Can I buy a co op for my mother to live in w/o me?
Started by JeremyAPT
over 15 years ago
Posts: 32
Member since: Sep 2009
Discussion about
I would like to buy a co-op for my mother to live in. She pays rent for a small apartment with her boyfriend. They live in a small one bedroom that depresses me. I would like to get her a nice sunny 1 bedroom co-op in Brooklyn. Maybe Kensington? or Ditmas Park? or Bensonhurst? I know that co-ops usually have rules against subletting. What if it is my mother. AND, what about her boyfriend, will he make a difference? Please help!!!
I'm not sure about Brooklyn but you see a lot of co-ops for sale that say "parents buying for children okay", so I'm sure that the reverse would also be true. I bought a co-op my mother lived in and just acted as if it was mine (she was living there when I bought the apartment so the situation was a little different although for financing purposes it needed to be my primary residence). Another solution would be to buy it with your mother so both your names are on the proprietary lease and her boyfriend just lives there as her partner.
thanks
In the neighborhoods that are you are looking at, there will not be any problems. as long as you're buying cash or can easily cover it, you will not have any issues.
Does your mother's small one bedroom depress her and her boyfriend? Maybe they're happy there. Maybe they have a social network there, including local shopkeepers.
we bought an apt for my mother in law a year ago. your realtor should know if an apt building will accept this type of arrangement. At the meeting with the co-op board my husband, myself and mother in law were all there. The board asked questions like, "how will you pay the monthly expenses?" my answer was, "exactly like we pay any other bill - on line bill pay so it is never late" They just wanted to know that we could financially handle the bills. Good luck and what a nice gesture.
Are you single? "Unmarried head of household" filing status is desirable if you qualify.