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Little York : Real Estate Advice

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  • Local Info1
  • Home Buying4
  • Home Selling0
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Activity 6
Tue Sep 26, 2017
kar smith asked:
My debt is showing on our last 2 months joint checking acct. paid by my spouse. Will this effect his DTI ratio and be considered household debt ?
0 votes 0 Answers Share Flag
Thu Nov 21, 2013
Debra (Debbie) Rose answered:
Start with NJ - 30 miles (from NY) isn't around the corner - real estate involves being available at odd , unpredictable, and irregular hours...........develop a "sphere" of influence closer to where you live for now.

You can always expand outward once you get established.

I am only 17 miles from the city, but, imo, that would really be a challenge due to the distance.

Best wishes...........
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Fri May 4, 2012
Debra (Debbie) Rose answered:
So Andrea - just out of curiosity, since you asked this almost 6 months ago...........if you're still on trulia reading this ..............where did you wind up moving?
0 votes 11 answers Share Flag
Thu Jan 6, 2011
Mary Petti answered:
Ardent,

First of all there is a huge difference between a condo and a coop. In a condo situation, you own the interior but not the exterior of the home
When you buy into a co-op, you don't own any of the building's real estate. Instead, you own shares or a membership in the cooperative housing corporation. The corporation owns the real estate.

Co-ops can sometimes be tricky, with financial requirements that some older purchasers cannot meet. Selling your co-op could be something of a hassle because the board will be interviewing and scrutinizing your prospective buyers. Buyers will also have to decide whether they can live with the building's rules.
Because co-ops have an unconventional ownership system, it may be harder to get financing to purchase your share. The board also may have rules for down payments, which you'll probably find less flexible than some mortgage lenders. There are a limited amount of mortgage companies that even do co-op mortgages (at least here in NJ).

And, because all the expenses are jointly shared, everyone shares liability. In the rare case that an owner defaults, it will be up to the other owners to cover those expenses.

Condo maintenance fees vary widely depending on many factors, not the least of which is the amenities the development provides (like pool, play area, tenns, club house etc), but usually cover things like maintenance of the common areas, snow removal, lawn maintenance, insurance for the development (you still need your own homeowner insurance), some exterior repairs to the unit.

Co-op montly fees are higher but usually also include all the utilities (water, sewer, electricity/gas, taxes, etc).

If your dad is getting up in years (or even if he isn't) but doesn't want the hassle of mowing, shoveling etc, then a condo is my choice rather than a single family and/or a co-op.
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Sat Sep 5, 2009
Anna M Brocco answered:
If you have the time visit areas first and then choose the property of choice; Long Island is also a great option, you may want to visit Nassau County and Queens County as many towns have great transportation systems, but you may also like Suffolk County. When visiting look at the things that are most important to you and take it from there.

Anna
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