Im a single professional no kids ,looking to it bettah as first time buyer to buy coop or condo?

Asked by Cdm, bk ny Mon Jan 5, 2009

heard its difficult to sell a coop and not full tax break...but the price is usually cheaper and the coops ive seen in westchester county are really nice

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Laura Higgin…, , Sebring, FL
Tue Feb 3, 2009
Dear Cdm,
When purchasing a home especially as a first time home buyer, before you buy research your property selections!
I would recommend writing down what is the most important items of the residence. I provide my customers with a buyers questionnaire to fill out to assist them with this. Determine your priorities and list them in order of importance. If resale value is the most important priority, investigate days on the market to see how long each property is listed and sold for. You may also want to compare fees, have the coop or condo fees gone up on a yearly basis and if so by how much. First time home buyers usually want to calculate all of their monthly expenses.
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Cindy Kief, Agent, Irvington, NY
Sun Jan 11, 2009
Dear Cdm,
I believe the answer to your question has been throughly covered. I currently represent a coop that is ideally suited for a single professional. It is located in a desirable cooperative with good re-sale potential. It is move-in and well located within walking distance to everything including Metro North and a 35 minute commute to NYC. If you are interested, please feel free to contact me directly. I wish you all the best in your decision.

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John Vrooman, Agent, White Plains, NY
Mon Jan 5, 2009
Hi Cdm,

Depending on where you want to live and what your budget is, the choice may not be very difficult to make. Lot's of first time buyers WANT or PREFER a condo, but can really only get something close to what they want and can afford if they choose a co-op. I would suggest you contact an experienced Realtor who specializes in the market area where you really want to live. Then see what's available in this location in the price range that interests you (for both condos and co-ops). I specialize in White Plains (and immediate vicinity), and I would be happy to talk to you further about why this area might be the right place for you! Regardless, I wish you luck with your home search! (Message to all home buyers who see this post...trying to find a home on your own is fine, but why not speak to a Realtor first to see if maybe they can help you to save some time, offer you some useful information & tips...and maybe even help you to save some money, or at least not spend too much! Seriously...Speak to an experienced Realtor...You won't regret it!)
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Pascual Paul…, Agent, Bronx, NY
Mon Jan 5, 2009
These are good suggestions from all and I don't have much to add. I am a Buyers Agent, if you need a good one, and from I say, there follow your heart (and your pocket) to make the right choice. The both are good investments for the future. Paul
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Walter FitzP…, , Westchester County, NY
Mon Jan 5, 2009
Dear Cdm,

With a co-op, you pay a maintenance fee which includes your share of the property tax on the whole complex AND your share of the upkeep of the complex like trash removal, maintenance of the grounds etc. Roughly half of this monthly maintenance fee is tax deducible.

With a condo, you pay your taxes and common charge separately.

In both cases your mortgage interest is tax deducible.

As far as re-sale goes, if the price is right, the property will sell in a reasonable period of time and if you buy low and sell high, you will realize a profit regardless of whether it's a condo or a co-op.

If you are contemplating buying now, either choice will be a good one! Interest rates are low, prices are low as well and inflation is probably on the way so if you can lock yourself into a good rate now, you will fair much better than your friends who are renting!

You are correct that comparable properties, one a co-op and the other a condo, the condo will almost always be more expensive. Co-ops require a full financial disclosure and, usually, at least 10% down. Most co-ops are now requiring 20% down as the Private Mortgage Insurance companies are not granting insurance on loans with less than 10% down. Co-op boards also require certain minimum credit scores and debt to income ratios that make it harder for certain people to buy. These are a few of the reasons why condos might be more expensive. Basically, if you can get the loan, you can buy the condo. (There are exceptions to this of course!)

Please feel free to call me at 914-513-9811 if you would like further help with this. I am always working and will provide you with the attention and experience you deserve!

Walt FitzPatrick
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Christopher…, Agent, Tarrytown, NY
Mon Jan 5, 2009
Hi, it really depends on your needs. There are things you should know about coops. First, yes they tend to be cheaper then condos. Second the board requirement and approval process can be intense. Here are four of the main things the boards look for. Excellant credit, a minimum down payment of usually 10% or more, qualifying debt-to-income ratios (based on their guidelines), healthy reserves in the bank after down payment and closing costs are paid. They want to make sure that the prospective leaseholder doesn't become a financial liability for the building.

Technically you do not own the unit, you own shares in a corporation that entitle you to a stiock certificate and a proprietary lease. You pay monthly maintenence which covers, maintenence of the building, and property taxes for the building, etc. Usually you will be able to right off a percentage of your monthly maintenence ranges from 45%-60% (the norm). You will also be entitled to the STAR reduction as long as it is your primary residence, same for a condo.

A condo you own the unit and are responsible for it's interior. The assoication is governed by a board of managers. You tend to have alot more freedom in a condo. Here you will pay property taxes and also a monthly common charges which usually include maintenence of the grounds, and even SOMETIMES cable, electric, etc.

You can put down 3.5% on a condo (FHA loan) or whatever you lender is willing to accept as a minimum.

If you would like to discuss this further or have any other questions feel free to contact me directly.

Christopher Pagli
Associate Broker
Legends Realty Group
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