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Home Buying in Oyster Bay : Real Estate Advice

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  • Home Buying5
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Activity 3
Fri Feb 1, 2013
Jennifer Fivelsdal answered:
You would want to find out the utility company serving the area and get a sense of their rates. Your utility cost will depend on your personal usage, it will also depend on the age and efficiency of appliances, furnace, AC etc. If you made an offer on a home you should request a twelve month period of utility bills; an analysis of these should be helpful. ... more
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Tue Jan 22, 2013
Paige Dawson answered:
No it is not a busy roadway at all times of the day or all times of the year. It is busiest in summer as a through route to Bayville. And a school is at one end of this road. I might be nervous buying on that road if I had a passle of really young kids, but there is a traffic light coming from the school & at least one stop sign to slow & stop traffic. ... more
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Tue Feb 2, 2010
Susan Monaco answered:
Sonja,
The main difference between a Condo versus a Co-op is that with a Condo, you "own" your unit; walls,ceiling and floors. You will receive a deed to your property. In addition, you will pay your real estate taxes, just as you would with a residential home. In a Co-op, you are purchasing shares in an organization that owns the complex and those "shares" entitle you to what is called a "proprietary lease", which is just a fancy way of saying it's the proof of ownership of your co-op. The only thing is that you don't really "own" it. Your lease gives you the "right" to live in a particular unit. Unlike what some people tell you (or don't tell you) Co-op's do give you the "benefit" of paying real estate taxes, the only difference is that they are included in the monthly maintence fee (that's why you will notice that co-op maintence fees are usually higher than condo maintenance fees). HOWEVER, if looking at Co-op's ask what the "deductability" is; that's very important because that is the percentage of the maintenance fees that go towards taxes and are therefore deductible on your income tax just like real estate taxes are on a home or condo. Both Condo's and Co-op's have associations, just like some areas have civic associations, so don't be scared off of a co-op based on stories from the past that co-op boards have ridiculous rules. I have sold both condo's and co-op's and to be fair, I would not mind either if I were shopping for myself.
Good luck,
Susan Monaco
Licensed Real Estate Broker
Owner/Broker
J.E. Monaco Real Estate
www.jemonaco.com
... more
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