How To Buy A HDFC Apartment, Or: 3 Major Misconceptions

“How much did you pay for this apartment?” It’s the question we get most often. I can’t count the number of times we’ve heard that questions – mainly because people ask it so many times in a single conversation. Like so:
“How much did you pay for this apartment?”
“$ XX”
“I’m sorry, HOW much?”
“$1X….”
The person mouths the number to themselves, trying to visualize the digits, then: “You mean ‘million’.”
“Ha! Nope.”
“So, how much, again?”

Like that.
The second most-asked question then is usually: How did you find this apartment? And P1030546usually, they are also surprised to hear that we found it the way anybody finds an apartment: through the internet. Here are some misconceptions about buying an HDFC that I think are born out of ignorance, snobbery, and racism.
1) HDFCs are for poor people and poor people are all minorities, and minorities are unruly, loud, violent. Basically, you’re going to be living in the project.

Don’t be silly! That’s just your ignorance talking. Or your racism. Something. We are just like any other co-op in Manhattan. We are a community, we like our neighbors (some of them). We have shareholder meetings and we have barbeques in the summer.

2) They are a bad investment because you’ll never make a killing on the re-sale. The apartment isn’t really the investment here… it’s the HDFC’s that are investing in YOU as an individual. Letting you buy a piece a home in this city that you can actually, easily afford is an investment in you as a person. They expect their investment in you to pay dividends. That’s why there are qualification guidelines. Duh.

3) Most HDFC’s don’t really care about income guidelines or qualifying their buyers. They just say that to get tax breaks. Um, no. I’m not saying those don’t exist. But such a crooked HDFC is comprised of crooked board members and you should ask yourself if you should be buying in a coop that is run by crooks, if it’s being “run” at all.

And as somebody who has not only a vested interest in keeping our coop tidy but also is a position now to review any crooked application, I can say that I take application very, very seriously. So be warned.

 

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5 Responses to How To Buy A HDFC Apartment, Or: 3 Major Misconceptions

  1. Ryan C. says:

    Thanks so much for your blog postings about buying an HDFC! It’s so great to hear a positive experience about buying an HDFC, instead of just all the negative ones out there, which really gives me encouragement and hope! Thanks!

  2. Mavis Davis says:

    You’re welcome! May sound a bit cheesy, but I can honestly say: only good things have happened to us since buying in this HDFC. Except the financing process. That was not great. But that, too, shall pass. Good luck!

    • Nina says:

      Hi Mavis, do you know of an official guidance in regards to whether a current HDFC coop shareholder can buy a second apartment in that coop? I went over tons of infor trying to find what HDP’s position on it would be. I am on the board and this proposition from the mentioned shareholder makes me very uncomfortable for in my mind it violates the concept of providing an affordable housing. Any idea? Thank you for sharing your knowledge with me

      • Mavis Davis says:

        I think the answer to that would only be in the coop’s bylaws. If not, maybe the board should speak with the building manager. I agree that it seems to be not in keeping with the intent of HDFC. If they can afford a second maintenance, I assume that means their income has increased also. If their income is so high that they no longer qualify for income restrictions then – at least to me – they are not qualified to buy another apartment in the building. It’s a dangerous precedent. What would prevent somebody with low income, but a trust fund, for example, from buying up shares? If it were me, I’d have the board comb through the by laws and maybe get some guidance from the bldg management. Sorry I couldn’t help more. Good luck!!

      • Nina says:

        Thank you for your input!

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