Posts Tagged: buying a co-op

Be a Smart Co-Op Buyer: Know the Terminalogy
Be a Smart Co-Op Buyer: Know the Terminalogy

Be a Smart Co-Op Buyer: Know the Terminalogy

  |   By AuthorMy First Apartment
You might be an inexperienced, first-time co-op buyer, but nobody needs to know that if you study the co-op terminology before meeting with your broker. To help you decipher all the terms, the National Association of Housing Co-operatives has put together a complete co-op glossary.  You’ll learn the difference between FHA (Federal Housing Administration) and HFA (Housing Finance Agency)…
How Much Should You Budget for Co-op Closing Costs?
How Much Should You Budget for Co-op Closing Costs?

How Much Should You Budget for Co-op Closing Costs?

  |   By AuthorMy First Apartment
Our recent post outlined the typical condo closing costs that run from 2-5% of the purchase price.  As a co-op buyer you are in luck; your costs will be much lower.  While the actual costs vary by market — with New York City being at the high end — you’ll find similar items in your co-op closing costs wherever you are buying. For…
Limited Equity vs. Market Rate Co-ops
Limited Equity vs. Market Rate Co-ops

Limited Equity vs. Market Rate Co-ops

  |   By AuthorMy First Apartment
When people think about a co-op living, they have visions of stately old buildings with an impressive-sounding name like El Dorado or Dakota or River House, where billionaires and celebrities live.  And yes, that is one small part of the 1.2 million apartments in the co-op real estate marketplace. Those high-end buildings all fall into…
Reviewing the Condo Association’s or Co-op Board’s Meeting Minutes
Reviewing the Condo Association’s or Co-op Board’s Meeting Minutes

Reviewing the Condo Association’s or Co-op Board’s Meeting Minutes

  |   By AuthorMy First Apartment
Condo associations and co-op boards are required to record in written notes, called meeting minutes, all important actions taken and major building issues reviewed during their monthly board meetings and the annual member or shareholder meetings.  A review of these minutes for the previous couple of years is part of the customary due diligence conducted…