Is it better to buy an apartment with a lax co-op board?
Q. From a resale perspective, is it better to buy into a building with a liberal co-op board or a strict one?
A. While there is no clear answer to your question, our experts put forward several persuasive theories:
Liberal. "Given the choice between a liberal and a strict co-op board in general from a market perspective, it is better to have the liberal board," says Roberta Axelrod, a real estate broker and asset manager at Time Equities. "Purchasers want to be approved and sellers want their buyers approved. Owners want to be allowed maximum freedom to live in their units as they choose to and are wary of buildings that are overly restrictive. On the other hand, no one wants to buy into a building where owners can't pay their maintenance so there needs to be a balance between no review and a building that gets a reputation for being overly strict. It is always best to have a board which is in line with the norms of the market."
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