Would you buy a co-op unit?

posted 3 years ago in Home
  • poll: Would you buy a co-op unit?
    Yes : (8 votes)
    67 %
    No : (4 votes)
    33 %
  • Post # 2
    Hostess
    15072 posts
    Honey Beekeeper
    • Wedding: June 2011

    I wouldn’t, but I’m not a person who likes being told what I can do or not do with my property. Have you been given a copy of the rules yet? I would go through those with a fine tooth comb first and see if there is anything in there that will make or break living there. 

    Post # 3
    Member
    2052 posts
    Buzzing bee

    I said no, because if I’m buying something I want to be able to do what I want in it. If I wanted someone telling me how many and what kind of pets I could have, or whether or not I could use a charcoal grill, or the time of night I had to be quiet, I’d stay in my apartment

    Post # 4
    Member
    1670 posts
    Bumble bee
    • Wedding: August 2014

    I said yes, but that’s because we have one! We own an apartment in Manhattan and the bulk (but not all) apartments here are co-op. We looked at both condo and co-op apartments and decided the co-op lifestyle was way better for us. 

    We really live on top of each other here, and I love knowing that there are certain things that my neighbors won’t do. We picked a co-op with really reasonable rules (not a lot of restraints on pets and what you can do to the inside of your apartment – aka anything you want) but as a professional, I enjoy being in a building where wild parties and loud music at all hours of the night are not welcome. We’ve had several parties and have never had a problem – but that’s because we’re adults and we know how to have a party without being obnoxious.

    Also, I really like having a say in what happens to the building. I attend the meetings and vote on everything, it is really fun to find out what is going on, etc.

    Really, just read the rules first. We looked at some places where the rules were CRAZY like… you felt like they were looking in on your life.  Most of our rules are common sense like “no storing garbage on your balcony” which made me think… EW that it was necessary to make that rule at some point. 

    Post # 5
    Member
    1629 posts
    Bumble bee
    • Wedding: October 2014 - Church

    MrsTickledPink:  I might but I would not consider it where I live. You cannot get a traditional mortgage or any mortgage to purchase one (found this out from my friend that saw one he really likes and wanted to buy – but the only way he could have financed half of it would be if he had taken out a personal loan or line of credit – and that interest alone would be insane compared to a mortgage at the moment.

    Post # 6
    Member
    8425 posts
    Bumble Beekeeper
    • Wedding: April 2013

    I think it depends on where you live.  If I had to live in a place like NYC or SF, I would probably consider it for the same reasons CaroBee listed.  However, if I were living in a place with a little more room, I probably wouldn’t.

    Post # 7
    Member
    3222 posts
    Sugar bee
    • Wedding: April 2015

    Where I live, most buildings are condos, but there are several beautiful Victorian mansions that are currently being restored and converted into co-ops. Depending on the rules, I would definitely considering purchasing a co-op, though based on the ones I’ve seen in our city, they tend to run in the 7-figure range (so way out of our budget).

    I don’t find my condo rules to be restricting at all, so depending on how strict the co-op rules are, I wouldn’t be concerned. My only concern would be the rules about selling your place. In many co-ops, the residents must approve the sale and new owners, which may be a hassle depending on the market. 

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