Should You Buy A Co-op? The 5 Main Benefits

[@JuanCruz-et8so]

Love #5

[@TheGlazerTeam]

Thanks for watching, Juan!

[@GG-tg5ub]

I would say that the fact that the property taxes are part of the maintenance cost is also a benefit.

[@TheGlazerTeam]

Plenty of pros/cons to both co-ops and condos. Thanks for watching and sharing your thoughts with us :)

[@LMays-cu2hp]

Thank you.

[@TheGlazerTeam]

Thanks for watching!

[@LMays-cu2hp]

@@TheGlazerTeam You are welcome. Peace.

[@InspirationalTriumphs]

Thanks man.

[@TheGlazerTeam]

No problem! Thanks for watching :)

[@moniquethomas2309]

Hi i liked your video..very informative ☺️. Question- so you can not rent or sublet your coop?

[@TheGlazerTeam]

Hi Monique, thanks for watching and great question! Renting and subletting rules vary from building to building and depend on the co-op board. Some buildings require you to live full-time in the building for a period of time before you can sublet thereafter, again for a period of time. But this is very much case by case. Feel free to email us at [e-mail] with any other questions! Cheers

[@kergos967]

If you don't follow their house rule or they do not like you they can evict you could you lose your asset, but they are stable financially verses a condo because condos usually have more loans which can go south

[@MattSezer]

You don't lose the asset if they evict you; you're just not allowed to live there, which means that by evicting you, they're in effect forcing you to sell. You still own the shares.

[@johnhealy1104]

But I don't live in New York! So none of this pertains to me, or does it?

[@TheGlazerTeam]

Maybe you should move here? 🙂

[@sanduskyohiobro]

Co-Ops you don't physically own the property.Pay up front and buy a Condo because you own it.What appreciate more a co-op or condo in NYC?

[@TheGlazerTeam]

Thanks for watching. Yes, when you buy a co-op you are indeed buying shares in a corporation that is your building versus a condo whereas when you buy a condominium, you own your apartment as well as a percentage of the common areas. In terms of what appreciates in value more, there's a lot of factors to consider. Price points, approval processes, varying down payments, homeowner restrictions, and financial requirements make up most of the key differences between co-ops and condos. But none of these necessarily mean that one is "better" than the other. That depends on your own personal housing needs. Co-ops are typically seen as the most common entry point for first-time homebuyers. They're often more attainable than pricier condos and they're great for buyers who are planning to live in their homes full-time and don't want to rent them out. But if you're planning on subletting then condos would be a better fit. So at the end of the day, it's up to your own personal preferences. Hope this helps.

[@sanduskyohiobro]

@@TheGlazerTeam Thanks was looking into NYC backed off

[@TheGlazerTeam]

@@sanduskyohiobro no problem, thanks for watching!

[@alexmunch6118]

i wouldnt mind buying a coop but my biggest fear is finances. My income is very little but my credit score is above 700 and i do have lots of savings.. I also noticed while looking at listings on Zillow, some of the listings would say "CONDO FOR SALE" but when i click on the listing it says that the building type is a COOP. Im confused to if thats a condo or a coop. If you could answer those questions for me i would deeply appreciate it

[@TheGlazerTeam]

Hi Alex, thanks for watching our video! Please email us at [e-mail] and we'd be happy to dive into those questions for you.

[@AintNoGGG]

sometimes they list it as condo for views but if once you click on it it says co-op then it’s a co-op

[@alexmunch6118]

@@AintNoGGG thanks for the info

[@seanbouker]

Co-ops are cheaper than condos... In price... But not in monthly costs, fees may be exponentially higher than condos... Also total cash to close is way higher for the majority share of co-ops, vs condos.... When the economy collapsed single family homes and condos rebounded faster than co-ops in most parts of NY and still have yet to rebound in the rest of the country... There are types of co-ops that have no traditional lending opportunities... Of course this is checking it from a lending perspective... If you have cash to close and you find a co-op community that was not affected by the recession... And has good financial statements... By all means go for it; this is the exception and not the norm with co-ops... very interesting this take on it though.

[@TheGlazerTeam]

Thanks for watching, Sean. Appreciate your comments!

[@seanbouker]

@@TheGlazerTeam keep up the good work

[@TheGlazerTeam]

@@seanbouker thank you!

[@URestURust]

I heard that when you want to sell your coop, they make it tough and charge you fees for selling.

[@TheGlazerTeam]

Thanks for watching, Joel. It's true that there is a flip tax fee associated when selling a co-op. However, these fees can be negotiated as part of the transaction and can be paid by either the seller or the buyer, so it is possible to pass on this cost when selling. But don't forget, condos can also have flip taxes associated with the transaction.

[@hothotheat3000]

Some of them are notoriously snobby, especially The Dakota. I don’t want to be tested on how socially connected I am and submit my tax info, references, job history, background checks, and be interrogated like a criminal in order to live somewhere. It’s worse than a frat hazing. With a condo, it’s an “if you’ve got the money, honey” experience. You can afford it? Welcome! I’ll spend more for an easier time. I don’t need a tight community. Just let me live in peace, jeez.

[@TheGlazerTeam]

Thanks for watching and for the comment! Co-ops can certainly be very intrusive in their application process and are not for everyone. Understandable where you're coming from!

[@elvisgarciadejesus]

Thanks for this so informative video. I'm buying a coop for 160k ( 2bds). The maintenance fees are hight (1150) but it includes all utilities.

[@TheGlazerTeam]

Congrats!

[@intuitivexsights6885]

This was helpful. Thanks

[@TheGlazerTeam]

Great! That's what we're here for :)

[@dilludillu6628]

Hi. I like your presentation. I have a suggestion if you do the same narration by showing the video of coop.or conto....that will be better..

[@TheGlazerTeam]

Thanks Dillu, appreciate the feedback! Always happy to take on suggestions like that :)

[@dilludillu6628]

Love from india

[@TheGlazerTeam]

@@dilludillu6628 Wow! Amazing we have viewers out in India!

[@dilludillu6628]

@@TheGlazerTeam yes.. I am planning to migrate to canada.

[@dilludillu6628]

@@TheGlazerTeam yes.. I am planning to migrate to canada.

[@AudioGuy1990]

you need lav mic my friend :)

[@TheGlazerTeam]

Thanks, Ben. We've mic'd up since this video was taken!

[@kimberlysadovich]

Thank you for this video! I'm looking into a co-op, and this was really helpful!

[@TheGlazerTeam]

Pleasure. If you'd like some help with the process or with your search feel free to email [e-mail]

[@kentgordis7922]

Thank you for this presentation which is useful since the overwhelming majority of the pieces produced about coop vs condo tend to be negative about the coop experience. There is one more very important benefit to living in a coop vs a condo. Since the cooperative is the property owner, it can take out an underlying mortgage on the building, which can be very useful when the inevitable major capital improvement projects come up sooner or later. Additionally, the interest on this underlying mortgage is tax deductible and--importantly--is not affected by the current annual cap on the deductibility of state and local taxes on federal tax returns that was included in the 2017 tax reform legislation.

[@TheGlazerTeam]

Thanks for watching Kent and appreciate your comments. There are definitely a number of benefits to both forms of ownership here in NYC. We focus a big portion of our business downtown in the village, with a particular focus on Greenwich Village, so we're well versed in buying/selling in co-op buildings. Be sure to follow us on Instagram @theglazerteam for more content like this, or you can visit our website at www.GlazerTeam.com. Thanks again and stay safe!

[@howe12345678]

Ty u it u

[@MarissaLynnFiore]

you move your hands ALOT

[@TheGlazerTeam]

I'll try and hold them completely still next time!

[@ariesbarb418]

Don't say "boys and girls", it's condescending and unprofessional. Still would like to see more in-depth presentation with some real examples.

[@DarkNerdyGonzo]

regressive nag

[@TheGlazerTeam]

Hi Barb, certainly not trying to be condescending. That's just my personality. I keep it light and fun while trying to bring some high level educational content. Feel free to contact us directly if you'd like more detailed information.

[@elvisgarciadejesus]

Thank it easy Barb, its not a big deal, relax.

[@malrofo]

Its endearing. Get the stick out your butt

[@DoubleJabSlipRightHand]

I agree. He is forgetting other genders such as androgyne, trans, demigender, pansexual, non binary, etc