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D, Other/Just Looking in 10009

hfdc- how risky are they?

Asked by D, 10009 Wed Feb 27, 2013

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I have been working in HDFC buildings for over 7 years. it is important to get a feel of the building and read the minutes to see what is going on, where there are any problems. In this respect an HDFC building is the same as all other co-ops.

You have to check out their position on flip tax, renovations, subletting.

One of the big things that I have found , again in all buildings, is how efficiently they handle their finances.

If you can live with the regulations, which you have to make sure you understand fully, then HDFC buildings tend to be relatively a safe investment.

Most HDFC buildings have been renovated to code and regulations so in that respect they are safer than some other buildings, and the cost of those upgrades have been paid for by the city.
Most HDFC buildings do not have underlying mortgages so you are assured of a financial savings in your maintenance which is a cost factor in other buildings.

With all real estate, location is everything. If the property is in an excellent location, there is little question about any risk.
0 votes Thank Flag Link Thu Feb 28, 2013
I'm not sure what you mean by How Risky are HDFC apartments...

Find a neighborhood that you like, and a space that you can enjoy, renovate it, move in, and enjoy it. When you sell it, you will not lose your money.

When purchasing an HDFC Coop, however there are details that vary, so pay attention so you are informed:

(a) Income restrictions vary and are updated every year, as they are percentiles of median income
(b) Seller paid flip tax or building funding fees vary per building, so find out what it is when you wind up selling
(c) When does the HDFC status run out?
(d) When did the HDFC become an HDFC Coop

Best wishes, always
0 votes Thank Flag Link Wed Feb 27, 2013
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