Home Buying in New York>Question Details

Noam, Both Buyer and Seller in New York, NY

Buying a residential property in NYC

Asked by Noam, New York, NY Sun Dec 2, 2012

What monthly expensses should I expect to have after purchasing a condo or a coop in NYC? Are there different expensses between a co-op and a condo?

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Hi Noam,

To add to what has been said before, you should also read this article from the NY Times: http://www.nytimes.com/1996/02/11/realestate/your-home-deduc…

Do not hesitate to email me if you want to discuss more about what you are looking for and if you want to receive some listings.

Best,

Nicolas Puygrenier ǀ Licensed Real Estate Broker
Mona Lisa Real Estate Group LLC
419 Lafayette Street, New York, NY 10003
Telephone: 917 499 1917
Email: nicolas.puygrenier@monalisanyc.com
0 votes Thank Flag Link Tue Dec 4, 2012
Noam,
There is a big difference in closing costs between a co-op and condo. A co-op is not considered real property ( you receive shares in a corporation not a deed) so that you do not pay mortgage tax (at least 1.8% of the mortgage amount).
0 votes Thank Flag Link Tue Dec 4, 2012
Hi Noam: No one below seemed to address it, but if you are moving here to live permanently then purchasing a co-op is a good idea as they are 25-30% cheaper. They do have many restrictions, the most important is a limit on rentals from not at all to an average of about 2 of every 5 years. On an overall basis to answer your question, the average maintenance (mortgage plus taxes) is more or less the same for similar type of co-ops/condos (i.e. doorman, white glove, luxury, walk-up etc) in a similar location (Manhattan, Queens, Brooklyn etc.).

Hope that helps,
Kelly Killian
kkillian1@gmail.com
954-675-9915
Bond New York
Vice President
0 votes Thank Flag Link Mon Dec 3, 2012
Consider working with an agent of your own who can provide any necessary information; generally in a condo expenses include taxes, insurance, common area maintenance/management, etc. In co-ops monthly maintenance fees cover taxes, building expenses, building insurance, any underlying mortgage, staff/management, etc. Co-op ownership represents an interest (i.e. stock) in realty; condo ownership is actual ownership of realty.
0 votes Thank Flag Link Mon Dec 3, 2012
In a Coop you will have the monthly maintenance which includes your pro rata share of the buildings overall property taxes. Everything is included in the maintenance because you don't own the unit, you own shares in a corporation which entitle you to a proprietary lease. In a condo, you own the unit so you pay yearly property taxes along with monthly common charges. Keep in mind coops and condos do impose assessment fees periodically to pay for fuel and capital improvements.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
914.406.9023
0 votes Thank Flag Link Mon Dec 3, 2012
Coop maintenance is on average $1.80-$2/PSF and includes owner's share of the operating expenses for the building, pro-rata share of the underlying mortgage interest and property taxes for the building that coop has to pay.

For a condo, owners pay monthly common charges that cover operating expenses and maintenance and real estate tax.

Here is an interesting article about coop and condo monthly charges form New York Times
http://www.nytimes.com/2012/01/15/realestate/getting-started…
0 votes Thank Flag Link Sun Dec 2, 2012
Noam
Along with your monthly mortgage payments, in a condo you will have common charges (your portion of the costs to maintain the building, staff etc) and real estate taxes and in a co-op you have maintenance (which includes the cost to maintain the building, staff, real estates taxes and the underlying mortgage on the building). Each of these are monthly charges in addition to things like utilities and homeowners insurance.
Jennifer Roberts
Halstead Property, LLC
917-226-6555
0 votes Thank Flag Link Sun Dec 2, 2012
What do you mean by "underlying mortgage on the building" ?
Flag Sun Dec 2, 2012
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