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Old 01-08-2008, 07:40 PM
 
1,567 posts, read 2,770,855 times
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650 for a 2br doesnt seem as bad
even the cheaper studios ive seen has been 300-400 and 700 for the more expensive ones
for 700 just in maintainace id rather pay rent
You can deduct the portion of the maintanace that goes towards the coops mortgage (they should tell you what % this is)
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Old 01-08-2008, 09:17 PM
 
Location: NYC
364 posts, read 1,782,802 times
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Quote:
Originally Posted by bxlefty23 View Post
650 for a 2br doesnt seem as bad
even the cheaper studios ive seen has been 300-400 and 700 for the more expensive ones
for 700 just in maintainace id rather pay rent
You can deduct the portion of the maintanace that goes towards the coops mortgage (they should tell you what % this is)
Thanks for pointing that out. First thing I'm going to ask in the meeting is about that %.
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Old 01-09-2008, 09:09 AM
 
Location: West Harrison
1 posts, read 2,643 times
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Hello! It all comes down to dollars and cents. If you can afford CONDO than certainly thats the avenue to go but if you can't like me it is better to have some equity than none at all. There is also the tax write off and the ability to make a profit if I buy now and sell 4 years from now when the market is better.

I am so tired of giving my money away to a landlord. TRUE, owning a coop with all the rules and regulations is similar in nature but its better than renting. What is sad is that educated people making a good living have to settle for apartments and can't afford to have the real american dream of the house with the white fence. We are more sophisticated now than ever and can't afford to have the benefits our parents and grandparent had. Booooooo

As far as White Plains Schools---- Here is my thought process. There are only a few terrible districts in westchester. (Mount Vernon, Greenburgh and Yonkers... The rest are certainly palatable. Scores are not accurate.

All of the schools that people say are terrible.. White Plains, Tarrytown, Elmsford... NO
First off all of these schools are excellent until middle school than things change a bit. Here is the thing, we still have a superior educational system compared to most of the US. Westchester has great schools. So no matter what school we send our child to they will receive a great education and get into a top college. it is all about the student and what they have to offer. less about the institution.

White Plains schools are fine its just that White Plains high school is huge and that makes for teenage trouble.. No different than any other large district.

Benefits of Elmsford it is a very small school so there is more individualized attention and a child is less likely to get lost in the crowd.

Tarrytown has a large latino population so I think thats why people turn their nose down at it.

I have a 14 year old child who went to Elmsford through 6th grade. I couldn't of asked for a better situation. The teachers are fabulous and my son did very well. Not to mention the music program is fabulous. I like many parents wanted to pull him before middle school cause I heard terrible things.

So we moved to Harrison and I absolutley hated the middle school. I will say that my child was not challenged, had less homework and overall sucked compared to Elmsford. (LESSON LEARNED) He is now in Harrison High and as far as I can see all is well but I am going to have to pull him at some point and put him in White Plains schools because I am going to buy a coop hopefully this year and do not want to live in Harrison. (NO DIVERSITY)
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Old 01-10-2008, 08:56 AM
 
490 posts, read 1,594,897 times
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Quote:
Originally Posted by EdJones View Post
Thanks for pointing that out. First thing I'm going to ask in the meeting is about that %.
____
Ed,
It is usually 50% (half goes to the taxes, half goes to the general maintenance of the property) Some give a little more, some a little less (I saw one that it was only 35% tax deductable once). What it is very important for you is to sign up for the Star Rebate. That way you get money back as a form of credit (to your maintenance charges) rather than a deduction at the end.

I supposed that because prices are higher now, co-ops make a better tax deduction (cause' you pay more interest...). When I had one, my deduction was hardly anything and I had to start donating my stuff to charity and getting receipts to make it worthwhile.

Let us know how it goes...
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Old 01-10-2008, 12:39 PM
 
Location: NYC
364 posts, read 1,782,802 times
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Quote:
Originally Posted by ambar371 View Post
____
Ed,
It is usually 50% (half goes to the taxes, half goes to the general maintenance of the property) Some give a little more, some a little less (I saw one that it was only 35% tax deductable once). What it is very important for you is to sign up for the Star Rebate. That way you get money back as a form of credit (to your maintenance charges) rather than a deduction at the end.

I supposed that because prices are higher now, co-ops make a better tax deduction (cause' you pay more interest...). When I had one, my deduction was hardly anything and I had to start donating my stuff to charity and getting receipts to make it worthwhile.

Let us know how it goes...
Interesting, thanks for the info. Pardon my ignorance, but I wasn't aware of the "Star" program you are talking about. Well, my broker mentioned that once but I never inquired about it again and I kinda forgot. I remember he said something to the effect of having to wait a year before you can apply. Does that sound familiar to you? Please excuse me for asking things that maybe I should have known at this point.

I need to pay attention to these details because getting a little breath in taxes is one of my main concerns in this deal.
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Old 01-10-2008, 12:46 PM
 
Location: NYC
364 posts, read 1,782,802 times
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Quote:
Originally Posted by Jrolan8717 View Post
I am so tired of giving my money away to a landlord. TRUE, owning a coop with all the rules and regulations is similar in nature but its better than renting. What is sad is that educated people making a good living have to settle for apartments
Well said. Too bad that having a good job is not enough to own the house you might need. I guess I'm in the same boat

As stated in previous posts, I have paid so much money in rent over the years...what a waste I just can't understand that some people do it for years and years.
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Old 01-10-2008, 01:45 PM
 
490 posts, read 1,594,897 times
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Quote:
Originally Posted by EdJones View Post
Interesting, thanks for the info. Pardon my ignorance, but I wasn't aware of the "Star" program you are talking about. Well, my broker mentioned that once but I never inquired about it again and I kinda forgot. I remember he said something to the effect of having to wait a year before you can apply. Does that sound familiar to you? Please excuse me for asking things that maybe I should have known at this point.

I need to pay attention to these details because getting a little breath in taxes is one of my main concerns in this deal.
___________
Ed,

I wish I knew half of what you know when I was buying!

Not aware you have to wait a year. I got my automatically because the previous owner had applied, and as I bought the place, it came to me. After that I did apply on my own, incidentally just around the first anniversary of having bought the place-but as I remember, it was just because the deadline is Dec. 31st.

Let me correct myself - A portion of the maintenance money would go to the up-keep of the property, another portion to taxes and another to help pay for the underlaying mortgage of the corporation. You are in fact carrying two mortgages when you buy a co-op.

Your best bet is calling the co-op managing company and asking what % is assigned to each (this inf can/should be in the official listing too). This will give you a good idea of what your tax break will really be. Make sure you ask how they split the deductable part between taxes and interest and what is the average Star rebate too. You don't need to wait to be interviewed for this...this is something you should do when considering buying a co-op. Every penny counts!
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Old 01-10-2008, 07:53 PM
 
Location: NYC
364 posts, read 1,782,802 times
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Quote:
Originally Posted by ambar371 View Post
___________
Ed,

I wish I knew half of what you know when I was buying!

Not aware you have to wait a year. I got my automatically because the previous owner had applied, and as I bought the place, it came to me. After that I did apply on my own, incidentally just around the first anniversary of having bought the place-but as I remember, it was just because the deadline is Dec. 31st.

Let me correct myself - A portion of the maintenance money would go to the up-keep of the property, another portion to taxes and another to help pay for the underlaying mortgage of the corporation. You are in fact carrying two mortgages when you buy a co-op.

Your best bet is calling the co-op managing company and asking what % is assigned to each (this inf can/should be in the official listing too). This will give you a good idea of what your tax break will really be. Make sure you ask how they split the deductable part between taxes and interest and what is the average Star rebate too. You don't need to wait to be interviewed for this...this is something you should do when considering buying a co-op. Every penny counts!
Ambar,

Half of what I know is coming from you.

I will call the coop management for sure early next week to see what they say about the %. Thanks for the idea

I had another question if you don't mind: Did you ever receive any additional dividends for your shares? I don't know if that applies to coops, but I know that it does in other residential buildings.
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Old 01-11-2008, 07:08 AM
 
490 posts, read 1,594,897 times
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Quote:
Originally Posted by EdJones View Post
Ambar,

Half of what I know is coming from you.

I will call the coop management for sure early next week to see what they say about the %. Thanks for the idea

I had another question if you don't mind: Did you ever receive any additional dividends for your shares? I don't know if that applies to coops, but I know that it does in other residential buildings.
_____

Ed,
No, co-ops do not pay dividends. You live in them, use them as a tax break, and hope to build some equity so when you sell, you walk away with some money. Maybe the dividend you are referring to is the interest paid on the security deposit of a rental?
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Old 01-11-2008, 08:28 AM
 
Location: NYC
364 posts, read 1,782,802 times
Reputation: 172
Quote:
Originally Posted by ambar371 View Post
_____

Ed,
No, co-ops do not pay dividends. You live in them, use them as a tax break, and hope to build some equity so when you sell, you walk away with some money. Maybe the dividend you are referring to is the interest paid on the security deposit of a rental?
When I was in Texas I had a friend who was co-owner of a very small rental building. At the end of the year, if they had a good year and the building didn't need any major repairs or if any of the residents defaulted on their monthly chargers, whatever was left as "extra money (after paying the underlying loan and maintenance people)" was given to the owners as dividend. So they would make extra money that year by means of being share holders of that building.

Does that make sense?

Based on your response I assume that a coop, even if is doing incredibly well financially, would keep any extra money in reserver for future repairs instead of giving it to the share holders at the end of the year.
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