Co-op and Home Equity Line of Credit

You should check with your building's management company or contact the board directly. I believe they will have to approve you to obtain a HELOC

Coops are sensitive to how much debt shareholders hold, which is why many require you to have a certain amout of liquid assets on hand for a 'rainly day' instead of taking out additional loans.

Bottom line: If this becomes an issue with your board you may want to hold off until you can afford to rennovate without having to take out a loan.

Instead of a HELOC, why not get a straight construction loan from a bank. You may be able to get it fixed rather than HELOCs which readjust every month.

Sorry, perhaps I was not clear, my desire for the HELOC is more to have it in place in case i need it in an emergency. I currently do not envisage drawing on it

I think commet #2 still applies.

To OP: very interesting question. Sorry, I don't have an answer but I'm wondering the same thing...

the practical issue is whether the managing agent will be aware of the HELOC. The board's responsibilities are actually limited after the sale approval. Rules written from a time where HELOC's were less common and boards were not anal older people. You may able to do it and they can do nothing or they would not even know about it. SO many people use negative pledge financing to fool boards. I am sure there is a way to do this. I would just do it and not mention it. Your shares will not be canceled so there is no harm in not telling. The worst thing they could is tell you no later.

To #1 Original Poster. Congrats on your purchase, I've been wondering how people can afford these high prices..

could you tell us what field you are in, approx salary, savings, did u get help with the downpayment.

I want to see if I'm just being too conservative..

OP, while you're at it, can you give us your SSN, mother's maiden name and date of birth? Oh, and if you have any children please post their photos here...thx!