Buying or Selling a Home/Cooperatives

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Question
i can buy a new home in a cooperative for $130,000.Monthly fee would be $1,792.00.Would this be a wise investment?Thanks!

Answer
Randy:

Let me ask you a question.

I happen to be shopping for a car.  The lease payment is $350.  Is it a good deal?


I bet you're thinking, well how can I answer that question?  He doesn't even tell me what kind of car he's buying.

Your question is the same.  There's not enough information in the question to answer it.

Questions to determine valuation include:
1) Location
2) Space
3) Condition
4) Floor plan
5) Amenities
6) Risk

And lots of other things that can't be done in e-mail.  In your case, you need to look at the co-ops financials, and those of comparable co-ops, to understand whether the fee is reasonable, short-term, long-term, reflected in the price or not.  

My advice is to find someone who is familiar with co-op financials to help you uncover the valuation in this unit.  A local real estate pro with co-op experience is your best bet.

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Matt Heisler

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I can answer questions about buying or selling your home, and questions about the market in Massachusetts, with detailed answers if you ask about my specific area in Mass, Metrowest. I can help with Investment property and the basics of financing. How to construct deals and how to find bargains and how to protect capital. Land, home sales, rehabs, fix and flips, income property are places where I could be able to assist you. I can also answer basic questions about foreclosure, short-sales, 1031 exchanges, and basic questions about how the economy and credit markets are functioning and how that affects you.

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My company sells residential real estate in Metrowest, and we have had a been selling real estate in the area for 20 years. My Blog can be read at Real Estate Sales in Massachusetts

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