Pros and cons of purchasing a coop- would you or wouldn’t your
3 Replies
Jonna Petti
from staten island , new york
posted about 3 years ago
Jessica Zolotorofe
Attorney from Woodland Park, NJ
replied about 3 years ago
They usually come with a big monthly nut, they are hard to lease because often the board has to approve every move you make. In a coop you don't actually own any real property, just an interest in a corporation. It's not a form of ownership I am too fond of because of the extreme oversight and ability for the board to do anything they please, but if the deal is right, money talks!
Scott Wolf
Specialist from New York, NY
replied about 3 years ago
@Jonna Petti I definitely agree with @Jessica Zolotorofe , you need to know for sure what the subletting rules are in the co-op you plan to purchase.
Jonna Petti
from staten island , new york
replied about 3 years ago
@Jessica Zolotorofe Thank you for the information, I think I am going to skip this one because I am nervous it will be a problem to rent.
@Scott Wolf Yeah I'm going to skip this one.