Community Chat

[NYCLatinaMe]

---

@Sage04 wrote:

Years ago before we bought an apartment and an actress would say she lives in an apartment I would wonder if she couldn't afford a house rather than renting an apartment not nothing she bought it.

I later learned a lot about it.

---

IMO you are all too obsessed about this renting / owning thing.  

Celebrities and other wealthy people sometimes rent until they figure out if they want to buy.  NYC has a lot of long time renters, including celebrities and politicians.  In NYC 69% of households rent their homes, with roughly half of those living in rent-regulated apartments.

[Sage04]

---

@NYCLatinaMe wrote:

---

@Sage04 wrote:

Years ago before we bought an apartment and an actress would say she lives in an apartment I would wonder if she couldn't afford a house rather than renting an apartment not nothing she bought it.

I later learned a lot about it.

---

IMO you are all too obsessed about this renting / owning thing.  

Celebrities and other wealthy people sometimes rent until they figure out if they want to buy.  NYC has a lot of long time renters, including celebrities and politicians.  In NYC 69% of households rent their homes, with roughly half of those living in rent-regulated apartments.

@NYCLatinaMe  I know.

---

[RespectLife]

@JoyFilled Warrior 

If you were looking to insult me, you missed the mark.

Sorry you think you control all the responses, but that just isn't how it works.  Differing opinions are allowed.

@lgfan 

Sad some think tearing down other women is all we have to talk about.

[Puppy Lips]

---

@NYCLatinaMe wrote:

Hi @Puppy Lips -- Obviously I can't speak for everybody, but generally when people buy a condo, they say they bought a condo.  The legal process is the same as a house.

In my experience, people most commonly use the word apartment for a rental, but a co-op apartment is also a rental apartment,  Co-op owners get shares in the company that buys the building and a proprietary lease.  They do receive the benefit of the appreciation in the value of the home when they sell it, like a house.  And they get to vote on the Board of Directors that runs the building (they typically hire a management company to handle day to day, staff the building), and to vote in major expenses like improving the lobby, the laundry room, whatever.  The downside is that co-op owners pay maintenance on the building, which is typically higher than for a condo and subject to change.  When the co-op makes improvements, taxes increase, co-op owners may have to pay an additional assessment.  Some people can't afford increased maintenance and assessments, and may feel forced to sell.  

I think people that buy a co-op say they own a co-op and not an apartment.  But apartment would also be correct.

People can rent an apartment, a condo or a house, or a co-op if it is allowed by the co-op rules.

---

@NYCLatinaMe Thank you so much for the explanation and clarification.

[lgfan]

---

@RespectLife wrote:

@JoyFilled Warrior 

If you were looking to insult me, you missed the mark.

Sorry you think you control all the responses, but that just isn't how it works.  Differing opinions are allowed.

@lgfan 

Sad some think tearing down other women is all we have to talk about.

---

I agree with you.  How is it tearing a woman down when she lives on facebook giving her advice on life. She is entitled to her opinions just like everyone else.   Poor Jane Tracy is constantly criticized but no one is ever accused of being jealous of her. 

[THEY CallMe Mr Wilkes]

"Co-op" maintenance fees appear higher because they include the property tax that the corporation owning the building must pay.

If you live in a co-op you don't own real estate, but own shares in the corporation and your maintenance includes your proportional share of the property tax.  If you invest in a co-op you'll be told how much of your monthly fee is allocated to the property tax and potentially tax-deductible (i.e. 35%-40%.)  If you need to borrow from a bank, the collateral securing the loan is your shares in the corporation. 

Plus, the corporation itself may have an underlying mortgage,  so you pay for that in your monthly fee.

Condo owners actually own the unit and pay property taxes directly, separately from a maintenance fee.

[Sage04]

The same goes for a Townhouse. You own it just like you own a house or a condo.

[THEY CallMe Mr Wilkes]

Another downside and obstacle to co-operative living:

The Board of Directors has power over entry.  The amount of personal financial data some Boards require is voluminous and detailed.

And personal life is also considered.   In NYC many celebrities have been denied entry.  I remember buildings that turned down Cher and Madonna, for example. 

[tansy]

---

@THEY CallMe Mr Wilkes wrote:

Another downside and obstacle to co-operative living:

The Board of Directors has power over entry.  The amount of personal financial data some Boards require is voluminous and detailed.

And personal life is also considered.   In NYC many celebrities have been denied entry.  I remember buildings that turned down Cher and Madonna, for example. 

---

So what makes a co-op appealing, @THEY CallMe Mr Wilkes?  Are amenities like a pool, gym and doorman standard?

[sunshine45]

---

@Sage04 wrote:

The same goes for a Townhouse. You own it just like you own a house or a condo.

---

@Sage04 

we do have townhouses that can be rented rather than purchased.

in our area we also have "row homes."