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questions about co-ops/condos
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evrythng4areason
And then there were 4
Member since 1/10 5224 total posts
Name:
Kayla
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questions about co-ops/condos
do you pay property taxes?
also, the maint. fee-are they listed monthly or yearly?
sorry, i'm clueless 
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Posted 11/18/11 4:37 PM  |
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Prudential Douglas Elliman Real Estate
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femalej
LIF Adolescent
Member since 7/11 833 total posts
Name:
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Re: questions about co-ops/condos
condos - you pay RE tax 1x a year and you may maintenance (or common fee) monthly
coop - you pay maintenance monthly, which includes RE tax. since a portion of the maintenance is going towards taxes, when looking at coops, you can also ask how much of the maintenance is "deductable"...so you should be getting back a few bucks at the end of the year...maybe.
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| Posted 11/18/11 4:40 PM |
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MaZz
* Lovin my baby girl!!! *
Member since 2/09 6243 total posts
Name:
Gina
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Re: questions about co-ops/condos
Posted by evrythng4areason
do you pay property taxes?
also, the maint. fee-are they listed monthly or yearly?
sorry, i'm clueless
I have a condo...
Yes I pay property tax, but for my area, its about half of what I'd pay if I had a house
Maintainence fees are paid on a monthly basis and the board is allowed to raise them whenever they feel like it (for good reason of course)... Not much you can do
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| Posted 11/18/11 5:33 PM |
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Re: questions about co-ops/condos
Posted by femalej
condos - you pay RE tax 1x a year and you may maintenance (or common fee) monthly
coop - you pay maintenance monthly, which includes RE tax. since a portion of the maintenance is going towards taxes, when looking at coops, you can also ask how much of the maintenance is "deductable"...so you should be getting back a few bucks at the end of the year...maybe.
This is correct.
On the whole, co-ops are usually more affordable because the maintenance often (but not always -- it varies by building/development) includes some utilities (heat and water), and you are just looking at one maintenance fee, which includes taxes. If the co-op is your primary residence, you can apply for the STAR exemption and get a reduction on you maintenance payment (for the portion of that payment that represents property taxes). Also, as the pp stated, your maintenance fee is, in part, tax deductable. The maintenance on the co-ops I've sold recently varied from 55% to 65% deductable. With condos, you are paying property taxes that can be comparable to taxes on a small single family home, plus common charges (again, these vary depending on the development, the amenities, etc.). And with a condo, you may have more responsbility for maintenance and repairs.
But while co-ops may be more affordable, condos are generally considered a better form of ownership. Sorry if this is stating the totally obvious, but for those who may not know:
With a condo, you actually own your unit (the real estate), whereas with a co-op, you own shares of stock in the corporation that owns the real estate, and you get a proprietary lease (not a deed) at closing. There are more restrictions on what you can do as a co-op owner. With a condo, you can generally do what you want (in terms of renovations) to the interior of your unit. Because of co-op restrictions, they can be tough to sell. Also, co-ops are tougher for resale because they require buyers to have a minimum down payment (often 20%) and also require buyers to be board approved. So even if an owner finds a willing buyer for their co-op unit, they cannot sell it if the board does not deem the buyer suitable.
Hope this helps! I've sold several co-ops in the past 6 months and have a couple on the market now, so feel free to FM me if you have more questions.
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| Posted 11/18/11 8:59 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: questions about co-ops/condos
I don't necessarily agree about paying the property tax on condo just 1x a year. We rolled them into our mortgage, so we paid monthly. I guess if you don't escrow, you can pay in 1 lump sum, or the standard 2-half payments that most towns have.
Maintenance we wrote a separate check out for each month.
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| Posted 11/19/11 9:05 AM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
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Re: questions about co-ops/condos
We pay our property taxes 4 times a year and we pay our dues monthly. We have a town home so we also own the land our home sits on.
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| Posted 11/19/11 11:51 AM |
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