New York City Co-ops - New York City Houses for Sale

New York City Cooperatives: Most New York City co-ops are incorporated and a board of directors governs the complex with the owner of each individual unit having one vote. The owner has no deed, only stock and a proprietary lease which has a term from 10-50 years renewable automatically or at the discretion of the shareholders. He/she cannot refinance his unit as a condo owner can. Mortgage, property tax and maintenance fees are paid pro rata by the owner according to the percentage of the overall size of the unit. Property tax appeals involve the corporation and the stockholders. A housing cooperative is formed when people join with each other on a democratic basis to own or control the housing and/or related community facilities in which they live. Usually they do this by forming a not-for-profit cooperative corporation. Each month they simply pay an amount that covers their share of the operating expenses of their cooperative corporation. Personal income tax deductions, lower turnover rates, lower real estate tax assessments (depending on applicable New York tax laws), controlled maintenance costs, and resident participation and control are some of the benefits of choosing cooperative homeownership.

Ask owners in the complex what they like and dislike about both the unit and the complex. How good is the sound proofing? End units and upper units generally sell for more when sound comes into play. How is its location in the complex? Is it near downtown New York City or will you have to commute? Next to an access street, parking facility, pool? Compare monthly association fees with other similar condo complexes and what amenities are included. Find out if any increases in fees or special assessments are planned. Is the condo homeowners' association in good financial condition. Before making a purchase offer, obtain the latest financial statement from the homeowners' association. Look for units that are not adversely affected by these. When buying into a cooperative in New York City, it is always good to ask lots of questions.

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New York City Houses for Sale - New York City Co-ops