Coops seem not that expensive to buy one. Odd it’s not popular for for early career professionals.

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Have you checked the co-op fees yet?

likefunnysmart

Coop maintenance fees include property taxes whereas condo maintenance fees do not - property tax is paid on top of that.

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You generally need to be more established to buy in a coop due to a higher down payment % and proof of liquidity post closing. In addition, you most likely won't be able to sublet 100% of the time. Monthlies vary, gotta do your homework and have a lawyer look at the building financials.

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Policies vary a lot between buildings. Specifics for my unit in a full service coop that I bought in 2016 below:

- 30% down payment
- 24 months maintenance in accounts post closing
- Can sublet 2 out of 5 years, tenant must be approved by the board
- For a 700 sq ft apartment, monthly taxes and common charges is $1400 and includes utilities (50% tax deductible)
- 15 year mortgage at $2700 a month (refinanced during COVID)

For someone who's a NYC lifer, it's great value. The equivalent rental would be 4.5k+ nowadays.

likefunny

Everyone always says there’s a sticker shock on the HOA fees, but most are pretty close to what you’d pay at an average condo with taxes.

Remember, your HOA fees at a co-op generally include your property taxes and ground rent (if applicable) and may include heat, hot water, and more than a condo would.

For instance, my MILs HOA covers taxes, parking, heat, hot water, water, garbage, doorman, and gas. The only utility you pay out of pocket is electric and internet/cable.

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Yeah the mortgage may only be 4K/mo but the maintenance and taxes are another 2K/mo. Sticker price can be misleading

likesmart

They were selling co-ops on Park Ave for 200-300k, and then monthly maintenance was $4,000-6,000+.

likefunny

Usually a ground lease issue when the maintenance is higher than the unit’s mortgage. Sometimes something structural. Depends on the situation.

Co ops are very restrictive in terms of what you can do with them

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Uhh even when you put aside the money (lol), not everyone can just be approved 😂😂

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Also that 20% down is brutal. Most young professionals dont have a 100k laying around

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+ closing costs

Condos are better and cost more for a reason.

Co ops are not expensive because of the financial requirements and hard board approval processes. Also they are harder to sell, since you have to have your listing price approved by the co op board.

Condos are more expensive because they are better without any restrictions like co ops. And you sublet condos without restrictions like co ops.

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Also. Co-ops also generally have a mortgage on the building. So maintenance includes your piece of that debt service. It’s not always baked into the asking price.

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