Jan, Renter in Upper East Side, New...

is there a maintenance fee each month when you own a coop?

Asked by Jan, Upper East Side, New York, NY Wed Apr 11, 2012

I am looking to buy a coop and I am wondering how fees owrk compared to buying a condo?

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Anna M Brocco’s answer
Yes when purchasing co-ops monthly maintenance fees do apply, and each building is different. When purchasing a condo, common charges/hoa fees apply as well, and each complex is different. If looking to buy in the near future, consider working with an agent of your own, he/she will be your best guide. Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
1 vote Thank Flag Link Thu Apr 12, 2012
Yes, with a coop you own shares in a corporation and are permitted the use of an apartment in the building. The upkeep of the building requires money, hence a monthly maintenance charge. The same is true for a condo, except that you own the physical apartment unit, and it is considered real property. On the bright side, a large portion of maintenance is tax deductible (the real estate tax portion of the bill).
1 vote Thank Flag Link Wed Apr 11, 2012
the difference in monthly expenses is the RE Tax : in a condo apartment you pay your own RE Tax for the apartment plus common charges and in a coop apartment you only pay maintenance fee (which in turn includes a pro rata share of the real estate tax the coop pays for the building that corresponds to the number of shares you own in the cooperative)
0 votes Thank Flag Link Wed Feb 20, 2013
The maintenance fees for a co-op are higher, but keep in mind that
includes heat, water, taxes and the maintenance of the building. For a
condo it does not include taxes and some condos you pay for your own
heat as well.
0 votes Thank Flag Link Fri Apr 13, 2012
Hey Jan both condo and co-op owners have monthly maintenance fees to pay. There are pros and cons with both condo and co-op community living. I personally recommend looking at both options when you are ready. It would be my pleasure to send you coop and condo listings so you can compare. Joseph Chaplin- Prudential Douglas Elliman- (914) 224-5806
0 votes Thank Flag Link Fri Apr 13, 2012
Jan, the short answer is "yes" there is a monthly maintenance fee. Any other questions about co-ops, please call me - Charlie Summers, VP, Bellmarc Realty 917-376-1648
0 votes Thank Flag Link Thu Apr 12, 2012
Hi Jan. Yes, the Coops' maintenance fee is a monthly charge. Within this monthly fee is your obligation (along with the other shareholders) for the upkeep of the building and other things like a doorman, etc. Also included are your share of property taxes and that portion or percentage is deductable at tax time.

In a Condo you get billed separately. You get a monthly Common charge for the upkeep of the common areas, doormen, etc. Your Taxes will be billed to you separate from the Common charges. These taxes are also deductable.

In essence, they are not too dissimilar. The concept of Coop and Condo are different as a Coop is the purchase of shares in the Coop corporation and you get a proprietary lease to allow for occupancy. A Condo is considered "real property" much like a House. You get a Deed to the property. A Condo of similar size to a Coop will be more expensive and may be in excess of $100K plus. As such, a Coop may be the best first time purchase option as many people are looking to save where they can. Good Luck with whatever you decide.
0 votes Thank Flag Link Wed Apr 11, 2012
Hi, yes there is montly maintenance when you own a coop and monthly common charges for a condo, plus property taxes.

0 votes Thank Flag Link Wed Apr 11, 2012
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