Co-ops

Be a Smart Co-Op Buyer: Know the Terminalogy
Be a Smart Co-Op Buyer: Know the Terminalogy

Be a Smart Co-Op Buyer: Know the Terminalogy

  |   By AuthorMy First Apartment
You might be an inexperienced, first-time co-op buyer, but nobody needs to know that if you study the co-op terminology before meeting with your broker. To help you decipher all the terms, the National Association of Housing Co-operatives has put together a complete co-op glossary.  You’ll learn the difference between FHA (Federal Housing Administration) and HFA (Housing Finance Agency)…
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How Much Should You Budget for Co-op Closing Costs?
How Much Should You Budget for Co-op Closing Costs?

How Much Should You Budget for Co-op Closing Costs?

  |   By AuthorMy First Apartment
Our recent post outlined the typical condo closing costs that run from 2-5% of the purchase price.  As a co-op buyer you are in luck; your costs will be much lower.  While the actual costs vary by market — with New York City being at the high end — you’ll find similar items in your co-op closing costs wherever you are buying. For…
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Limited Equity vs. Market Rate Co-ops
Limited Equity vs. Market Rate Co-ops

Limited Equity vs. Market Rate Co-ops

  |   By AuthorMy First Apartment
When people think about a co-op living, they have visions of stately old buildings with an impressive-sounding name like El Dorado or Dakota or River House, where billionaires and celebrities live.  And yes, that is one small part of the 1.2 million apartments in the co-op real estate marketplace. Those high-end buildings all fall into…
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Co-ops vs. Condos
Co-ops vs. Condos

Co-ops vs. Condos

  |   By AuthorMy First Apartment
You’ve finally built enough of a nest egg that buying a place is within reach. You’re not yet ready for a house in the suburbs, but you do want to live in your own apartment. Now, another decision waits. What should you look for? Co-op or Condo? And what is the difference? Actually, there are a number…
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Surviving the Co-op Board Approval Process
Surviving the Co-op Board Approval Process

Surviving the Co-op Board Approval Process

  |   By AuthorMy First Apartment
Because co-op boards have the final say on whether you’ll be the proud new owner of an apartment in their building, the board review process can be totally intimidating. One way to make it smoother is to use a broker who not only knows the area, but is also familiar with the particular building in…
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