x-post 09 board: Girls who own (or have owned) a co-op

FH and I need to move if we want kids but we can't really afford a house right now and we're planning to leave the Island in 4 years anyway. We don't want to rent but we don't want to get stuck with something we cant' sell in 4 years either. Living in a basement ***** but paying more than $1400/month for an apartment complex is also ridiculous.

So here are a few questions about co-ops and if you have any other insider info, it would be greatly appreciated:

Do you get the tax deductions like with a house?
Are the maintenance fees ridiculously high?
Are they easy to sell?
Can you sublet to someone else if you want to rent it out?

Thank you ladies!

I currently own a co-op and am in the process of trying to sell it. Below are the answers to your questions:

1 - Yes you get tax deductions. My maintenance is 50% tax deductable on top of deductions you get with holding a mortgage.

2 - It depends...a maintenacne fee for a 1 bedroom vs. a 2 bedroom are usually higher. It also depends on the financials of the bulding you are looking into, what the maintenance includes etc. Definitely ask a lot of questions regarding this when you look at a place. You also want to ask how often they've increased the maintenance.

3 - Well...you're basically at the mercy of a co-op board when you buy it and your at the same mercy of the co-op board when you sell it. They have the final say on whether or not the deal goes through...which is very frustrating.

4 - You can sublet if the rules for your building allow it. Some bbuildings allow you to sublet after living there a certain period of time, or they allow you to sublet for only a certain period of time or they allow you to sublet indefinitely. Most leasee's have to go through the board also from what I've heard. Again this is something to ask when you look at a place.

HTH's.

Pretty much same info.

1. You get tax deductions on the interest you pay on your mortgage as well as a portion of your maintenance.

2. Maintenance depends on square footage and of course ammenitites and neighborhood. Some maintenance may even include LIPA/ConEd

3. Selling depends again on location. I am in Bayside and the turn over is very good. Prices of coops have not gone down like the housing market. I bought a sponsor apartment so I did not need board approval but my buyer will have to be approved by the board. Some boards are much strickter than others. I have heard on LIW of people who had to have their FH's approved just to have them move in. I am the sole owner and did not have to have any approval to have someone move in with me.

4. Subletting varies. I know that I can only sublet for 2 years at a time or have an immediate family member move in. This is nice, it prevents people from buying them as investments and renting them out. The property is kept nicer since everyone living in mine is an owner.