Question I can buy a new home in a cooperative for $130,000.Monthly fee would be $1,792.00.Would this be a good investment?I am 74 years old.
Answer It doesn't sound like it, Randy, but there is no way I can offer you a sensible reply without knowing what the market is for that property. What are the comparables? They will give you an idea as to the value. Where is it located? Is it in New York? China? Chicago? Alaska? Remember the old real estate adage: Location, location, location. I recommend you consult with a Realtor in the area of the cooperatives. Also, please remember, cooperatives ARE NOT real estate. Knock on the doors of the cooperatives and talk to people and find out what they paid for theirs. It's give you an idea that way, too. A real estate agent or appraiser would check with the county records to find out what other cooperatives sold for. I do wish you well.
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