Cross post from Homes! Help with co-op purchase!

We found a beautiful co-op but don't know what is really next? Also, what are the perks? Tax deductions, etc? Thanks!

Re: Cross post from Homes! Help with co-op purchase!

You get the same tax deduction as a house with your mortgage payments, plus a percentage of your maintenance payments are also tax deductable too.

I'm not sure what other perks there are, but one perk I've found is that it is much better owning a coop than paying rent to a landlord!!

Re: Cross post from Homes! Help with co-op purchase!

Usually heat and water is included in common charges

Re: Cross post from Homes! Help with co-op purchase!

Yeah! That is what we figured. We would be stretchig with expenses compared to income now, but where it is located means that DH has better access to better jobs and for me, it means a 5 minute drive!!! We're keeping our fingers crossed. We figure we'd put less wear and tear on our car, not spend so much on gas, I'd be able to stay after school and do work rather than be on the LIE and come home exhausted. I know the area and it is fantastic!


What is homeowners insurance on a co-op? We pay $12 for renters.


Plus, we could get a cat!!!

Message edited 7/16/2005 7:36:30 PM.

Re: Cross post from Homes! Help with co-op purchase!

I think I pay about $200 year for insurance

Re: Cross post from Homes! Help with co-op purchase!

Thank you!!! And thank you for your responses on home, too!

Re: Cross post from Homes! Help with co-op purchase!

what co-op is it?

Re: Cross post from Homes! Help with co-op purchase!

The insurance you get for a co-op is some sort of co-op insurance.

Its cheaper than insurance for a home. Its similar to renters insurance. It doesn't cover the actual building itself. If the building collapses the co-ops master insurance covers that.

Your co-op insurance covers your personal belongings... as well as your "fixtures" in the apartment.

Meaning... the co-op's master insurance will usually only rebuild your apartment to the drywall/sheetrock.

Its up to YOUR co-op policy to rebuild the rooms inside your co-op... which includes but not limited to your kitchen cabinets... bathroom sink/tub... appliances... etc.

I don't think a lot of people realize this.

Re: Cross post from Homes! Help with co-op purchase!

Thanks Rich. Good to know!

Re: Cross post from Homes! Help with co-op purchase!

Mine also covers any assessments the co-op makes, so if the laundry room burns down and they charge eveyrbody an assessment of $100 it woud cover it. Pretty good I thought!