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MaeDe
LIF Adult
Member since 4/11 1169 total posts
Name:
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condo
when you are looking to buy a condo does the maintenance usually cover the taxes or is it separate?
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Posted 6/27/12 4:02 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
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Re: condo
With a condo, you pay taxes as well as building common charges. They are separate. With co-ops, you pay only maintenance. A portion of that maintenance payment is attributable to your share of the building's taxes.
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| Posted 6/27/12 7:02 PM |
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Re: condo
Posted by The Law Office of Robert Perrotta, PC
With a condo, you pay taxes as well as building common charges. They are separate. With co-ops, you pay only maintenance. A portion of that maintenance payment is attributable to your share of the building's taxes.
Yes, and it's kind of odd in terms of affordability. Co-ops are usually more affordable long-term because comparable condos are usually priced higher (given that the condo owner actually owns the unit) and the owner has to pay the property taxes and common charges, as well as utilities (sometimes with co-ops, the maintenance includes some utilities, such as water and heat).
However, buyers need more money upfront to get into a co-op because you cannot get an FHA loan for a co-op and co-ops often have financing restrictions (e.g., need a minimum of 20% down). With a condo, you can do an FHA loan (assuming the condo is on the FHA approved list, and most are [or can be added]), and have a minimum down payment of 3.5%. Plus, there's no board approval with a condo... with a co-op, there's board approval (which = additional financial scrutiny).
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| Posted 6/27/12 8:14 PM |
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