Home Buying in 10573>Question Details

Julio, Renter in 10573

I would like to know if in the montly payments, maintanance is else included or is separate for co-ops? Thank you. John.

Asked by Julio, 10573 Thu Aug 12, 2010

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Hi Julio,

Your maintenance bill will be sent to you each month, directly from the management company that works for the Coop.
Web Reference: http://www.debbyfrank.com
0 votes Thank Flag Link Thu Aug 12, 2010
Hi, your maintenence is separate from what you pay the bank. So you will have to add that to your monthly loan payment. The maintenece is usually paid to the management company. Ny state has the STAR program and it also applies to coops so you will get about 100 dollars off your maintenence each month. All coops deal with STAR differently so you or your agent will have to inquire.

Since you do not own the unit but own shares, your maintenence will include your pro rata share of the buildings property taxes and care for the grounds etc.

Sincerely
Christopher pagli
Accredited Buyer Representative
Licensed Associate Broker
Legends Realty Group
914 406 9023
0 votes Thank Flag Link Thu Aug 12, 2010
Typically your maintenence fees are separate from your mortgage payments. But very often with your co-op heat and hot water is often included in the maintenance fee ...and also your taxes are usually included also. Sincerely,
Harry DOnofrio
914-714-8014
0 votes Thank Flag Link Thu Aug 12, 2010
Your mortgage payment is paid separately if applicable--generally the maintenence bill will include whatever applicable fees in your monthly bill.
0 votes Thank Flag Link Thu Aug 12, 2010
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