Co-op Reviews

I am looking into buying a place in Queens and while a coop is affordable for me, many of them need renovations. I looked up online about renovation costs in nyc and saw that basic renovations started from $100 per sqft. That means if I buy a coop of 600 sqft which may cost around $350k, I’ll need to at least spend $60k to renovate it?! That sounds like a lot to me. Could someone who did basic renovations recently share their experiences?

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Is it worth buying a condo or coop in NYC? I can’t realistically ever afford more than a one or two bedroom unit in this city. I am not planning to do this anytime soon but I am trying to set a longer-term financial goal for saving. I just wonder about the resale value and expensive HOA fees and wonder if these units are really good investments of if I should consider investing in property outside NYC, like a vacation home or something?

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Please share the agreement you have with your spouse should one of you pass away. How would you split financials especially back to one's elderly parents when passed? My husband is single child. His parents are old. We have no kids (yet) and own a coop. We have a joint savings where we contribute equally amount + individual accounts.

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