Nevermind, (double post)

We are in the process of trying to buy a co-op...and we are on the verge of walking away due to various reasons.

Do condos have as many rules and regulations as co-ops...the co-op required that we leave 10% down...do condo's require this as well??

Will we have to get approved by a board like we did for the co-op?

Any condo info you have will be greatly appreciated...TIA.

Message edited 4/12/2011 2:04:45 PM.

Re: Buying Condo vs Co-op

A lot of it probably depends on the Board- we are in a coop in Queens and our board is amazing! They only required 10% down- the surrounding area coops require 20%! And approval was easy once we filled out their 30 page packet.

I cant speak to the condo- but if you walk away, won't you lose what you put down with the contract? I know when we bought we had to put down 1/2 of our downpayment so there is no way I would walk away from that much money!

Re: Buying Condo vs Co-op

Re: Buying Condo vs Co-op

Buying a condo is like buying a house.. it has rules.. like if you want to turn a closet into a bathroom, you need get the bldg. mgmt's approval, or if you want to install a jacuzzi etc.. depending on the bldg, you might have to put a bit more than 10% down (new bldg, not too many occupants yet etc). Not sure about fees.. but there are maintenance fees associated with condos. You elect the condo board as well. Its also a fairly simple process... if you qualify to get a loan for the property, then you buy it and its yours. I also think you can rent it out, and don't need board approval.. but I could be wrong there.

Re: Buying Condo vs Co-op

You have more freedom as a condo owner. You actually own what's inside those 4 walls. If you want to do renovations or restructuring, its a lot easier to get approval.

A coop you own a share and coop boards can be notoriously negative (this does not go for all boards). The screening process can be more rigorous.

Im sure you arleady know that condos are more expensive with a lower maintenance and coops are less expensive with a higher maintennce. There's also differences in taxes although I can't remember what it is. What's included in those maintenence fees differs as well- at a coop, most of your maintenence issues may be included while a condo is more like owning a house, you're on your own.

We personally would like to purchase a condo (if we can afford it) but there are not many in the neighborhood we are looking.