THOUGHTS ON BUYING A CO-OP APARTMENT OR CONDO?

[deusavertat]

Im thinking about buying this co-op luxury apartment unit but their home owners association fees are ridiculous. I'm not ready to settle and get an actual house and was told this was a good alternative. Anyone on NT have experience with this?

 

[finessence]

How you want a LUXURY apartment, but crabbing about the homeowners fee? That’s quite backwards...

 

[deusavertat]

How you want a LUXURY apartment, but crabbing about the homeowners fee? That’s quite backwards...

Lol if I'm paying that much for an apt I aint tryna pay rent prices ON TOP of it. I'm not rich. Lol

 

[clyde the glide]

Are co-ops easier to get out of or something? What's the benefit offsetting the extra fees?

 

[jaypesoz]

Lol if I'm paying that much for an apt I aint tryna pay rent prices ON TOP of it. I'm not rich. Lol

It takes money to make money. If you're already discouraged like that, it's probably not for you. Maybe invest in a bot and just buy J's when they drop instead?

 

[Comparison Ford]

I wouldn't live anywhere with an HOA, honestly.

 

[Mark Antony]

This notion that if you're making more money that now you bend over and accept anything is absurd. Some of these condo fees are insane and not worth it.

 

[Nereyda Vuelve Por Dios]

Lol if I'm paying that much for an apt I aint tryna pay rent prices ON TOP of it. I'm not rich. Lol

then dont go the luxury route. You can cop a co-op thats moderate.

dont know your city but i know a bunch of people in nyc who have a co-op. Those fees are a given. Maintenance as well which is a turn off for me.

plus you get interviewed by the association and yes racism and classism are present in those conversations. Thinly veiled.

My cousin got lucky that shes a child psychologist, but single, early 30’s and can tone it down to assimilate to wypipo.
they werent going to give it to her becuase it was a very family oriented building but somehow got it.

 

[blastercombo]

I wouldn't live anywhere with an HOA, honestly.

Ehhh it keeps things looking nice. Of course it depends on the price and if you can actually SEE your money at work

 

[deusavertat]

This notion that if you're making more money that now you bend over and accept anything is absurd. Some of these condo fees are insane and not worth it.

Lol if I listen to NT I'd go broke. The place I'm looking at is out of reach of most people budget even if I wanted to rent it out if I have to move.

The rent would have to account for the HOA plus whatever profit im tryna make.

 

[finessence]

This notion that if you're making more money that now you bend over and accept anything is absurd. Some of these condo fees are insane and not worth it.

Nobody forcing him to buy a condo.... that’s HIS CHOICE. I live in South Florida. I already know about the price of penthouses and condos, they never have and never will be cheap.

Nobody is telling him to submit to these realtors, the going rates, are the going rates. I mean if he’s complaining about the homeowners fee, it’s only going trickle down and get worse.

America is expensive. Like someone said, you’re paying for the waste, maintenance, parking, location, mystique, etc. they trump up these fees because they feel as though it’s a “take it or leave it” situation. They’ll have a willing tenant at some point.

 

[frshstunna]

This notion that if you're making more money that now you bend over and accept anything is absurd. Some of these condo fees are insane and not worth it.

I was looking up condos the other day n some of the old/regular buildings got fees that’s higher than the mortgage and you not getting nothin special ...Who tf gon pay that? No wonder they been sitting on the market a min

Alotta these buildings just set the fees at a random high number just cuz they can and it’s a normal practice these days

 

[jamie dimon]

Coops are harder to get into and out of since you need to interview (and depending on building, some of them ask for some pretty intrusive info) and if you want to sell down the line they will need to approve buyer. Prices should be lower than a comparable condo though

 

[Mark Antony]

I was looking up condos the other day n some of the old/regular buildings got fees that’s higher than the mortgage and you not getting nothin special ...Who tf gon pay that? No wonder they been sitting on the market a min

Alotta these buildings just set the fees at a random high number just cuz they can and it’s a normal practice these days

Yeah it's not all luxury spots, seeing these old *** buildings in just ok neighborhoods, condo cost around 250k, condo fee is 800 a month. What? Say you own it a few years then sell it, you're not getting back almost 10k year, and the worst part is the rent value isn't high enough to cover the mortgage and fees unless the mortgage is paid off.

 

[RIP sleazyy]

It takes money to make money. If you're already discouraged like that, it's probably not for you. Maybe invest in a bot and just buy J's when they drop instead?

OP cop Cyber and let me run it for you. we finna come up.

 

[deusavertat]

Coops are harder to get into and out of since you need to interview (and depending on building, some of them ask for some pretty intrusive info) and if you want to sell down the line they will need to approve buyer. Prices should be lower than a comparable condo though

The place I'm tryna buy didn't ask me to do any of this, I think cause of covid they are just tryna sell (at a pretty substantial discount i should add) what they have and don't care as long as you can afford it.