The maintenance fees for a co-op are higher, but keep in mind that
includes heat, water, taxes and the maintenance of the building. For a
condo it does not include taxes and some condos you pay for your own
heat as well.... more
Hi Kim,
A buyer negotiates with the seller usually through their broker and a listing broker. A buyer does not negotiate with a coop board. Any negotiating with a coop board would have to be through the seller/shareholder.
There are some coops that will allow a lower down payment from what is stated in the listing data. Most coops require a minimum 20% down and allow a maximum of 80% financing. However some coops will allow 90% financing for very qualified high income buyers. They may also allow a shareholder already living in the building that is upgrading or combining apartments. The apartment combination may require extensive renovations. The coop may prefer the purchaser to have a larger mortgage leaving them more liquid so they will have more or enough cash to complete the work.
Even if they do allow a lower down payment ( maximum 90% financing) under certain circumstances that is not a guarantee that they will approve the purchase.
Best,
Mitchell Hall, Associate Broker
The Corcoran Group
917-312-0924
MHALL@corcoran.com... more
Hello Ayn, here is an excellent article from the Wall St. Journal which I believe will help answer your question;
http://online.wsj.com/article/SB10001424052970203764804577060502694077494.html... more
Caterina,
I was recently working with a first time home buyer, and we looked all over Manhattan. I took him to several UWS studios. We were looking for approx 400sf or larger, up to $300,000 price.
If you can live in 300sf apt, my colleague has a MINT, studio with a very large kitchen that has some of the best studio finishes I came across. Typical Maintenance will be between $600 and $750 on that size and prices will be in the area of $265,000 to $300,000. If you go lower on price you may need to do a large remodel job.
Your issue will be the following. Debt to income Ratio. What kind of debt do you currently have, maybe some school loans? Would your parents step in as guarantors or co-purchasers?
If a coop doesnt feel you are strong enough they may ask you to put more money into an escrow account in case you default on your payments. Debt to income shouldnt really exceed above 28%, but some buildings have other preferences, you will need to know that beforehand. If you will be looking at this as an investment, try to look for buildings with flexible sublet policies.
Good luck Caterina, and don't hesitate to ask more specific questions.... more
My first advice is to speak with a real estate attorney as soon as you can. I would think that the board can make rules but I cannot imagine you simply being denied complete and total access to your unit - especially if you're paying the common charges on the unit. But I am not an attorney. Good luck.
Ralph Windschuh
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com... more
Probably the most important question really is how long will you stay at this property. Purchasing versus renting is almost always the best option but if you're not going to stay in a particular property long enough and prices continue to slide, it may not be the best option. Usually, if you're going to stay at least 5 years, buy now. You will start to build equity and lower your taxable income. And, after 5 years, the prices should have either become stable or gone up. One thing also: NYC's real estate market is usually pretty strong so with prices and interest rates lower than usual, buy now. Good luck.
Ralph Windschuh
Century 21 Princeton Properties
631-467-0009... more
50 Gramercy Park consists of very large apartments (2-4 bedrooms that are over 1800 SF) so it's probably not the right building for you. Are you interested in buying or renting?
sophia.anzaroot@elliman.com... more