If purchasing with a mortgage, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore visit with any licensed loan officer; also choose an agent to work with. Keep in mind that co-op boards do have their own financial requirements that must be met in order to be approved; most require 20% down or more....... more
It's really a matter of preference---The traditional housing co-op involves the formation of a corporation for the purpose of acquiring title to a multi-unit building and, in turn, leasing individual units (apartments) to the shareholders of the corporation; whereas condominium ownership involves acquiring title to individual apartments or units. In fact, condominium ownership is, for most practical purposes, only one form of cooperative housing and, like the co-op, must include provisions for management and maintenance of the building(s) and common areas, usually dictated by an elected Board of Managers, in the case of a condominium, and a Board of Directors in the case of a co-op. The condo advantage of individual unit ownership can be compared to the benefit of being able to choose your neighbors in a co-op setting, where the application process is very often quite selective. In the sale of a condo, once a price is agreed upon, the deal is done; whereas the sale of a co-op requires approval by the Board of Directorsâ€”which can be (and often is) withheld based upon arbitrary selection criteriaâ€”with no recourse to the buyer or seller if the sale is not approved. Co-op ownership represents an interest (i.e. stock) in realty; condo ownership is actual ownership of realty. Price differences reflect demographic and geographic distinctions. You decide whatâ€™s best for you.... more
When it comes to purchasing a co-op, keep in mind that just because you may qualify for a mortgage, does not necessarily mean you will qualify Board's financial requirements. As for percentages down--they do vary from complex to complex, therefore consider working with an agent as he/she can help you locate the unit that suits you best--yes, first time buyers are eligible to purchase co-ops, if the fiancial requirements, credit score, etc., meet the required criteria set by the Board, and again, each complex is different.... more
It is hard to answer that question. Sometimes there are co ops that do not allow any mortgages at all. Frequently they require at least 20% down. You can find out the terms of the co op from the listing agent.
Heritgage House Sothebys International Realty... more