the avg maintence/tax you should look for is 500-600 dollors...i've seen some complexes charge 1000.

Re: who can tell me what life in a coop is like

We are currently selling ours also, and not because we hated it, but because we really want a house. I've been very happy with our complex, and if you want info FM me.

I think it's much better than renting if you can afford to buy. If you decide further down the line that you want a house, you have something to sell. Also if you are renting, you may be subject to the whims of your landlord, which is never very pleasant. In a co-op, you are subject to the whims of your board, but they are more accountable for their decisions. I rented for about 12 years before moving in with DH, and I much prefer the co-op experience.

The one minus--if something breaks inside your apartment, you need to have it fixed yourself, but frankly, I almost prefer that to kvetching and complaining to the super/landlord and waiting until they can fix the broken object.

Good luck!

Re: who can tell me what life in a coop is like

We lived in a co-op for about 2 years and we loved it. It's great to be able to spend not a huge amount of money and own something. The co-op board is always there to watch over things, in case there are problems. And I like the fact that there are rules and everyone has to get approved by a board before moving in - so you know they are financially stable, and that there's a good chance they're not insane.

You can also choose to be as involved as you want - from joining the board and being a part of the process, to just sticking to yourself and living on your own.

I thought it was great! And there are a lot of nice co-ops on Long Island.
Good luck!!

Re: who can tell me what life in a coop is like

do u have toi put 20% down (thats what i hear)? is it hard to get approved? is it noisy?

Re: who can tell me what life in a coop is like

Re: who can tell me what life in a coop is like

Love living in our co-op.....we are in garden apartments...our front door walks right into our apartment. We have 2 bedrooms which is good for now. I love that we invested in ourselves and our co-op has already earned quite a bit of $$ with appreciation.

Love that we don't have to do yardwork and can just enjoy our weekends and not worry about any outside work....also that all the units are redone before selling.....I am in New Hyde Park and some units are available...FM me if you want.