Hello all, i have seen a couple of co ops , and the mortgage plus expenses matches what i pay of rent monthly, is it worth for me to move to one of these? any advice is appreciated, thanks.
@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?