Common charges will vary from building to building, It will depend of the price per share and how many shares one owns. The size of the apartment and location also play a role. The larger the apartment, the more shares allocated to the apartment. Gas, oil, maintenance charges and property taxes are all included in the the maintenance charges. Usually all expenses are included, other than the electric or Con Edison.
Keller Williams Realty
Things to be aware of:
For coops your maintenance includes TAXES. They are usually between 40-60% of that fee - which means that portion of that fee is tax deductible .
The listing will not include the STAR savings which differs from community to community.
This fee usually includes heat and hot water and SOMETIMES electricity. But other complexes include cable access - it can vary a great deal.
Hope this helps - vague though it may be.
If you have a few moments, please let me extend an invitation to visit our offices in Scarsdale and our estate agents will be happy to show you specific examples for buildings that you may have an interest in.
At Engel & Voelkers our strength is based on the in-depth training of our employees, on constantly updated information and on continuous knowledge transfer within our company.
We are located at 300 Weaver Street - Scarsdale, NY (at the five corners)
The common charges on coops in include maintenence charges in the building such as hallway cleaning, repairs etc, payment on the buildingâ€™s underlying mortgage and payment of real estate taxes on the property. The portion of the maintenance that is designated to interest on the mortgage and real estate taxes is tax deductible (if you itemized deductions.)
So if you are paying $200 month maintenance with lets say 50% that is apportioned to real estate taxes and underlying mortgage interest you would get to deduct $100 on your taxes. In the 30% tax bracket that would save you $30 dollars in taxes.
In this way your $200 payment is really costing you out of pocket only $170.
Each building has its own set of circumstances and has differing taxes, mortgage and maintenance.
Prudential Centennial Realty
914 600 6022
Legends Realty Group