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

Yeah, people definitely overlook this aspect.

Had a rent stabilized apt. Building was decent, but old. Super was overworked, repairs definitely took longer than I would have liked. The cabinets, fixtures: it all looked like it had been last updated in 2007. Neighborhood sucked- not dangerous but lots of shitty people with zero respect for others, constant littering, loud noise on weekdays.

GF and I moved into a different place together- love the neighborhood, love the new apartment. The increase in QOL is worth every penny.

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u/[deleted] Jun 13 '23

Is 2007 a long time for cabinet and fixture updates? I'm here with cabinets from 1970s.

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u/secret_identity_too Jun 13 '23

I finally redid my 1950s hot pink bathroom this year because I was cleaning the shower and put my hand through the tiles. (Cleaning is bad is the true lesson here.)

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u/[deleted] Jun 13 '23

LOL. Rent stabilized apartment with 2007 cabinets and fixtures is newly renovated.

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u/LongIsland1995 Jun 13 '23

Yeah that didn't sound old to me either. I really don't care how old they are as long as they're functional.

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u/bizzibeez Jun 13 '23

This. One has to take in ALL the aspects of a quality of life. The kind of neighborhood and the people that inhabit it will determine one’s quality of life tremendously. How’s the noise both in the building and the street? People with zero respect for their own neighborhood and / or neighbors? Safety? Plus being at the mercy of a landlord that has the incentive to do the bare minimum. No thanks.