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We currently sublet in Forest Hills. We are thinking of owning in the Forest Hills/Rego Park/Kew Gardens area. We are looking for a 2 bedroom, 1 bath.
My question is that we are not sure what they cost to buy into. We are looking at around 150k to 210k max. Prefer 180k. We don't care about doormen or fitness areas. Just a nice two bedroom, near a subway or at least close to a bus that goes to a train. Has to be fairly close to the Grand Central.
Let's say we put down 20k on a 180k 2 bedroom in Forest Hills. Do we have to pay property taxes? Home insurance? School taxes? I know there is maintence fees but how are they calculated and what do they include?
The maintenance fee on a co op includes a prorated(by number of shares in the corporation that owns the building) share of real estate(property) taxes,a pro rated share of whatever the building's mortgage payments may be and a prorated share of all the other costs associated with running and maintaining the building including staff salaries,water service,management service,supplies,daily maintenance,etc.The portion that goes to pay the taxes and the interest on the building's mortgage is tax deductible but the portion that goes to pay for the building maintenance is not.
Some co ops include gas and or electric in the monthly maintenance charges but most do not and the inclusion of gas is much more common than the inclusion of electricity.
The total maintenance charges can vary widely from building to building depending on the size of the co op,the number of employees,the size and terms of the underlying mortgage and building amenities like gyms,gardens,etc.Most co ops have at least a live in super,many have a super and a full time handyman and many have a super,handymen,groundskeepers,doormen,etc and some have no paid employees at all and rely on a management company to deal with all building issues.
The "average" maintenance fee in a NYC Co Op is about $1.76 per sq ft/per month so on a 1,000 sq ft apartment that would be around $1,760 per mo but can fluctuate a lot depending on location and all the other factors listed above. Co-Op Maintenance Fees Rise | The Sargent Report: Tony Sargent
Tax deductibility is generally in the 25% to 50 % range.
Let me add that IF electricity is included (and thus the entire building uses a single meter which is common in older co-ops) consider this a BIG plus because not having to worry about the expense of $.29 per Kwhr electricity every time you hit the air conditioner button is such a nice perk.
And larger buildings can and do negotiate lower bulk rates with Con-Ed.
The largest factors in maintenance costs for co-ops is the size of the staff (doormen, handymen, porters) and the size of the underlying mortgage requiring monthly payments to banks ad infinitum. This mortgage can go from zero to breathtakingly large.
Taxes are included in a co-op maintenance bill and the City is pretty kind to co-ops taxwise.
I have the STAR tax relief that I get a credit at the end of the year, and therefore I have no maintenance payment due in December, and half a payment in January, and since my Co-Op is all paid off I am a happy camper. yay !!
Tell us about the STAR tax relief program, nightcrawler.
It sounds like something I would hate not to be getting if I am entitled to it.
Go to NYC.GOV
STAR FAQ
It is a tax relief that lowers property taxes. Our Co-Op gets the reduction than issues the owners a letter stating the amount then we just deduct it from our maint payments.
I have had this since I took ownership from my co-op since 1995, so I really don't remember the forms I filled out, and the internet was not really up in the year 1995...
But I am sure you will be able to navigate the site, and I also hope that you are entitled to it as well. It is truly a blessing, love it.
Your co-op owners should have told you about this. I was told this right when I took ownership of the apartment.
Yes,me too.Our management company sends out notices and practically beats people over the head to get them to fill out the paperwork.
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