co op vs condo nyc and what's best for you!

[@maggiebuenaflor9246]

I know this video is 2 years old but I watched the whole thing because I just needed more insight on buying a co-op, I'm not in NYC but I'm in Westchester with the possibility of buying a co-op (first timer, still live at home with my parents lol) but this still helped a ton, thank you :)

[@joymae]

I love that! Maybe I'll do an updated one. I've paused my search for now.

[@cindytruong5613]

Bank attorney is if you get a mortgage, you are also paying for the bank's attorney as they also do due diligence before they approve you. Co-ops do not have all those transfer taxes that you saw in condos because they are not considered real property, which is why closing costs are cheaper. General rule of thumb: co-ops are about 2 to 3% of your purchase price and condos are 3 to 4%. Happy to answer any questions you may have as I live in a co-op and also a realtor.

[@joymae]

Wow thanks Cindy that’s super helpful when you just think of the overall percentages!

[@mrmonday677]

cant believe this woman is single omg

[@joymae]

Girl same

[@yasinnabi]

How wonderful video and channel this is. found it very informative channel, subbed and liked . a fellow creator

[@joymae]

Thank you!!! Welcome to the COINmunity

[@krankykritter6402]

Co ops sound like a nightmare. But the closing costs on a condo 😱

[@joymae]

Both are a nightmare

[@francescos7361]

Condo are the best

[@joymae]

Yeah it’s the move

[@dylanjohnson3346]

Home girl got any advice on being homeless in new york asking for a friend

[@joymae]

Omggg no pls say no

[@dylanjohnson3346]

@@joymae i was just thinking of going there now cuz i hate where i live now but judging by your reaction maybe not lol

[@ThomasinaMyresa]

Why are you chooosng to put 20% down as opposed to 3.5% as a first time home buyer? If cost is a concern

[@joymae]

Most co ops require you to put 20% down. I have the 20% and prefer to put it down so my monthly payments aren’t as high

[@ThomasinaMyresa]

@@joymae wow didn’t know that was was a Req for even first timers. Good to know!

[@kathylakowitz]

The correct answer is co-op apartments are considered "personal property" - NOT real estate. Mortgage lenders CANNOT write the same type of loans for "personal property" as they do for real estate, so mortgage lenders cannot offer the 3.5% down payment. Further, co-op Boards want owners who are stabilized and will live in their building for several years, so that's the reason for higher down payments - proof that you are really invested in buying a co-op.

[@UrAvgInvestor]

Omg 😱 those taxes/fees ~faints~

[@joymae]

I was dying

[@thelastgamurai]

"Mortgage recording fee?" What is next a mortgage hearing/saying aloud fee? 🖐️😫Daggyyy!

[@joymae]

Sounds like robbery

[@Marek_Cali]

i would never buy co ops. My brother had one. they refused him to tell it to his ex-wife who used to live in that co ops. think of little co op mafia

[@joymae]

What about the ex wife?

[@suqarBoomBoom]

I think he’s meant to say they (co-op) refused to “sell” the apt to his brother’s ex-wife who used to live there with his brother. Co-ops are a nightmare, they have way too much power. You need their approval to sell your apt, renovate it, sublet it, etc. And they can say no, give no explanation and you have to just take it. Not to mention that monthly fees you pay. He’s right their like a mini mafia.

[@Marek_Cali]

@@suqarBoomBoom Yes, sorry i was not clear. This is exactly what happened. Think about it...you wont be able to sell you place unless they approve it ! you have practically ZERO control over your property.

[@Marek_Cali]

@@joymae sorry i was not clear. see below.

[@kbtken]

You look like an identical twin of my ex girlfriend when she was 10 years younger. Seeing your picture gave me PTSD 😅

[@joymae]

Hahahahahah

[@hollyyc853]

👍🏻

[@joymae]

Thanks!

[@JK20239]

4:38. 30 year mortgage 😱

[@joymae]

Longest relationship yet

[@JK20239]

@@joymae I cannot stomach more than 15. Good luck

[@jamesbx2222]

Tax on tax on tax! Imma need Trump's account coach SHEEEEEEEEEESH!