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I own a co-op, I get the STAR tax relief at the end of the year, making no payments for the maintenance for December and part of January. The maintenance is also 50 percent tax deductible.
Our owners are very lienient, we have very few rules, all the owners are happy and the renters as well.
the building is kept well, and we have few problems, if any.
If you own it, it is considered chattel and not real property. But you can sell it and it's cheaper than renting. It is hard to get a loan so you would most likely have to find your own funding or pay cash. Also most people in NYC do not have a car, but say for car insurance purposes they may not give you a home owners discount, and the same for other places, you can call yourself a homeowner, but in reality you are not.
WOW! Thank you guys for sharing this information because my grandfather has owned co-ops ever since the beginning. Each of his family members lived in apartments he purchased for them, but they have all passed away except him. He is 107 years old now, and of course, my mother will inherit them if she hasn't already taken ownership.
My concern is, my mother is also getting older (77), and since her oldest sister just passed away a couple of weeks ago at 80 years old, I need to learn more about co-ops in case they are left to me. I do have other siblings who are very capable of handling them too. However, none of them have ever seen them nor do they ever travel to New York. Moreover, since they are all are married with families and own their own properties in the south, I don't think they will be interested. I am divorced with only one daughter who has graduated from college, working and is living on her own.
So, I get the feeling I will be left with the responsibility of my grandfather's co-ops, especially since I was asked to go to New York back in 2006 to check on two of his apartments after we moved my grandfather down south to live with my mother. His apartment was empty with a squatter occupying it, and my great aunt was still living in the other one, who eventually passed away too. So, I am trying to learn as much as I can now in case I am asked to take on that responsibility.
I live in a co-op in Portland Oregon modeled after New York co-ops. Buyers purchase shares in the co-op corporation, they do not 'own' the apartment. You should see if the co-op corporation will share with you their rules on the transfer of shares. You should also ask how the shares are titled. The co-op should not permit anyone other than the shareholder or their immediate family members to occupy the unit.
Any co-op with a squatter occupying a unit should be sued, IMHO.
Yes you are a homeowner, you are not a renter you can not be told to vacate the apartment or switch to a different one. The only way you can be forced to move is if the majority decide to sell for a huge profit if such an offer comes in, in which case you would get your share of that windfall.
I was looking a while back for a relative to retire in a 55+ co op mobile home community. The starting point for older homes was about $30K which included the share and the home. There were about 500 units and it was a huge development. Say an investor wanted to buy the place for $250 million to build luxury condo buildings. Each tenant would have gotten $500k for their investment. That's not likely to happen but it's your home and land until you sell it, you just own it as a share instead of a deed.
In NYC older condos are co ops. You do own the unit but you own it as a share. You are not a renter. Normally the HOAs run higher because I think part of the taxes are built into the comon/HOA fees as well as any payments that were made to purchase the building originally as well as upkeep. Condos are better and easier to sell and more valuable. But co op is better than renting.
inheriting a co-op doesnt mean you have to sell it.
When it comes to children most co-op leases at least here in nyc say ,that the board cannot unreasonably withhold the right of offspring to occupy apartments they have inherited.
Sounds like nepotism: I need approval to buy a co-op and some punk doesn't need approval because he won the genetic lottery.
in fact as a partner in some investment co-op apartments with the original sponsor , i need no board approval to rent or sell the ones i own .
that is a perk sponsors have . everyone else is subject to approval .
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