Home Buying in Corona>Question Details

uma, Home Buyer in Queens, NY

Which one is better as a first time home buyer is that a coop, condo or single family home

Asked by uma, Queens, NY Sat Mar 30, 2013

With 300k pre qualification I don't know what I should look for

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9
As most of the others says, it depends.

Sometimes a coop or condo is better since there's more work that goes into managing a single-family home (or townhouse). There's maintenance, upkeep, etc., that is really taken care for you in a coop or condo.

But it really depends on what your needs are. Is there enough space in the property? Is it located where you need it to be (schools, transportation, shopping, etc.)? Is the neighborhood's safety OK for you?

The next point: Forget your pre-qualification. Really. All that says is how much you CAN spend. It doesn't say what you SHOULD spend. And there are two considerations here. First, figure out how much you can comfortably afford to spend every month on the mortgages AND the condo or coop fee. While you've been prequalified up to $300,000, you might find that you're only really comfortable with monthly payments that would cover a $250,000 property. The second consideration gets back to home prices in your area and what you want. Maybe you can find exactly what you need for $240,000. Don't feel compelled to spend more just because you can (and even just because you can afford to).

The final point: That property has been on the market for nearly a year and is in pretty poor shape. I suspect you can buy it for less than the asking price...simply because it isn't selling at the current price and because it doesn't show well. Ask your Realtor what the property really is worth in today's market.

Hope that helps.
1 vote Thank Flag Link Sat Mar 30, 2013
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
It all depends on your needs, if you have children it's always to have a nice backyard where your children could play and have a nice BBQ for your family & friends. Usually a single family home comes with 3 bedrooms . A Condo you pay low maintenance but you do not have to worry about plumbing, electric shoveling snow as an example. Coop you own a lease of some shares you do not own Real Estate which I advise if thinking of a coop better a Condo if thinking of Condo on the other hand a house is the best way to go.

Zoraida Salvador
Ethics 1 Realty
1 vote Thank Flag Link Sat Mar 30, 2013
It depends on what is available and what you like/want/need.

With a condo you are responsible for paint-to-paint and there are sometimes amenities included with the common areas and an HOA that maintains and covers certain expenses and services (lawn, pool, gym, etc). Townhomes are similar, but you own the land beneath you and air above you and it is not a paint-to-paint scenario.

Single Family Homes typically require more maintenance (lawn, roof, exterior, pool, etc). But you own a lot of property and usually have more space, can have pool, lawn, garden, etc.

It's all about your needs and personal preferences. And what you can get for the money in your area. If you like to garden, a condo may not be for you. If you want a 2 car garage, you may be looking more at SFHs. If you want amenities without upkeep, you may go for a condo with community pool, gym, clubhouse...

I would talk with an agent in your area and see what option are out there. They may be able to help you narrow down your search.

Good luck!
1 vote Thank Flag Link Sat Mar 30, 2013
It's really a matter of personal preferences, wants, needs, lifestyle.....
1 vote Thank Flag Link Sat Mar 30, 2013
It really depends on your preference, how much work you want to do on your property and where you want to live.
0 votes Thank Flag Link Tue Apr 2, 2013
A condo is like buying a house. You pay all utilities yourself + annual taxes. You own the property. In a co-op, you own shares in a corporation and you pay one maintenance charge which includes everything including real estate taxes. In some co-ops, you may have to pay your own electricity. It depends on how much you have as a down payment. Usually condos and co-ops require 20% down. You may be able to do a conventional loan on a house with 5% down depending on credit and financials. If you would like to talk further, you can call me at 917-836-4559
0 votes Thank Flag Link Mon Apr 1, 2013
This has nothing to do with being a first time home buyers - as all venues are available to first time home buyers, and it's up to you what you'll choose.

Single family homes are easier to finance then condos.
Condos are a way of living without worrying too much about fixing the roof or changing a water heater
that suddenly dies right after you buy...
Cooperatives (at least in Miami) are not finance-able, and they don't grow in price as fast as
condos.

So - best to go see all options and get a feel of what you like most.
As you are searching, ask your local agents what has been demonstrating the best value appreciation in the past couple of years.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Sun Mar 31, 2013
For a first time buyer you can look for coop or condo with pre qualifications.
0 votes Thank Flag Link Sat Mar 30, 2013
I would think about your family and your lifestyle. Do you have the time to take care (or the money to pay for someone else to)of the exterior and yardwork that comes with a single family home? Do you have kids or dogs that would benefit from a yard to run in? Do you like to garden? Do you want to live in the city or do you prefer the suburbs? I know new York has a lot of coops, but study the legal differences between the 2 styles of ownership.
Hope this helps.
0 votes Thank Flag Link Sat Mar 30, 2013
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