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Renting vs. owning vs. co-op ing

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ok, im very confused. i thought the reason why people want to own an apartment rather than renting one is so that one day (after 30 years) you can STOP paying to live and be able to retire from your job. unfortunately now im hearing that when you own a condo, you have to also pay a high maintenance fee. i thought that was just for co-ops. if thats the case then whats the advantage to having a co-op? and if you still have to pay for living when you retire, why doesnt everybody just rent? renting still is cheaper than owning, right?

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Pros - you don't own it, no property taxes. Reasonable cost if you pick the right place

Cons - You don't own it, and keep paying rent. Cost can go up over time. Building management must approve any renovations you want to make.



Pros - you own it it's yours. You can make modifications as you please. Payments are fixed based on financing arrangement.

Cons - you own it so you pay property taxes. Not easy to get out of. Large down payment required.


Co Ops

Pros - same as own, except you are NOT free to renovate as you please.

Cons - same as own, except neighbors can deny you the right to a renovation, neighbors in the co op can also decline to let you in. Basically a lot of people who shouldn't be are going to be all up in your business. I think this is the WORST possible living arrangement.

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nobody said anything about the maintenance fee though. what the heck is that about? i read on NY1 an apartment in manhattan for sale had a $600/mo maintenance fee. is that on TOP of the mortgage? what does it cover? do you still have to pay for electric, gas, cable/internet???

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I bought a co-op year and half ago...best thing I ever did....Houses are way too much $$.....My fees per month with parking are 496.00.....and yes I have a mortgage on top of that.....but I must say I have gotten back on my taxes the most ever this year.....everything is a write off.....I have rented all my life and finally took a splash in a co-op....glad I did.....!!!!!!!!!


The great thing about a co-op is that the burden of taxes are spread out thru all the apartments....not like when u own a house it is all on you.....if you need something fixed, just call up maintenance and they fix it.....no snow removal....it goes on and on.....the pool is very nice 2....ooo you are into tennis.....but what works for me....does not work for everybody...:eek:

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CBPO that sounds nice! but again, do you still have to pay for gas, electric, water, cable/internet separately?


im no mr. fix it so having them fix it sounds great and all that stuff about putting extensions when you own it just isnt that appealing to me. co-ops sound very good to me right now

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In a place like NYC Boston or San Francisco unless you have deep pockets owning a house is too high for working class people.


Off topic but related. Another advanatage of owning a home is a tax write off which can give you hundreds of dollars back as a tax refund.

I think if someone 'rents' for a long period of time just like someone owning a home the renters should be able to get the same tax write off as well.

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