Own vs. Rent?

armchair_warrior wrote: home owner still lives with his parents (i got owned)

Maybe we should have a owner/landlord category for those who own more than one dwelling?

I refuse to buy in the greater NYC area.

it goes something like this

when you buy a condo you are basically just buying a unit out right in a building its like owning a house with no yard or roof. you can do what ever you want to the unit ( to a degree ) rent it out if you want, sell it to who ever you want but you have to pay taxes on it and a common charge to pay for things like garbage removal and sweeping up of the lobby.

a coop is basically the same thing except you are buying shares in a corporation rather then buying the unit out right. there is a coop board and these people decide who they want and dont want living in the building. so say if you want to buy a coop you must go before the board and they will look at things like your credit rateing and how much money you have in the bank. and if they dont like you they can forbid the original owner of the unit to sell it to you. also the taxes you owe for you unit are included in your maintenece fee. so the coop pays one big tax bill at the end of the year.

theres good and bad about both only problem is about %80 of housing in new york are coops

EmilyM wrote: It's too late to change, but what is supposed to be the difference between co-op owner and apartment owner? Coop vs. Condo?

jgregorie wrote:
theres good and bad about both only problem is about %80 of housing in new york are coops

Thanks for the accurate description.

Just one thing: I don't know how many coops vs. condos in PH today; that would be an interesting number (though it'd be a lot of work to calculate). But it feels like many more condos are being built/converted and are coming on the market (if selling them remains a better business than letting them) whereas I haven't heard of many new coops being established lately.

I believe that compared with our neighbors on the other side of Flatbush, Fulton*, and Bedford*, we will have a relatively large number of condos in these parts before the decade is out.

*estimated zone of high condoization, not statement regarding borders of PH.

doctorj wrote: So if you can scrounge enough for the closing costs and 20% deposit, why not?

Some deals are still to be had, too. My building only requires 10% and that you not be an ax-murderer. :shock:

doctorj wrote: [quote=sterling2000][quote=doctorj]So if you can scrounge enough for the closing costs and 20% deposit, why not?

Some deals are still to be had, too. My building only requires 10% and that you not be an ax-murderer. :shock:

No axes, eh? Would poison be ok?

It's frequently cleaner. That could be a factor with the neighbors.

cythren wrote: [quote=LeeHo]C'mon, now. 355 or so people have looked at the thread and only 40-something have voted. All ya gotta do is click! Come on click! Click, damnit!

Well, I hesitate to join in because from previous posts I think you're like young snitch in griping about "new" people moving in and gentrification. I could be wrong about that. Your poll seems designed to differentiate people along those lines. The subject is kind of tedious for me at this point because it's constantly being raised.

However, I'll answer. I rent, I don't have the money to buy anywhere in NYC. Even if I did, I probably wouldn't want to buy here. I've lived in Brooklyn for eight years now, and I'm sick of struggling financially all the time. I'm also sick of the noise, crowds, and stinky crowded subways I spend two hours a day on every work day. If I did have money I'd most definitely move to a quieter, cleaner and safer area of Brooklyn. As a single woman living alone, I'd rather not have to constantly be on guard and worry about walking home at night. It does limit my freedom.

Well...well cythren. Maybe you should get out of the city and stop whining about it. Yeah nyc, is a pain in the ass, but there is so much to offer, but being on guard probably takes the life out of you. Thats too bad. Maybe some friends can help with that problem?

Oh and by the way, we are out to get you. Common! You don't have to be on guard in here because nobody is going to find you. That way you can relieve the stress of not having your "freedom" and take it out in a whack manner as you are so inclined to do.

alafairnadia wrote: [quote=sterling2000][quote=doctorj]So if you can scrounge enough for the closing costs and 20% deposit, why not?

Some deals are still to be had, too. My building only requires 10% and that you not be an ax-murderer. :shock:

some places let you get away with 5% down, a heloc and a mortgage for the remaining 80%. that's how I swung my deal. and it was a deal. cause I ain't rich.

Sounds like you might have an ax to grind

new york city is a noisy crowded over priced shit hole full of self important ass holes.

but i woudnt want to live any place else.

armchair_warrior wrote: i dont get people, some people i know have enough money to put down. hell they make alot more than i do. yet they still rent. renting is a waste of money.

Closing costs can be most of a year's rent, so it takes a few years to break even in a flat market at current prices. If you can't hang onto the mortgage for a few years and aren't pretty certain the market is rising, renting could easily be cheaper.

stacey wrote: [quote=doctorj]Closing costs can be most of a year's rent, so it takes a few years to break even in a flat market at current prices. If you can't hang onto the mortgage for a few years and aren't pretty certain the market is rising, renting could easily be cheaper.

There are programs that help with that.

With 100% financing and seller's concessions, you can sometimes get in to a house for the out-of-pocket cost of a nice Schwinn.