{ "media_type": "text", "post_content": "Best neighborhood to buy a large 1BR (600 sqft+) bedroom for a young couple (24/29)? Max probably around $700K. Would it be to live somewhere lively and fun at all? \n\nAlso what are the downsides of buying a co-op anyway?", "post_id": "6108b3eb0d5083002ac231a8", "reply_count": 15, "vote_count": 1, "bowl_id": "5aa3ebca6a56fa0013ec82de", "bowl_name": "New York City" }

Best neighborhood to buy a large 1BR (600 sqft+) bedroom for a young couple (24/29)? Max probably around $700K. Would it be to live somewhere lively and fun at all? Also what are the downsides of buying a co-op anyway?

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There are lots of different rules for co-ops (have owned 2). A broker can help here with different buildings in different neighborhoods. You can also start with a REBNY form to understand the debt to income position (if your SO is the only person on the title, they would be the one filling it out). This is a pretty big deal - boards will look for certain financial liquidity. I sit on my coops purchase and sublet committee and review all of those financials. 5 years is the rule of thumb on ROI regardless of sublet policy. Personally I only rented one year here and lived here for almost 20 (I am OOOOOLD!). Happy to help answer questions for y’all.

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Brighton Beach in that budget or s reno project near nyc

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How can you afford this at 24/29? Are you planning to live in NYC for the next 5+ years? Make sure you look into co op fees, they can often be hundreds of dollars.

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That makes sense @PM1. Bf still makes a good amount (2-3x) more than I do, so I don’t think my income would come into play for qualifying for a mortgage but I could help pay for other lifestyle stuff so we can still like enjoy living in nyc.

Co-ops can be finicky. In my parents’, you can’t rent out your apartment for more than 5 years, I believe it has to be your primary residence, etc.

helpful

Okay yes I have heard things like this. Also renting them out seems like it could be challenging as well

Kips Bay/Murray Hill, Turtle Bay, Sutton Place, Harlem, LIC, Wburg, Crown Heights all have options.

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Own in gramercy with my girlfriend under the same criteria in a doorman building and love it (26/28 here).

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Bought at 25? jesus

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