Home Buying in Oyster Bay>Question Details

Sonja, Home Buyer in Northport, AL

I am looking to buy an apartment in the area of Oyster bay, but I'm tno sure about the pros and con between

Asked by Sonja, Northport, AL Tue Apr 1, 2008

condos and co-ops.

Thank you

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2
Susan Monaco’s answer
Sonja,
The main difference between a Condo versus a Co-op is that with a Condo, you "own" your unit; walls,ceiling and floors. You will receive a deed to your property. In addition, you will pay your real estate taxes, just as you would with a residential home. In a Co-op, you are purchasing shares in an organization that owns the complex and those "shares" entitle you to what is called a "proprietary lease", which is just a fancy way of saying it's the proof of ownership of your co-op. The only thing is that you don't really "own" it. Your lease gives you the "right" to live in a particular unit. Unlike what some people tell you (or don't tell you) Co-op's do give you the "benefit" of paying real estate taxes, the only difference is that they are included in the monthly maintence fee (that's why you will notice that co-op maintence fees are usually higher than condo maintenance fees). HOWEVER, if looking at Co-op's ask what the "deductability" is; that's very important because that is the percentage of the maintenance fees that go towards taxes and are therefore deductible on your income tax just like real estate taxes are on a home or condo. Both Condo's and Co-op's have associations, just like some areas have civic associations, so don't be scared off of a co-op based on stories from the past that co-op boards have ridiculous rules. I have sold both condo's and co-op's and to be fair, I would not mind either if I were shopping for myself.
Good luck,
Susan Monaco
Licensed Real Estate Broker
Owner/Broker
J.E. Monaco Real Estate
http://www.jemonaco.com
Web Reference: http://www.jemonaco.com
1 vote Thank Flag Link Sat Apr 5, 2008
Hello Sonja,

If you have not purchased a unit I would like to invite you to come and see our units at Mariners Walk. They are beautiful and would be happy to provide all the information you need to understand the differences of both. Additionally we have many different communities on the Market and would be happy to assist you in finding the right one.
Best regards,
Donnamarie Chaimanis
Associate Broker
Laffey Fine Homes and Estates.
1 vote Thank Flag Link Tue Feb 2, 2010
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