Buying A Coop In New York

With up to eighty percent of the apartment for sale in New York being in coop buildings, there are more to choose from than when purchasing a condo. Many coop buildings are older, with fewer features than what are found in condo complexes, but they are considered a better value for the money for those reasons. Important considerations when considering a coop mortgage may include the fact that for many the loan amount can be as little as fifty percent of the price. For these mortgages it would be best to consult with our loan professionals at MortgageDepot to ensure you will be getting the best deal possible.

There are also tax advantages to a coop purchase as opposed to condos, including the ability to write off the monthly maintenance, taxes and other parts of the payment that is involved. Buying a coop apartment technically makes you a shareholder in the building itself, with some responsibilities for the costs of services and taxes on the property.

Purchasing a coop apartment using our mortgage company can be much easier than trying to negotiate and purchase on your own. There are factors that need to be taken into account before even making an offer on any apartment that you may not be aware of and we would.

Coops are for primary residency, not investors, and members may need to be approved by an elected board before being allowed to purchase. In New York a coop mortgage is the most common form of buying apartments and the brokers are very well versed as to the ins and outs of the entire process, saving buyers time and money when it comes to buying an apartment.

Click here for our Approved Coop Buildings list.

Get in touch with one of our loan consultants to see if you qualify for a Coop Mortgage.