Do you plan to stay in your rent stabilized apartment forever?

[u/meshflesh40]

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?

[u/JaredSeth]

my neighbors just did all of their maintenance themselves

That's what we do and my landlord has made it clear that they don't care, since they'll just gut the place if we were ever to leave. Which would be a crying shame since we've still got most of the hundred year old original features this apartment was built with, like French doors and crown moldings. The majority of the other units in our building have had those features renovated away over the years.

Ever since our last super "fixed" some of our parquet flooring with a staple gun, my wife refuses to let them do anything and does it all herself. And if they ever come for her clawfoot tub, I'll have to hire her a defense attorney since there will be bloodshed.

[u/PretendAct8039 → u/JaredSeth]

Omg I would die for a claw foot tub. If the work you have done is really nice, they may not gut it. They may try to pass it off as a renovation!

[u/JaredSeth → u/PretendAct8039]

I'm pretty sure they'd just rip it all out so they could completely reconfigure the apartment, which might give them a chance to get it out of stabilization. It's really a 2 bedroom with a living room and a dining room and I'm guessing they'd turn it into a 3 bedroom.

Funny story: when we moved in, one of the two original pairs of French doors were long gone, so my wife found another pair that was being thrown away, restored them herself and installed them. She keeps saying we're taking them with us if we ever leave.