Are coops/condos more difficult to buy than buying a house?

Asked by Cynthia, Riverdale, Bronx, NY Thu Jul 19, 2012

Is it more convenient for a family to buy a coop/condo than buying a house?
Which requires less complications in the means of getting a loan and actually getting it.

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9
Laura Lazar…, Agent, Bronx, NY
Thu Jul 19, 2012
Good question. I wrote a blog right here on Trulia to give buyers a pros and cons comparison. There is a lot more to it than just what is easier to buy outright. For mortgage advice I can recommend a few mortgage banks that are amazing and will help you understand the difference in financing...

http://www.trulia.com/blog/laura_lazar_kearns/2010/10/co-op_…

By the way I personally would not recommend Parkchester condos to anyone. I have had clients that have told me stories of maintenance issues as well as the high maintenance (after all it is a condo and you are paying taxes on top of the maintenance) that this is more like a coop cost wise and yet without the benefits of a coop.

If you have any more questions I would be happy to answer them for you.

Laura Lazar Kearns
Licensed Real Estate Broker/Owner

LLK Homes Realty Inc.
Phone - 646-498-9302
Fax -646-731-6875 http://www.lauralazarkearns.com
Vorbesc Româneşte!
Hablo Español!
1 vote
Bruce McInty…, Agent, Bronx, NY
Tue Mar 12, 2013
Condominiums (condos) and cooperatives (coops) are both affordable alternatives to buying a house. If you are considering home ownership, but don’t want a house, consider these options. However a condo is not a coop, each has its advantages. A coop is an asset like any other piece of real estate except you are not really buying the property. When you buy a condo you are buying the actual site (like a house). In a coop, you are buying shares of a corporation (which is leasing you back the place where you will live). Therefore, coops, generally take longer. Your loan affordability depends on your income. Some lenders will not lend at coops if the complex has not been approved by them. Call your lender and ask which coops have been approved. If you need help...Give me a call or send me an email.
bruce.mcintyre@pantigagroup.com or 646-588-1720
0 votes
Antonio Sanc…, Agent, Bronx, NY
Tue Mar 12, 2013
Hello Cynthia,

To answer your question, it all depends on your needs first. When you purchase a home you will be in charge of making sure everything works on your home and handling all the maintenance that the home involves. When you purchase a co-op or a condo your maintenance will be taken care off. For down-payments, co-op minimum down payments go for 10-20% depending on the unit, condos will allow FHA but not always. If you have any further question please give me a call ass I may be able to assist you with your search.


All the best,
Antonio Sanchez
Exit Realty Search
3928 E. Tremont ave
Bronx, NY 10465
CELL: 347-320-0673
BUS: 347-202-4965
SANCHEZEANTONIIO@GMAIL.COM http://WWW.EXITREALTYSEARCH.COM
0 votes
Antonio Sanc…, Agent, Bronx, NY
Tue Mar 12, 2013
Hello Cynthia,

To answer your question, it all depends on your needs first. When you purchase a home you will be in charge of making sure everything works on your home and handling all the maintenance that the home involves. When you purchase a co-op or a condo your maintenance will be taken care off. For down-payments, co-op minimum down payments go for 10-20% depending on the unit, condos will allow FHA but not always. If you have any further question please give me a call ass I may be able to assist you with your search.




All the best,
Antonio Sanchez
Exit Realty Search
3928 E. Tremont ave
Bronx, NY 10465
CELL: 347-320-0673
BUS: 347-202-4965
SANCHEZEANTONIIO@GMAIL.COM
http://WWW.EXITREALTYSEARCH.COM
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Fri Jul 20, 2012
In the event you are looking for an FHA loan, you will need to make sure any condo is "FHA" approved - many are not..........check
http://www.fha.gov for a list of approved condos in your area

Buying a single family home means it is yours to do with as you please.......that is not so with a condo or coop - as you will have to abide by any bylaws , rules and regulations.

If buying a condo or coop...make sure you know what restrictions there will be.

Good luck!
0 votes
Martina Ryan, Agent, Bayside, NY
Fri Jul 20, 2012
Co ops require a lot more paperwork. They also require an interview process & often have a flip tax. Generally it is a little bit easier to get a loan for a house, but condos can be less complicated also. The financials of the building are also taken into account .
0 votes
Rey Hollings…, Agent, White Plains, NY
Fri Jul 20, 2012
Condominiums (condos) and cooperatives (coops) are both affordable alternatives to buying a house. If you are considering home ownership, but don’t want a house, consider these options. However a condo is not a coop, each has its advantages. A coop is an asset like any other piece of real estate except you are not really buying the property. When you buy a condo you are buying the actual site (like a house). In a coop, you are buying shares of a corporation (which is leasing you back the place where you will live). Therefore, coops, generally take longer. Your loan affordability depends on your income. Some lenders will not lend at coops if the complex has not been approved by them. Call your lender and ask which coops have been approved. If you need help...AskRey

Like AskReynet on Facebook.

Rey Hollingsworth Falu
Licensed Associate Real Estate Broker
Houlihan Lawrence - Bronxville

Direct 917-855-0277
rhollingsworth@houlihanlawrence.com
0 votes
Bruce McInty…, Agent, Bronx, NY
Thu Jul 19, 2012
Hi Cynthia,
The best answer to that question reside in your own wants or needs. Most co ops require 20 percent down. Also you will have to be accepted by the board of electives of that particular building. Depending on your own credintials or the Type of loan, of using any will determine what's best for you. For example, using a FHA Loan or a va loan a co op will not allow either of the 2. Please feel free to contact me with any questions or concerns and I will happily do.d you that perfect home. M. Services are not charge to you. I can be reached at 315 278 2566. Or via email at Bruce.McIntyre@pantigagroup.com
0 votes
Nirmala Cara…, Agent, Bronx, NY
Thu Jul 19, 2012
Dear Cynthia,

Buying a Condo, Coop or a house has its own rewards and benefits. You will first have to meet with a mortgage professional to discuss your options and to find out how much you are preapproved to borrow. Based on the amount that you are qualified to borrow that will determine how much real estate you can purchase. In my professional opinion it is less complicated to purchase a house rather than a Coop or Condo, you can buy and sell a house with need approval from a board. But you are also committing to additional higher expenses that you maynot have when purchasing a Condo or Coop. Such as heating, water, higher property taxes, etc.

When purchasing a Condo or Coop, each month you will have to pay your mortgage, common charges (and any utilites not included in your common charges such as electric and gas, this varies depending on the building) and property insurance. With the purchase of a house, you can buy with as little as 3.5% down. There are several Condos that FHA approved that will also allow you buy, putting only 3.5% down. Most Condos and Coops require you put anywhere from 10%-25% down or even higher than that and you also have to have some reserve funds.

You need to look at your situation and see which is best. I would be glad to discuss this with you further.
0 votes
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