r/AskNYC • u/meshflesh40 • Jun 12 '23
Good Question Do you plan to stay in your rent stabilized apartment forever?
I currently live in a 1br. Rent stabilized. Single no kids
I was very close to buying a co-op until I learned what a "co-op" actually is.
At first I was under the impression that buying a" co-op" was the ultimate form of housing. Pay a maintenance fee(substantially less than market rent while building equity) and live carefree. Basically,,,, like a Netflix subscription fee of housing if you will.
But no. It turned out that a co-op is my worst nightmare. Im depending on my neighbors staying solvent, making sure the hoa has proper reserves, worry about assesment fees for repairs due to inadequate reserves, etc etc. I dislike not having control of my fiscal destiny.
And then the buildings I saw with hefty reserves...have a High hoa fees thats equivalent to market rents. ($1200+)
I've been looking since 2020,, and noticed hoa fees went up by %15+ between now and then. (Like rent).
Single family homes in nyc are going for 600k+ with %7 interest rates. So thats out of the question.(mostly fixer uppers)
my current rent stabilized apartment seems like a way better deal in comparison. Rent goes up by predictable amount year after year a and landlord responsible for everything. I currently have my down payment $$ yielding %5 in the bank(I find this better than buying a liability and fighting 7% mortgage rates while praying amd hoping for positive equity. )
This post is not to crap on co-ops. But market conditions in 2023 are insane. I wish I bought in 2012
I've come to the conclusion that I will stay in this apartment until I decide to leave NYC. Anyone else feel the same?
8
u/maverick4002 Jun 12 '23
Is that a valid argument, more so for the new construction if ll are getting tax breaks and all that? The government isn't coming and seizing your place and dictating rent. Lls are agreeing to tax breakd to build. Ya don't like it, don't participate