Renting Vs Buying Coop Condo In White Plains

Renting Vs Buying Coop Condo In White Plains

Question always is whether my client should rent or buy when moving up to White Plains.  For those who are on a limited income, that all depends on how much you are pre-approved at the bank.  That is the first step to know.

But, even with renting, especially if a coop board, they will be asking you produce your weekly pay stubs, possibly your W-2 from previous year to make sure that you have the income to justify the monthly rent. They will also ask what your debt/income ratio is.  This seems to be big now to assess whether you, again have the monthly cash flow to pay for either the rent, and/or the mortgage.

Let’s say you are looking to rent/buy a 2 bedroom, one bath+ condo/coop.  The least amount of rental I found in doing a search this morning was around $1850. This in some buildings downtown would not include your parking fee.

Condos are higher priced than coops since more like houses owned individually rather than as a shareholder in a building.  Those would start around $250+++Coops, however, you can find more reasonably.  But have to watch the maintenance that can average for a 2 bedroom around $800-$1100/month. That does include both maintenance and taxes, though.

Renting a house? You are looking minimally $2200+, with additional costs of utility bills, and in most cases mowing the lawn and snowplowing!

So, if have a limited downpayment and amount you can spend, a coop for a few years may be the best option “financially”.  After comparing the cost of renting a unit that they liked, a young couple I am working with found that the $2400/month they would need to spend for a 2 bedroom, one bath nice condo, would be more than buying a coop we found in White Plains on Lake Street for only $200,000!  This way they would at least accumulate equity and their monthly outlay including maintenance is coming to around $1800/month.

If you want to check out current rentals/condos or coops up to $300,000, click on my website link .

If you have any future questions relating to the condo/coop or house market in White Plains, feel free to email me at [email protected] or call/text me at 914-523-5087.  

There are lots of options to living in White Plains, our “northern” smaller equivalent to New York City with lots of restaurants, theater, parks and recreation!

Thomas Ricapito Headshot
Phone: 914-804-3048
Dated: June 4th 2015
Views: 3,801
About Thomas: I got into real estate sales by accident in 2006. At the time, I recently earned a Bachelor's Degre...

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