Buying a Co-op in NYC
Monkeys,
Being a bit of a hypocrite here as I usually prefer when the discussion are Wall Street / finance-based but, since a good % of the community here are young professionals in NYC with a little dough saved up, I figured I would get pose a question: what do you guys think of buying a co-op in NYC? Has anyone looked into this and either gone through or not gone through with it?
There are a lot of intricacies to a co-op vs a condo, etc. For the purpose of this post I will assume everyone is familiar with them -- interested in hearing from those who have gone through the process.
Thanks!
Why the fuck would you ever want to deal with a Co-Op Board?
I currently sub-let in a co-op. The interview isn't that bad, they mostly want to meet you in person so they know you're not a weirdo. For people looking at rentals, sub-letting in a co-op is actually a pretty good deal, 1) the rents are usually lower because people don't want to deal with the board and 2) the apartments are generally nicer since the owner has to live there every few years.
I wouldn't recommend buying a co-op though, unless you're planning on living there for at least 5 years. Most have taxes on flipping apartments if you're only there a few years. Also its generally harder to sell a co-op since the board has to approve the new buyers.
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