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I hope so - the mortgage sez $783. so I am assuming that the $1170 is mortgage+maintenance. I love the place - its close to the train, and I am teaching myself Cantonese, so living near a Chinatown is very appealing, despite the summer pee smell....will keep all of this in mind. Thanks everyone
I hope so - the mortgage sez $783. so I am assuming that the $1170 is mortgage+maintenance. I love the place - its close to the train, and I am teaching myself Cantonese, so living near a Chinatown is very appealing, despite the summer pee smell....will keep all of this in mind. Thanks everyone
There is absolutely no way that the mortgage and the maintenance on a $200,000 coop will be only 1,170/mo when the listing on the realtor's website states that the maintenance alone is 787/mo.
A 160,000 loan,standard on a 200,000 purchase with 20%($40,000) down,would be 763/mo even at the lowest possible current interest rates(4%). That would make the lowest possible total payment $1,550/mo unless you are putting up a huge down payment.The only way to get the loan payment down to around 400/mo,which is what would be required to make the total payment be in the $1,200 range, would be if you have $100,000 to put up as a down payment and your loan would only be for 1/2 the purchase price.
I hope so - the mortgage sez $783. so I am assuming that the $1170 is mortgage+maintenance. I love the place - its close to the train, and I am teaching myself Cantonese, so living near a Chinatown is very appealing, despite the summer pee smell....will keep all of this in mind. Thanks everyone
Stop assuming! Your assumption is incorrect. Listen to bluedog. As he said, if you click through to the realtor's site (click where it says Fillmore.com) you will see the actual listing for the place that does list a maintenance fee of $787/mo.
All you have to do to figure out your payment is add your mortagage payment (which you can find by using one of the mortgage calculators) to the maintenance.
So $787 + mortgage payment = your total monthly payment.
The maintenance is fixed (for now!); it's the mortgage that can vary depending mostly on how much you put down and your rate.
Also don't forget that maintenance costs do rise over the years as well, and sometimes coops have something called an assessment for a building costs that cannot be covered by the coop's existing funds. i.e. an elevator that needs to be replaced.
So when you speak to the realtor or if you get closer to making a deal, you will want your lawyer to check the financial health of the building.
That is high for maintenance even though it is tax deductible.
What type of amenities are you getting for that money?
We don't have any amenities in our building at all, none, so our maint is very very low, it is basically for real estate taxes and water and sewer.
I am ok with it because it keeps it low. However sometime you can get assessment charges for a year, we did everyone had to pay an extra 50 bucks for the waterproofing....then after the year it went back to the regular amount.
That is high for maintenance even though it is tax deductible.
What type of amenities are you getting for that money?
We don't have any amenities in our building at all, none, so our maint is very very low, it is basically for real estate taxes and water and sewer.
I am ok with it because it keeps it low. However sometime you can get assessment charges for a year, we did everyone had to pay an extra 50 bucks for the waterproofing....then after the year it went back to the regular amount.
$787.00/mo is actually not a high maintenance for a 2 br,2 bath,1,250 sq foot apartment at all.
Figuring your maintenance per sq foot is the only way to really compare and the city wide average maintenance per sq ft is over $1.00 /sq ft/mo. The maintenance on this apartment is 65 cents per sq ft per month.
I have looked at many apartments in my days and .65 cents per sq ft is one of the lowest I've ever seen.
And don't forget that most newer apartments,built in the last 10 or 20 years are much,much smaller.Many 2 br apartments these days are only 700 to 900 sq ft. This apartment is over 1,200 sq ft.That's why you have to compare on a sq ft basis .You can't compare a 1,250 sq ft 2 br with a 750 sq ft 2 br.
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