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I'm considering getting into a co-op in Fleetwood. There's several nice-looking units close to Fleetwood Metro North station, which would be ideal commute to the city for me.
I've googled enough about Mount Vernon to stay away south of zip 10552, which is from what I understand Mount Vernon South close to the Wakefield border to the Bronx.
I've also driven around Fleetwood area and it looks nice.
That being said; for those of you in vicinity of Fleetwood; few questions:
- Does HOA include taxes?
- Does HOA go away after paying off mortgage?
- If taxes aren't rolled into HOA, what is typical tax bill for 2-bed co-op in this zip?
- Do you find neighborhood quiet and family-friendly?
Co-op I'm looking at is 1500 sq ft 2-bed short walk away from Metro North station, and it comes with a parking spot at closing which I'm finding it difficult to find as most have wait lists.
How common is it for boards to require 20% down? I'm first-time buyer and don't want to spend that much cash upfront if possible.
Co-op I'm looking at is 1500 sq ft 2-bed short walk away from Metro North station, and it comes with a parking spot at closing which I'm finding it difficult to find as most have wait lists.
How common is it for boards to require 20% down? I'm first-time buyer and don't want to spend that much cash upfront if possible.
20% down?
Very common with coops, in my experience.
I am in the process of closing a town up in Bronxville and I found some coops asking for 25-50% down! lol.
I am in the process of closing a town up in Bronxville and I found some coops asking for 25-50% down! lol.
I would agree with this, in my experience, 20% down is on the low side. A co-op is a very serious form of home buying and is not for everyone. You are not buying a piece of property, but voting shares in a corporation that owns a piece of property. It is truly community ownership. Be careful and make sure you know what you are getting into. Good luck and best to you.
The amount of down payment required depends upon how easygoing/lenient a co-op board is. Ask your realtor. Also, a seller would probably choose the buyer who's putting down 20% over the buyer who's putting down just 10%. Keep in mind that if you put down only 10% you will be paying PMI, and the board may require you to put X months' worth of maintenance in escrow if they are uncomfortable with your finances (or they may just reject your application). You can avoid the whole board approval process if you can find a sponsor unit or a condo instead. :-)
I'm finding most inventory in this area is co-ops. And provided their requirements are not Draconian, I have nothing against it. It is for me and my kid and I intend in staying put.
But it also has to work for me. I don't want to feel like I have to tip-toe around not to upset anyone, or be scrutinized if I want to have company over. It's those details that only people who live in a co-op would know what it's like, and what I'm really interested in knowing before I make a decision.
IMO, as long as you follow the House Rules and are considerate of your neighbors, the board isn't going to pay attention to what you do. At least that was how my former co-op in Bronxville PO operated.
I'm considering getting into a co-op in Fleetwood. There's several nice-looking units close to Fleetwood Metro North station, which would be ideal commute to the city for me.
I've googled enough about Mount Vernon to stay away south of zip 10552, which is from what I understand Mount Vernon South close to the Wakefield border to the Bronx.
I've also driven around Fleetwood area and it looks nice.
That being said; for those of you in vicinity of Fleetwood; few questions:
- Does HOA include taxes?
- Does HOA go away after paying off mortgage?
- If taxes aren't rolled into HOA, what is typical tax bill for 2-bed co-op in this zip?
- Do you find neighborhood quiet and family-friendly?
TIA!
- Does HOA include taxes? For a co-op, the property taxes are included in the maintenance. You will receive an annual statement that tells you what portion of the maintenance is taxes and you can deduct the taxes on your annual income tax.
For condos - you pay the monthly maintenance separate from the property taxes. The maintenance fee in a condo is called the HOA
- Does HOA go away after paying off mortgage? No, this is an on-going fee that covers maintenance, staffing etc. It doesn't matter if you own the home free and clear, or have a mortgage.
- If taxes aren't rolled into HOA, what is typical tax bill for 2-bed co-op in this zip? For co-ops it is included in the monthly maintenance because you are paying your pro-rata share of the buildings overall property taxes.
- Do you find neighborhood quiet and family-friendly? The neighborhood is a blend of city and suburbia, and is home to young families and singles, and empty-nesters
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