Richard, Both Buyer and Seller in Brooklyn Heights, Br...

The term "maintenance" is rarely used in co-op ads. Is the "estimated monthly payment" the new term or is that a combo of?

Asked by Richard, Brooklyn Heights, Brooklyn, NY Tue Aug 16, 2011

maintenance & mortgage? I've always thought that monthly maintenance levels on moderately priced co-ops were between $700 and $1000. Now it seems that the "estimated monthly payments are are $1900 and up. Have maintenance levels doubled or am I misinterpreting something?

Help the community by answering this question:

Answers

5
Estimated monthly payments are a combination of monthly maintenance fees and your mortgage payments. If you are doing an all cash deal then you don't have to be concerned with mortgage payments and you are correct, monthly maintenance generally can range from $640 to $1100 per month.

Chauncey Palmer
Fillmore Real Estate
chaunceypalmer@fillmore.com
347-409-7970 (c)
718-858-4700 (o)
http://www.fillmore.com
0 votes Thank Flag Link Tue Aug 16, 2011
Hi Richard,

When "estimated monthly payment" is shown in connection with a co-op, its difficult to know what exactly the ad means if no explanation of the amount is being given. The amount you're talking about sounds much to high for coop maintenance so it must be or include other expenses.

Your best bet would be to ask the person that posted the advertisement.

Regards

Elaine Cooper
Real Estate Salesperson
Fillmore Real Estate
Office: 718-858-4700/Cell: 917-544-2662
elainecooper@fillmore.com
0 votes Thank Flag Link Tue Aug 16, 2011
Kee in mind that maintenance does vary by complex, size of the unit, any assessments, amenities, etc., therefore don't rely on online estimated payments, rather work with an agent of your own, who can help sort information by each individual co-op of interest. An estimated payment should include your monthly mortgage, maintenance, any insurance, possibly utilities, etc.
0 votes Thank Flag Link Tue Aug 16, 2011
Dear Richard:

Without seeing exactly what you are talking about it is hard to say what you were looking at. When I market my listings I only put the maintenance amount because I do not know if the purchaser will be buying all cash and/or how much of a mortgage will be applied for. It is true that many co-ops in Brooklyn do require a minimum down payment of 20%, but not all of them. Plus, often times I see buyers coming in with more than 20% down.

When shopping for a co-op or any other type of property you need to get yourself pre-qualified by a mortgage banker to find out how much you can borrow and how much your monthly mortgage payment would be. Once you know that, all you need to find out is the mortgage amount in order to know how much you would want to offer on any particular co-op. Bear in mind that some co-ops have a higher maintenance if a) the electric is included in the maintenance, b) there are extra amenities such as a door man, gym, playground or swimming pool.

If you are also selling another property, I would like to find out more about it, perhaps I can find you a buyer! If I can be of further assistance, please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Tue Aug 16, 2011
Dear Richard,

You will have to check with the board of your building and the building you are looking to purchase in as to down payment requirement. I have not yet seen such a high maintenance or common charge. When I advertise listings, I include the monthly payment so that potential buyers have an a concise picture of what it will cost them to live in the apartment. Some agents will include various items but generally the way I calculate monthly payment is as follows.

Purchase Price - Down Payment (This amount varies depend on what each board is requesting, some require buyers to put anywhere from 10% - 35 % of the purchase price down).
For example $100,000 (Purchase Price) - $10,000 (10% down payment), buyer will be financing $90,000.

Monthly Mortgage + Maintenance+Insurance = Monthly Payment (There are other factors to consider).

Please give me a call if you would like to dicuss further.

Nirmala Caraballo
Licensed Real Estate Agent
Cruse Realty
Tel.: 646-479-7873
Email: nhcaraballo@yahoo.com
0 votes Thank Flag Link Tue Aug 16, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer