Is anyone familiar with co-ops?

nov2004bride Posted: Apr 29, 2004 12:38 PM

Is anyone familiar with co-ops?

We are going this weekend to look at co-ops but I have heard some awful things about them. Can someone tell me how they work? Thanks

gpsyeyes Posted: Apr 29, 2004 12:44 PM

Re: Is anyone familiar with co-ops?

i owned a co-op from 97-01 in Oakdale. You are buying shares of a corporation, not the premises. Basically, that means that you can not make changes to the outside and changes to the inside (usually major) have to be approved by the Board of Directors. You pay a monthly maintenance fee which usually includes your share of the property taxes on the entire property and any mortgage the co-op community may have. You pay your own mortgage separate. The lower the maintence fee, the better, but, you are able to deduct the interest of any mortgages (yours and the co-op's) and property taxes on your tax returns. Depending on which one you are buying into, they can be great. Mine was not too strict on the rules and kept the place beautiful. I made alot of money on when i sold it and overall, was very happy buying it. Check with your local real estates to see what they are going for and see if you can get an idea of the turn around (how long people live there or are they buying and then leaving). Also, you want to find out the ratio of owners to renters (the higher owner occupied units the better). Good Luck. Hope this helps.

kpny622 Posted: Apr 29, 2004 01:44 PM

Re: Is anyone familiar with co-ops?

gpsyeyes gave a great description - just also remember that maintenance fees are not fixed forever and can go up and up at any time

november12003 Posted: Apr 29, 2004 03:53 PM

Re: Is anyone familiar with co-ops?

I own a co-op too. My maintenance fees also include gas, heat, water, building maintenance (garbage removal, snow removal, lawn, etc), as well as taxes and building mortgage. Our maintenance is pretty high, but we end up getting a lot back at tax time. Anything specific you want to know??

nov2004bride Posted: Apr 29, 2004 06:25 PM

Re: Is anyone familiar with co-ops?

Thank you so much! This was all so helpful When the real estate agent told us that she would show us one, I really had no idea what it was. I knew you girls could help me

nov04LIbride Posted: Apr 30, 2004 11:49 AM

Re: Is anyone familiar with co-ops?

We have been looking A LOT at co-ops lately, so if you want my opinion on the best/worst in Suffolk FM me!

nov04LIbride Posted: Apr 30, 2004 11:54 AM

Re: Is anyone familiar with co-ops?

I wrote this up in response to another post yesterday, but I will post again here for your benefit...
Co-op means that when buying you will have shares in the entire complex. It is governed by a board, who then decides how much $ will be allocated for upkeep, etc. Generally co-op prices are lower, but maintenance fees for ones we saw ranged from $650-800 a month, in addition to mortgage, etc. The maintenance fees vary in terms of what they include (heat, hot water, etc.).
Some co-ops are risky if the board decides to keep maintenance fees lower and not invest in upkeep, new roof, etc. It could lower the resale value in units in the whole complex. We were looking at a co-op in Smithtown, but didn't wind up getting the apt. we wanted so we backed out.

nov2004bride Posted: Apr 30, 2004 01:46 PM

Re: Is anyone familiar with co-ops?

Thank you very much. We are actually looking in the Rockville Centre area. We actually are told of one that has a monthly fee of $1300 and the co-op is $358,000. I think that is ridiculous. I can buy a house for that much. I can't wait to go look at them. We are going on Sunday Thanks again!!

MRSJLK Posted: Apr 30, 2004 02:19 PM

Re: Is anyone familiar with co-ops?

This is great info! We are also looking into Co-ops and this was very helpful!

Good Luck Allison

nov2004bride Posted: Apr 30, 2004 07:07 PM

Re: Is anyone familiar with co-ops?

Back off our co-ops Jen

Good Luck

DjPiLL Posted: May 01, 2004 10:15 AM

Re: Is anyone familiar with co-ops?

I live in a co-op in queens. I am in a 2br... $530 maintenance. Co-op is very financially stable. Cannot complain.

I had a 1br in the same co-op that I sold last year. Made a 60% profit on it.

I like co-ops cause frankly I am a lazy person. Its nice to have people taking care of the grounds, lawn, all the general common stuff I would have to do if I owned a house.

nov2004bride Posted: May 01, 2004 10:40 AM

Re: Is anyone familiar with co-ops?

Are you allowed to paint your walls, put new carpet or change bathroom fixtures without getting permission? Is this considered minor work?

Miro127 Posted: May 01, 2004 10:52 AM

Re: Is anyone familiar with co-ops?

Posted by nov2004bride

Are you allowed to paint your walls, put new carpet or change bathroom fixtures without getting permission? Is this considered minor work?

We live in a co-op and did all those things w/o needing permission. The one thing that annoys me about our co-op is that we cant get major deliveries or work done on the weekend. but overall, I cannot complain at all, I love it here!

DjPiLL Posted: May 01, 2004 11:06 AM

Re: Is anyone familiar with co-ops?

You can definitely paint your walls whenever. Pretty much you can do any work on your apartment whenever you want if it doesn't make noise. If you are doing hammering and such.... then its just common courtesy (and the rules) to do it during business hours during the week.

I can get deliveries whenever I want... they just want all deliveries to go through the basement service entrance.

If you are doing bathroom work... you definitely have to be careful. If you need water shut off (work done past the valves inside your apartment) you have to coordinate a water shut off with the building. Also... I know many instances where people did their own bathroom work without getting the co-op involved.. and ended up springing a nasty leak and doing damage to other apartments.

Moehick Posted: May 02, 2004 10:10 AM

Re: Is anyone familiar with co-ops?

I live in a 2 br right on the Queens/Nassau border. It is great I get a Long Island address with the Queens price tag. Our maint. fee is $640 and includes gas, heat, taxes, building upkeep, outside maint. We have gotten deliveries and work done on weekends, no complaints. You can paint or put new carpet in whatever you want. When we brought ours it was totally renovated, new kitchen, bathroom and carpet for an unbelievable price. FM if you want more info

nov2004bride Posted: May 02, 2004 11:54 AM

Re: Is anyone familiar with co-ops?

Thank you very much for your help. We were supposed to go today but our agent never called us. She said this morning she will call and let us know what time to meet her but nothing yet I am not going to call her to see what's going on. If she can't call, I don't want to give her any money Oh, well back to the drawing board

Another question, do co-ops have there own washer/dryer or is there a laundry room? Thanks