Well each of them has their benefits and of course their downs, a coop, you would have to deal with the maintenance fees and might have to be reviewed by a coop board and they are examine your finances more thoroughly than a condo does. A condo offers you more latitude in terms of room and they dont have a coop board though they may have an association that oversee the building.
Give me a call at (718) 698-2179 at Prosperity Real Estate Group, I can help you answer any questions you may have, this is not commitment to come with us. YOu can come and inquire about this even if you are already working with someone. Buying a properity is a constitutional right, and we are here to make sure you are not provided with erroneous information. We welcome this questions because it allows us to do research for you and ourselves which we can share with others.
My Name is Caesar Galindo Office manager, and Law Student at CUNY Law School.... more
Congratulations on your new degree and your new job. When you mention that you have 10% to put down on a condo, what price range are you targeting? Which neighborhoods? In your case, I would probably wait, unless you have a guarantor or co-purchaser on the transaction. More and more condo boards (at least in Manhattan) have financial requirements similar to co-op boards. Those boards may want to see more financial stability. Addtionally, depending on where in Brooklyn you're looking, the market may not have reached bottom. You know what they say, "buy low, sell high."
Pros of buying a condo - it's real estate, wherein a co-op isn't; it's easier to sell than a co-op; condos generally appreciate quicker.
Cons of condos - generally smaller than co-ops; your neighbors are more transient.
It doesn't hurt you to attend open houses. It doesn't hurt you to save more money. When you're ready to purchase, consider having a Realtor on your side to help you on your search and to make sure you're not overpaying. Lastly, have you spoken to a mortgage broker? You should know what you qualify for before you start looking. They may even help you improve your credit rating.... more
Representation is not determined by who pays. If you are working with the listing agent, they are definitely representing the landlord. If you wish to have representation, make sure the Realtor is aware of this and provides you with Agency Disclosure attesting to that.... more
Probably not without a co-signer. You need to speak with a mortgage professional. Get a referral from your REALTOR, a friend, or call your bank. This is the first step in home ownership--don't let it scare you off the idea. A good loan officer will either be able to make something work for you or provide some solutions to make a mortgage possible for you in the near future. Best of luck and happy hunting!... more