Co op north NJ, is it worth it?

2 Replies

@Jhon Restrepo coops are essentially buying yourself cheap rent- the value of these properties rarely appreciate with the exception of NYC coops

If you want it for a cheap place to live then I’d say go for it, but as an investment I’d look towards a condo instead

Thanks for your advice Mr Jeffrey, here is the info:  1bed 1 bath 750sq ft , Nutley Nj , pool and gim in comm. Hoa $  438  a month , taxes $250 a month,$ 100 for parking spots, and payment to bank of aprox. $450 a month, for a total of $1238 a month. I have to live there for 2 years before i can lease to somebody else.Where i live in clifton pay of rent $1300 a month, no pool , no gim.   We are a family of 3 , daughter 6 yrs old ,my wife and myself, price of co op about $110k. Estimated price to rent it in future $1450.  what would you do?