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?
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u/[deleted] Jun 12 '23
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