Posted by MikeW on August 30, 2000 at 17:52:15:
In Reply to: Tenant offers to convert rent stabilized apt. to Condo posted by Phil Shore on August 30, 2000 at 13:27:52:
There are HUGE advantages to owning over renting. The tax break alone is worht 30% or more a month. Plus your building equity, unlike rent, where you're essentially flushing your money down the toilet. And what about having some control of your building. Tell me that wouldn't be a revelation to anyone used to have a non-responsive LL.
As far as coop vs condo, each has it advantages/disadvantags. Likely you would end up with a coop, since there are many more of them, and they're cheaper for the same type of property.
Yeah, the market is high, but whose to say it's going to go down anytime soon.
: I have lived in a rent stabilized apt. , For the past three years. I am now interested in buying my apartment. What are the drawbacks? Taxes? Condo vs. Coop?
: A co-op to me seems like just like I have to hire Union lawyers at $250 and hour to walk in the door. I'm not against Unions; in fact the original Union idea is noble to me, when Unions were really Unions. However, the way Unions were run in the 1960's thru 1980's, they were not really for the poor. It was for mostly the middle class. And now, that I went from being poor to well I guess the middle class (I hate labels). Middle class being the $35.000 a year tax bracket. I would prefer to be a billionaire a million means nothing today. A condo would mean not having to go to boring meetings with the same middle class that would never allow me to be in a Union, when they were really Unions in the first place. The deal the Landlord and I came to is fair but what is the legal process that we will have to go thru?
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