New York Nesties
Dear Community,

Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.

If you have questions about this, please email help@theknot.com.

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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.

Anyone buy/ looking for a co-op?

DH and I are in the very early process of looking for a co-op in the city.  We know we'll need at least 20% downpayment plus moving/closing costs and emergency fund.

My question is in general how much extra cash do the co-op boards usually want to see?  I've heard some require as much cash left over as you are putting down.  Is this the norm?

 

Diagnosed PCOS BFP with 5 mg Femara/Ovidrel Baby Birthday Ticker Ticker

Re: Anyone buy/ looking for a co-op?

  • DH and I just bought a coop last year.  I am sure it varies from board to board, but I believe that they just want your financial standing to be good enough that you will be able to make your mortgage and maintenance fees each month.  That might mean steady income, savings, and/or other assets. We were never told a specific amount in liquid assets were required other than the 20% DP and various fees.
  • Minimum 3 months of mortgage + maintenance in real cash (not a 401k) after you close and have done all renovations mentioned in your application.
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  • Thanks ladies!  That sounds a lot more reasonable (and less scary) than I was expecting.  Still have a lot more research to do but getting excited about the idea!
    Diagnosed PCOS BFP with 5 mg Femara/Ovidrel Baby Birthday Ticker Ticker
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