There is not just one answer to whether a condo or coop is best for you and your mother.
Coops are usually less expensive than condos and the maintenance includes the real estate taxes and other coop operating expenses. There is board approval with coops but they have income requirements, which may not be an issue with you and your mom. Condos are usually more expensive than coops and the real estate taxes and common charges are paid separately.
I would like to discuss which option is best for you. I work very extensively with coop and condo buyers and I'm familiar with the qualifying criterea. If you would like to speak to me directly, my cell # is 917-435-3483 and I can be reached any time.
I look forward to speaking to you, and discussing which is best for you and your mom, based on your wants and needs in an apartment complex.
Rosalie Labbate, Prudential Douglas Elliman Real Estate
Condo you pay for the common charges, maintain your own interior, rent to whomever you want to, sell to whomever you want to, and usually there is no flip tax, at least not that I have heard of. It's so much less socialistic, and worth the extra cost.
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Lot's of great advice has already been given by other agents. Two additional things to consider are:
1. What you can afford. Condos in Forest Hills start at around $400,000. Co-ops are much lower, and you have a lot more variety to choose from.
2. Do you have documented income. Co-ops usually have a debt-to-income requirement or around 30%. This means that your monthly mortgage payment, plus (+) your monthly maintenance charge, plus (+) any monthly debt charges you have cannot exceed 30% of your monthly income. If you do not have documented monthly income, you may want to consider a condo.
If you want to search and see for yourself what is currently available in Forest Hills, you can take a look at my website. I have provided a searchable database of listings in Forest Hills. If I can assist you and your mother, please don't hesitate to ask.
As to the difference between a condo and a coop:
Condos are higher in price, deeded ownership and board approval is less strenuous of a process.
Coops are generally more sought after due to the pricing and availability, ownership is by the # of shares allocated to that specific unit and the board process is more difficult only because the criteria is stricter.
The buying of a property is a process and it should not be a strenuous non guided endeavor. You took the first proper step by going on Trulia and asking.
The property which you will be buying should always be what you and your mom requires, location, surroundings, and most importantly a welcome place to come home to.
1) What is the price range that you feel comfortable paying,
2) Have you started the pre approval bank process,
3) What time frame are you looking to move and do you need to sell, or is there issues of a lease,
4) Would parking be an issue and being near transportation a must,
5) Would your Mom need to have the convenience of shopping close by,
These are sample questions that I will be asking you when you choose to contact me. The process is a little more detailed, yet doable. Your question of what you should choose can better be addressed when your and your momâ€™s needs are evaluated. Please call me for an appointment.
Respectfully, Professionally, Linda C.
Charles Rutenberg Realty