Co-ops in NYC pros and cons? Do you still see a return?

[Julie Verardi]

I love living in NYC. Most of the real-estate in my budget are co-ops. 

Does anyone else live in a co-op in NYC on this site? What have been the pros and cons of investing in one? What are some things I should look out for? Is it case by case with the board to get approval for home repairs? Would love any guidance on this. Thanks!

[Raul R.]

Julie

I agree with  @Basit Siddiqi  challenges that he stated. I lived in 2 Coops in NYC & currently reside in one..

Although I'm aware people do rent their Co-op apt, remember every year boards change 1 year to the next the rules might be different on renting your apartment. I met someone that when they bought no board approval was required when finding new tenants, a couple of years later with a new Board in PLace board is required to interview all new tenants. Having the board interview the tenants may not be a bad thing but keep in mind it might take longer to get a tenant in place if you need to wait for a board decision. Not to mention all the red tape, moving rules, flip tax when you sell which are very common in NYC Coops.

Living in a Coop is fine as a Primary Residence, but if you want to invest & have a tenant I would be hesitant..