Skip to main content

House Vs Coop

Initially when I started my home search I was looking for a two-bedroom coop apartment in Brooklyn.  However, for the last few weeks I’ve been looking at houses.  I had no desire to own a house before. I always thought that house ownership would be too much work to maintain and that I was not mentally or physically prepared to deal with all of the responsibilities of house ownership.  Even now, typing this, I’m feeling rather overwhelmed by the idea of shoveling snow.  But I can’t deny that there are a ton of perks of having a house that are simply not available with a coop. For one, there isn’t a coop board to snoop around my finances, ask about my further plans for the property and hurl intrusive questions at me about why I had student loan debt.

I guess my shift in thinking began late last year as I started attending more open houses.  I fell in like with the idea of having more space and possible having a tenant to assist me with paying my mortgage each month. I realized that in Brooklyn the cost of a two-bedroom coop or condominium is comparable to a three-bedroom home.  With a house I will have the option of not just more space but a driveway and a backyard.  I’m thinking it makes more financial sense to own a house.  

The houses that I’ve been looking at have mostly been three to four bedroom attached ranch. My budget is still very conservative however and I have been open to the idea of purchasing a fixer upper.  I’m not naturally handy. Therefore, I’m in no rush to start a renovation project. I think I can cope with a slightly outdated 1950’s style kitchen or a retro blue or pink bathroom for the time being.
I wrote all that to say that my home-ownership options remain open. My focus is not as narrow as it once had been. I’m looking for a home and that could either be a coop or a house.

So below I have taken a few pictures of some renovated properties that I view recently.  Both homes were bank foreclosures that were renovated for a quick sale.

House # 1, I liked a lot. I loved the block, a quiet tree line street of similar looking detached and semi-detached homes. It was a 3 bedroom with 2.5 bathrooms and a large renovated basement that could be used as an office, extra bedroom or a rental unit. 

It also had a detached garage at the back, with adequate space for entertaining friends and family at a backyard barbeque.  Still I felt that it was $100k overpriced. 

House # 2, was less impressive. It was also a 3-bedroom, 2.5 bathroom. It had a basement and backyard deck with a small back garden. It was next to a cemetery. 

Then there were these horrible white marbled titled floors that seemed rather out of place with the rest of the house.

I hated the fact that the bathroom was so close to the kitchen.  House # 2 was $60k more than house # 1 and for the life of me, I don’t understand why.  

So here I go again searching for property, and hopefully making an offer soon on my first home. 


Popular posts from this blog

Welcome to My Blog!

Hello, my name is Marissa. I’m new to blogging. I don’t have a degree in design and I’m not a professional decorator. I just love decorating.
I love home improvement and design shows. I love HGTV and 
My favorite shows are House Hunters, The High Low Project, The Property Brothers, Love It or List It and Property Virgins.
I’m also in the process of buying my first home, a cooperative apartment in Brooklyn, NY. Buying a home is a giant step but it’s also an expensive one too.
I have big plans for my first home. However I'm now realizing that most of the work I planned for the home, I can't afford.
I have been looking for a home for several years, but seriously looking for about a year. Most of my friends live in Brooklyn. I live and work in Brooklyn so it only made sense for me to stay here. But Brooklyn real estate is not cheap.
My Coop wish lists were: a two bedroom apartment, with lots of closet space, natural light and windows in the kitchen and bathroom. I…

House Renovations

Despite closing on my home last month, I haven't yet moved in. When I first made an offer on the house, I did not think that I would begin renovations immediately.

I knew the house needed some updates.

 But I could live with an outdated, functional kitchen for a while. once the sellers vacated the property, I was finally able to assess the property without their furniture blocking and cover any damages.  I hired a painter who was also a licensed contractor who noticed that all the walls in the house were bulging. The second bedroom where the children slept had a leak which caused the baseboard to rot and the wall to swell.

The house was inspected twice and at no time did the inspector report rotting baseboard and leaking in the walls.

I was not happy. Would knowing all these things deter me from purchasing this house? probably not.  However, the last thing I expected to do so soon after spending almost ten years of savings on closing cost and a down payment, was start an expensive…

I found another house

At the end of July, I thought that I had found my dream home. I made an offer. The seller countered. Then I accepted the seller’s counter offer.I was already trying to schedule the home inspection when my realtor, Robert, texted me that the seller wanted to hold off. Well, according to Robert, the seller decided to sell the home to his neighbor’s friend. I was disappointed but then oddly felt relief. As much as I like the home and the area, I was a little worried that the location was a little too isolated. It was close to buses but far away from the train. I was concerned about how I would get to and from work. Robert would still make his commission as he was acting as both the buyer and seller’s agent. Everyone was happy except for me.
I then called another former realtor, Louis, and we began looking at properties.We went to an open house on a quiet street, a few blocks away from a subway station and a block from a bus, that was listed below market value. There were probably about…