While coops are much cheaper than condos, it may end up being a trap as well depending on your goals. From my experience, I much prefer the value of a Condo that is well run over a Co op.
Well said, Tommy! We agree that a prospective purchaser must carefully consider her or his long term goals, financial objectives, values and lifestyle preferences before deciding on a condo or co-op. Thanks for your contribution! ~Team Hauseit | www.hauseit.com
Hi! I'm from Philippines, If you’re looking for a good investment opportunity, you may want to consider an SMDC investment. The Philippines is definitely enjoying a major surge in the real estate market now 😊
@@choosetoshine2610 Hi! I'm from Philippines, If you’re looking for a good investment opportunity, you may want to consider an SMDC investment. The Philippines is definitely enjoying a major surge in the real estate market now 😊
Hi Faraz - since the Mortgage Recording Tax in NYC (a large buyer closing cost) doesn't apply to co-ops, it's less advantageous to pay all-cash for a co-op vs. a condo, all else equal. The NYC Mortgage Recording Tax (MRT) is 1.8% for loans below $500k and 1.925% for loans of $500k or more. Learn more: www.hauseit.com/mortgage-recording-tax-nyc/
I’m interesting in buying condo in bronx NYC but i would like to know what the average maintenances fee monthly and what is the average condo rent if I rent it ? I wanna calculate how much I can make monthly profit , thx
Hi Natasha, you're correct! Co-op monthly maintenance fees include real estate taxes, which the building pays to the city on behalf of all owners. With a condo, individual owners are responsible for paying property taxes directly to the NYC Department of Finance. This is why condo apartments have two monthly payments: common charges / HOA and property taxes (in addition to the mortgage payment, if financing). ~Hauseit NYC | www.hauseit.com
Hi! I'm from Philippines, If you’re looking for a good investment opportunity, you may want to consider an SMDC investment. The Philippines is definitely enjoying a major surge in the real estate market now 😊
I would be very hesitant to buy any co-op as a pure investment property. The 'investor friendly' board of today could become the anti-investor board of tomorrow....
So even if you have the money to afford it, you could get denied by a snooty co-op organization? I could see a lot of undercover discrimination happening with co-ops not wanting “a certain type” of person in the neighborhood and denying them. Gross.
That’s exactly what happens. Many co-op boards hate lawyers for example because they are more likely to sue when the board enforces a rule that a tenant deems unfair.
People who buy COOPS are FOOLS because its cheap to buy, but it's impossible to sell - You do not have full ownership of a COOP! CONDO is more expensive, but you have 100% ownership of the real estate which is easy to sell!
Thanks for chiming in, Dexter! Condos are certainly less restrictive than co-ops per the language in the Offering Plan , but in our experience some NYC condos do try to 'impersonate' co-ops from time to time by selectively enforcing rules, harboring grudges and treating some owners differently, etc. It all depends who is on the board. Sadly, both condo and co-op boards often attract neurotic owners or people who simply have too much free time on their hands. The management company plays a part as well.
Do you think it's smart to purchase a co-op for 20k and stay for more or less 3 years in NYC? About how much would you say I would be risking to lose? I really don't want to rent here because I would have to make too many concessions. Would appreciate your feedback!
Save money when buying in NYC with a commission rebate from Hauseit: www.hauseit.com/buyer-closing-credit/
Very helpful analysis on condo vs. coop decision in NYC and weighing the cost/benefit. Thank you for clarifying!
Excellent delivery and well explained. Thank you!
While coops are much cheaper than condos, it may end up being a trap as well depending on
your goals. From my experience, I much prefer the value of a Condo that is well run over a Co op.
Well said, Tommy! We agree that a prospective purchaser must carefully consider her or his long term goals, financial objectives, values and lifestyle preferences before deciding on a condo or co-op. Thanks for your contribution! ~Team Hauseit | www.hauseit.com
Totally. Condo winner!
Hi! I'm from Philippines, If you’re looking for a good investment opportunity, you may want to consider an SMDC investment. The Philippines is definitely enjoying a major surge in the real estate market now 😊
@@choosetoshine2610 Hi! I'm from Philippines, If you’re looking for a good investment opportunity, you may want to consider an SMDC investment. The Philippines is definitely enjoying a major surge in the real estate market now 😊
Coop is crazy
Just did a video on co-ops. In my marketplace they arent really popular but seem to be a. big hit in DC.
Which is better if we are buying on cash. no financing required?
Hi Faraz - since the Mortgage Recording Tax in NYC (a large buyer closing cost) doesn't apply to co-ops, it's less advantageous to pay all-cash for a co-op vs. a condo, all else equal.
The NYC Mortgage Recording Tax (MRT) is 1.8% for loans below $500k and 1.925% for loans of $500k or more. Learn more: www.hauseit.com/mortgage-recording-tax-nyc/
I’m interesting in buying condo in bronx NYC but i would like to know what the average maintenances fee monthly and what is the average condo rent if I rent it ? I wanna calculate how much I can make monthly profit , thx
You are the BEST
What about property tax? Coops fee might include property tax whereas condo may does not, is that correct?
Hi Natasha, you're correct! Co-op monthly maintenance fees include real estate taxes, which the building pays to the city on behalf of all owners. With a condo, individual owners are responsible for paying property taxes directly to the NYC Department of Finance. This is why condo apartments have two monthly payments: common charges / HOA and property taxes (in addition to the mortgage payment, if financing). ~Hauseit NYC | www.hauseit.com
Great basic information for CCP vs COND.
Buy outside the city.🌴
That's definitely a trend we've observed during the pandemic! ~Hauseit NYC | www.hauseit.com
Hi! I'm from Philippines, If you’re looking for a good investment opportunity, you may want to consider an SMDC investment. The Philippines is definitely enjoying a major surge in the real estate market now 😊
Is there such thing as an investor-friendly co-op in NYC?
Yes! While less common, 'investor friendly' co-op buildings which permit unlimited subletting do exist in NYC.
~Team Hauseit | www.hauseit.com
I would be very hesitant to buy any co-op as a pure investment property. The 'investor friendly' board of today could become the anti-investor board of tomorrow....
I would prefer they are investor- unfriendly.
Coop is so complicated
So does your equity increase as you pay your loan down with a co-op?
So even if you have the money to afford it, you could get denied by a snooty co-op organization? I could see a lot of undercover discrimination happening with co-ops not wanting “a certain type” of person in the neighborhood and denying them. Gross.
That’s exactly what happens. Many co-op boards hate lawyers for example because they are more likely to sue when the board enforces a rule that a tenant deems unfair.
Very true. That's why I work in property management.
People who buy COOPS are FOOLS because its cheap to buy, but it's impossible to sell - You do not have full ownership of a COOP! CONDO is more expensive, but you have 100% ownership of the real estate which is easy to sell!
Thanks for chiming in, Dexter! Condos are certainly less restrictive than co-ops per the language in the Offering Plan , but in our experience some NYC condos do try to 'impersonate' co-ops from time to time by selectively enforcing rules, harboring grudges and treating some owners differently, etc. It all depends who is on the board. Sadly, both condo and co-op boards often attract neurotic owners or people who simply have too much free time on their hands. The management company plays a part as well.
I don’t like a glove apartment I don’t like
Do you think it's smart to purchase a co-op for 20k and stay for more or less 3 years in NYC? About how much would you say I would be risking to lose? I really don't want to rent here because I would have to make too many concessions. Would appreciate your feedback!
Where can you find a co-op for $20K?
@@TexasbyStorm Lalaland