50/50 Condos and Co-ops Question

Curious about the wisdom and dynamics of buying into a 50/50 2-unit condo or co-op. Any experiences/advice/thoughts would be helpful!

an-architect-in-brooklyn

in General Discussion 8 years and 1 month ago

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resident2 | 8 years and 1 month ago

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It is always a stand off!
You end up being liable for anything and everything that they do or do not do. If you have enough money/income to carry the whole building and sue the other party if need be, then maybe. But why would you do that?

slopefarm | 8 years and 1 month ago

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I don;t have direct experience with this but have heard second hand of set-ups like this going really sour. At least with a larger co-op or condo there is a mechanism for resolving disagreements, and at least with outright home ownership you have control. Here you have neither. What if you need major repairs (roof, foundation, anything that belongs to e the building) and your co-owner does not agree. You are just stuck. Everything I’ve heard and read says don’t do this. If you can swing the DP, buy the property outright and rent out the other unit.