Condos vs. Coop

[hansleyward]

My mom is retiring, wants a set price monthly payment...wants a maintenance free investment....Shes stuck on a coop..doent want to listen to me about buying a single family (I only know houses)...Can anyone suggest something...

Is a Condo better than a Coop?- what are the pros and cons
I believe we are narrowed down between Condo and Coop, I cant really offer her a maintence no worry solution to buying a single family, being that the key for her is to purchase below market, and that means repairs...

Im NYC...Thank you

[HoldAndBuy]

Co-op board approval is usually much stricter than a condo. They don't have to give you a reason for rejection either. In a co-op you owns shares in a corp., and a right to a dwelling space in the building, but you don't "own" the specific unit you live in. There's more financial risk for the co-op if they get someone who defaults than there is for a condo, so they may put you through the ringer in terms of documentation, etc. The advantage is that co-ops are usually more affordable than condos, if your willing to jump through all the hoops. Make sure you understand the bylaws and monthly fees, whatever you decide. Good luck.

[Bluemoon06]

I think your mom is right.  You should always look at the lifestyle.  She should not be in a single family.  Most of my tenants should not be in a single family home.  You have to do some repair in a single family home and a condo or co-op are much better for a person who wants to enjoy life and not fix stuff.

[hansleyward]

Thanks bluemoon06 and holdandbuy for your responses...we will choose between condo n coop...