Re: Reselling Condos and Co-op's

Re: Reselling Condos and Co-op's

Posted by Princessmaris
But then again- I also can not for the life of me- justify spending 2k/month on rent

Re: Reselling Condos and Co-op's

Re: Reselling Condos and Co-op's

Some co-op boards require the buyer to be approved which may limit your pool of buyers. Also, even if you have a buyer and are in contract the approval process can add a month or two to the process because boards typically only meet once a month. So if you go into contract the week after the monthly meeting, you generally have to wait until the next month to get your buyer approved.

Another thing to consider when buying a co-op is the % of owner occupied units. Most lenders will only approve the building if they are at least 51% owner occupied.

Re: Reselling Condos and Co-op's

We own a co-op now and I really don't have any complaints. We looked at it this way when we bought - why spend the $ renting when we can own something and walk away with $ still in our pockets in the end.
Truth be told, we are selling our co-op now after living there for 1 1/2 yrs and although we aren't going to make a killing (like previous posters have) we at least will walk away with something in our pockets.

If I had to do it all over again - I would in a heartbeat!

Re: Reselling Condos and Co-op's

I think it depends on the market. Co-ops in our area were moving very quickly when the market was at its height, but much more slowly now. There are plusses and minuses to both. A co-op usually costs less and will often be more appealing to first-time buyers for that reason, but the board approval turns a lot of people off. Some co-ops can be pretty fussy with their rules also. I would take that into account when buying--the fewer rules, the better.

Condos are usually more expensive, so it can be harder to resell for that reason. I think some people figure they could afford a house for just a bit more.

Re: Reselling Condos and Co-op's

I say weigh your options (what you can afford buying and renting), crunch the numbers and see if it's feasible to make a profit buying. Consider closing costs, taxes and maintenance fees, possible repairs you might have to make and commission you have to pay when you sell. Things to ask yourself: Are you doing any upgrades to increase the value, are you getting a good deal on your purchase compared to other comparable units sold recently, and what do you think the market will do in the next 2 years when it comes time to sell? If you can't sell it and make your money back, are you willing to lose $ or wait it out?


I hate when people say it's always better to own and when you rent you are throwing your money away. It's not ALWAYS better to own. Every situation is different. And I don't see renting as a huge waste of money. I am paying for a place to call home, a place to keep my things safe, heat in the winter, repairs, etc. Yes, real estate can be a great investment. But like others said, don't just buy something to buy.

I am happy for (and envious of) those that bought co-ops and condos several years ago and can now make a huge profit. I just don't know if that potential is there in the next few years.

Most of all, make sure you are completely comfortable with your decision. Trust your gut! Good luck to you.

Re: Reselling Condos and Co-op's