Also, you have to be financially qualified to buy and still rent as well. The management company is going to ask you to verify income, credit, plus a down payment. It's a lot to take on if you have never owned before. Take time and find a co-op to buy that fits your needs and stop renting because it's a waste of money.
Full Time Top Sales Agent
Specializing in Co-ops and Home Sales
Weichert Realtors, H.P Greenfield
My suggestion to you is to write all your questions down so you can contact them one time and get your questions answered without having to repeatedly call them. Then call the management company and/or the co-op board.
The only other alternative is if you know of a Realtor that has had a number of deals in your building and is familiar with the in and outs of renting and purchasing within your specific building.
Dont forget to ask:
1. What are the income requirements of a purchaser?
* This is not only about how much money you make per year but also how much down payment is required. Are you required to have a certain amount of money in your accounts after purchase? Sometimes you'll be required to prove you have money in your accounts to cover the mortgage, maitenance and insurance for at least 6 months.
2. How many years do you have to own before you can rent?
*Many buildings require the unit to be owner occupied for a 1 to 2 years before you can rent it. This may not seem important now but you may want to move out one day and keep the unit as an investment.
3. Is there a Flip Tax?
4. What other fees might you incur as buying a co-op in that building? (ex: a move in deposit which is sometimes refunded and sometimes not, application fee, credit check fee.)
Contact a local Realtor that is knowledgeable about your area and especially your co-op building. S/he should be able to let you know whether or not there are any units for sale in your building. If there are, then you can work with a mortgage consultant to get preapproved and get on your way to owning your very first (I assume it would be your first), own home! I see nothing hindering you from owning a home in your building--you may to have a wait a bit but it appears very possible. Best of luck!