| Posted By |
Message |
MrsNaunie
Kai helps my father dump out.
Member since 9/06 1181 total posts
Name:
Lauren
|
Co-op questions ***ATTN Co-Op owners!
Hi!
Can you break down the monthly expenses involved with owning a co-op? I am trying to figure out what the best choice for us would be- in regards to house vs. condo vs. co-op.
I don't need numbers, just catergories.
ie- oil, water, heat, taxes, sewar, etc.
TIA!
|
Posted 3/8/07 11:17 AM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
ODonnell
.
Member since 9/05 5983 total posts
Name:
|
Re: Co-op questions ***ATTN Co-Op owners!
When I owned my co-op many of these expenses were paid for by the co-op board.
Oil - Included
Water - Included
Heat - Was oil, so included
Taxes - Part of my co-op charges. I believe 40% was a write-off
Sewars - Included
In addition, I paid LIPA ($30 in Winter, $90 in Summer a month), phone and cable.
|
| Posted 3/8/07 11:24 AM |
| |
|
MrsNaunie
Kai helps my father dump out.
Member since 9/06 1181 total posts
Name:
Lauren
|
Re: Co-op questions ***ATTN Co-Op owners!
That's very helpful- thanks!!
Are there any other expenses or questions I should be asking the REA?
|
| Posted 3/8/07 11:26 AM |
| |
|
snowprincess
My happy babies
Member since 3/06 3428 total posts
Name:
|
Re: Co-op questions ***ATTN Co-Op owners!
we own a condo just to show you whate ours includes
we have the heat, gas, water, hot water, mainetnance, dorrman, and insurance paid through condo fee
we pay our own electric including fan for heat and taxes and mortgage
|
| Posted 3/8/07 11:28 AM |
| |
|
november12003
Love my boys...
Member since 5/05 2412 total posts
Name:
Jenn
|
Re: Co-op questions ***ATTN Co-Op owners!
Every co-op is different, but here's how ours was...
Included in our maintenance
Gas
Water
Heat (forced hot air)
Garbage removal
Taxes
We paid:
LIPA
Phone
Cable
|
| Posted 3/8/07 11:33 AM |
| |
|
lilacwine
only love...
Member since 5/05 2034 total posts
Name:
<3
|
Re: Co-op questions ***ATTN Co-Op owners!
Other things to consider for a co-op are:
- What are the co-op's fees when buying, selling or subletting?
- is there an underlying mortgage?/how much of the maintenance is tax deductible?
not cost related:
- do you need board approval to purchase?
- Is subletting allowed? Under what conditions?
- Is there a minimum downpayment requirement?
- Is there a board interview?
|
| Posted 3/8/07 11:44 AM |
| |
|
KrisT
Two Boys for Me!!
Member since 1/07 5213 total posts
Name:
Kristin
|
Re: Co-op questions ***ATTN Co-Op owners!
All of our utilities and taxes are included in our maintenance, e.g. heat, water, electric, etc. The only things that we pay extra are phone, cable and internet. It makes the bill paying quite simple!
|
| Posted 3/8/07 11:47 AM |
| |
|
metsgirlie
How did you get blue eyes?
Member since 11/05 3763 total posts
Name:
LC's Mommy
|
Re: Co-op questions ***ATTN Co-Op owners!
Here is the breakdown for me:
Included in our maintenance which is 50% tax ded:
Water
Heat
Garbage removal
Taxes
I pay:
Cable
Electricity/Gas
|
| Posted 3/8/07 12:27 PM |
| |
|
anjerandunder
Positive thoughts worked!!!
Member since 6/06 1909 total posts
Name:
J
|
Re: Co-op questions ***ATTN Co-Op owners!
we pay cable electric and phone. all else is included in the maintenance fee. good luck with your choice!
|
| Posted 3/9/07 5:37 AM |
| |
|
eroxgirl
My Loves
Member since 5/05 15697 total posts
Name:
Rebecca
|
Re: Co-op questions ***ATTN Co-Op owners!
We pay:
gas
electric
cable
phone
garage
but the building gets a discount rate on cable - 35% or something like that.
Water and taxes are included in maintenance
|
| Posted 3/9/07 8:01 AM |
| |
|
Lillykat
going along for the ride...
Member since 5/05 16253 total posts
Name:
|
Re: Co-op questions ***ATTN Co-Op owners!
We pay:
maintenance
electric
gas (we have a gas stove the heat is included)
cable/phone/internet
parking spot and/or garage (you can't park over night in our town so if you have a car you must pay for a spot - you can have up to two spots)
insurance
|
| Posted 3/9/07 9:19 AM |
| |
|
cjik
Welcome 2010!
Member since 2/06 8879 total posts
Name:
|
Re: Co-op questions ***ATTN Co-Op owners!
We pay a maintenace fee which includes water, heat, taxes, parking spot, and building repair. We also pay for a storage unit in our building, which we rent. I can't remember what this costs, but it was relatively low.
It does not include electric, cable, or cooking gas. The last item is very low though, around $25 every 2 months.
|
| Posted 3/9/07 2:02 PM |
| |
|
tourist
Member since 5/05 10425 total posts
Name:
|
Re: Co-op questions ***ATTN Co-Op owners!
We pay on our own:
gas (just for the oven/stove)
electric
cable (some co-ops pay basic)
phone
We also may a maintanence charge that covers:
Taxes
Heat/Hot water
Lawn care/snow removal
outdoor parking
daily garbage pick up
Optional fees:
Pool membership
Garage parking spot
It really does depend on teh co-op or condo you aere looking at. We are in a garden-style complex with a lot of grounds to care for & the maintanaince is less than it was in a high -rise building down the street that didn't have many amenities & didn't seem to updated in the elveators/lobby/laundry area.
Message edited 3/9/2007 2:24:50 PM.
|
| Posted 3/9/07 2:24 PM |
| |
|
HappyWife
LIF Toddler
Member since 12/06 484 total posts
Name:
|
Re: Co-op questions ***ATTN Co-Op owners!
When we had a co-op we paid:
Electric/gas (on one bill)
Cable
Phone
Included in our maintainence was:
Heat
Sewer
Water
Garbage disposal
Landscaping/general outdoor maintainence
Snow removal
Basic fixes inside unit (mostly as courtesy)
On-site super
On-site property manager
Taxes
About 50% of our maintainence costs were tax deductible.
|
| Posted 3/9/07 3:17 PM |
| |
|
spooks
So in love!
Member since 6/06 4378 total posts
Name:
Sarah
|
Re: Co-op questions ***ATTN Co-Op owners!
Included in our maintenance are:
heat/oil
water
taxes
We pay for:
garage
electic/gas
phone
cable
It is a good idea to get a copy of the bi-laws before buying to know what is and is not allowed and what is or is not the building's responsibility.
Good luck!
|
| Posted 3/9/07 4:02 PM |
| |
|
Phoebee
LIF Adult
Member since 11/06 1623 total posts
Name:
Michelle
|
Re: Co-op questions ***ATTN Co-Op owners!
Oh, it was so interesting to see the differences.
we only pay Electric...
Everything else is included, which includes maint.
I love that when it snowed, they shoveled!!!!
We also pay extra for our parking spot and the pool.
|
| Posted 3/9/07 4:49 PM |
| |
|
MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
|
Re: Co-op questions ***ATTN Co-Op owners!
We have a coop and the break down is
maintenance charge covers:
Gas
Water
Heat (forced hot air - no thermostat)
Sewer
Garbage removal w/ recycling
RE Taxes
Mortgage interest (based on # of shares)
landscaping
snow removal
on site maintenance + super
on site property manager
24 hour security
gated parking
We pay:
Con Ed
Phone
Cable (bulk discounted plan for coop)
|
| Posted 3/11/07 7:29 PM |
| |
|
