Your best bet is to call the management office for an explanation. Each co-op is different.
If you need help , please call me at 914 589 2455
Keller Williams Realty
Rey Hollingsworth Falu
Typically, monthly maintenance inludes your property tax (which is the tax deductible portion) heat, hot water, care of the building such as roof maintenance, cleaning of the interior, painting of public spaces, etc. You are responsible for maintaining the interior of your co-op and usually for the electricity you use. Liability insurance is part of your homeowner's policy, and covers the possibility of someone being injured while in your apartment. Therefore it is not related to the price of the place, but the amount of coverage you elect to have. You would have to get a quote from an insurance agent, but it would not be a significant item.
Coop maintenance includes three major components: Your pro-rata share (based on the number of shares allocated to your apartment as compared to the total shares outstanding) of the building real estate tax bill. The second is your pro-rata share of the buidling's debt service on the buildings' underlying mortgage. These first two items are tax deductable.
The last component is your pro-rata share of the building's operating expenses (fuel, payroll, repairs, insurance etc).
In terms of the insurance you should carry, first contact your lender and the buildings' Managing Agent; either or both may require certain minimum levels of insurance. The amount you should carry will depend somewhat on the value of your personal belongings. You also need to make sure that you are well covered should an incident occur where you may be financially liable. Your income will be a consideration here. Also make sure your policy will offer solid coverage should the buidlng be damaged or destroyed; good policies will cover you for housing expenses during reconstruction. In any event you should speak with a Licensed Insurance Agent who is best equipped to counsel you on the right insurance for your needs!
If you have any other questions please contact me through my website, I will be happy to help!
Peter A. Harris, ABR
Licensed Associate Real Estate Broker
Houlihan Lawrence Inc.
4 Valley Road
Bronxville, NY 10708
Most of the time, some co-ops are different, roughly half the maintenance is your share of the property tax on the entire complex...therefore tax deductable. Most of the time it will include heat and hot water. it also includes your share of the general maintenance on the complex like snow and trash removal and grounds up-keep.
Your insurance is really a glorified renters insurance policy that is less than a few hundred a year.
I work with a lot of buyers facilitating their co-op purchases. Call or e-mail if you have any other questions or need me to do a specific search for you!
Houlihan Lawrence Bronxville