LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
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Re: Co-Op vs Condo
Posted by Pomegranate5
Condo. Hands down no question.
absolutely agree. Co ops are incredibly restrictive when it comes to getting buyers and sellers, they have say in who you can sell to. They will reject people. The board can be nosy. IMHO, I would never pick a coop if a condo unit is nearby.
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Re: Co-Op vs Condo
A condo is a better form of ownership, imo. But a co-op can be a good investment, too, depending on where it is, what the particulars of the co-ops are (finances, rules, etc.).
Co-ops on LI are sometimes more affordable on a monthly basis, because they are usually a bit cheaper, and often the monthly maintenance includes some utilities (heat, water, etc.) as well as a pro rata share of taxes. Most condos require owners to pay all of the utilities (and often have heating systems, CAC, etc. in the individual units to be maintained by the owner), and pay property taxes as well as common charges.
But co-ops have a minimum down payment requirement (usually 20%, sometimes 10%), require board approval of the buyer, and generally have more restrictions (about pets, what you can do in your unit in terms of renovations). FHA will not give a loan for a co-op purchase (but will for a condo if the condo is on an approved list).
I have experience selling both types of properties, so if you or your MIL has any questions, please let me know!
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