$800 maintenance fee?

I went to look at a co-op today. I am so confused. There was an 800 dollar maintenance fee. is that per month? I did the math and lets just say if the mortgage is 1400 then the 800 maintence fee...thats like 2200 a month!!! For a co-op? Isnt it better to own then? I am new to this. Any recommendations would be appreciated. Thanks in advance

Re: $800 maintenance fee?

Well, in the co-op we are leaving the monthly maintenace fee is 1000/month and that includes the assessments. it is 880 without the assessments.

Our new townhome's monthly maintenance is 145/month, but it is a condo not co-op.

Message edited 11/6/2005 7:22:55 PM.

Re: $800 maintenance fee?

we own a townhouse and our maintenance fees are only $190. I know of many that are MUCH higher.

Re: $800 maintenance fee?

I don't know where you are looking, but my friend has a co-op in Long Beach and their maintenance fees are around $900. Remember that includes most of your utilities though too. The only thing they pay is electric/phone/cable. Heat/water and A/C are included. Plus, if something goes wrong they fix it.

Re: $800 maintenance fee?

I think that is average for many co-ops, because it includes maintenance and taxes plus possibly some other fees. If you buy the co-op then you own it, similarly to owning a house, however you are part of a co-op. You may or may not be able to find a lower monthly payment when buying a house, including paying the taxes. When I owned a condo I had monthly maintenance of $209 and that plus my mortgage and taxes were $2200 (almost 3 years ago).

Re: $800 maintenance fee?

I'm also looking at co-ops. Yes, the $800 is per month. What it includes varies by the complex so it's important that you find out exactly what that is upfront. At the minimum, it will include your taxes, general maintenance of the building and grounds, heat, hot water and snow removal. Some also include electricity and even cable if it's a big enough complex but not all so you need to check that. The amount that's deductable (for taxes) also varies by complex. I've seen as low as 34% and as high as 60% deductible.

Condos have much lower maintenance but they do not include your taxes. In LI, most of the time, condo taxes near that of a house so you may be talking $5K a year in taxes plus $150-350/month maintenance (and that maintenance is not tax deductible). Plus, the prices of condos are much higher than that of co-ops. So, yes, it's a better investment to buy a condo but it's cheaper (most times) to buy a co-op.

Message edited 11/7/2005 9:07:05 AM.

Re: $800 maintenance fee?

Are you looking in Long Island for the co-op? If so then I believe that sounds about average. In Queens the prices vary but near me we all average under $600.

Yes, the maintenance is per month and as people have stated above it usually includes property tax, maintenance of the grounds, water and heat. A portion is tax deductible and the coop will provide the amount per share on a standard form.

Re: $800 maintenance fee?