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Jason, Home Buyer in New York, NY

what is the maintanace, do you have a floor plan?

Asked by Jason, New York, NY Fri Jan 6, 2012

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Jason,
This is a condop. The maintenance is $2,901. This is high, which is why the purchase price is low. There is a floor plan available in the agent database, but I don't have a way of posting it here. As I advised in the answers to your other inquiries, if two monthly amounts were the same, but one consisted of a high maintenance and a lower mortgage, and the other had a higher mortgage and a lower maintenance, you would be much better off with the higher mortgage. You are coming across listings with very migh maintenances, which I assume is because you are screening for low purchase prices. The reason the purchase prices are low on these units is to offest the high maintenance. Therefore, you are not reducint your overall monthly outlay, just having a mix that is not beneficial to you. There a multiple reasons for this, but first and formost is tax-deductibility. For the same monthly outlay, the balance that gives you the most tax-deductibility is, in essence, costing you less. There are other factors as well why this is a bad mix, including a much harder time reselling it at a later date.
Many buyers like to look at online listings and try to buy on their own. This is a very bad idea. Sellers all have agents looking out for the interests of their sellers. You really need a skilled, experienced agent looking out for your interests.

Best,
Jenet Levy
Halstead Property, LLC
212 381-4268
jlevy@halstead.com
http://jenetlevy.halstead.com
0 votes Thank Flag Link Fri Jan 6, 2012
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