West Babylon NY Co-Ops: What Is A Co-Op?
Co-ops are more affordable than a single family home for the most part. You own shares, not the unit.
Fisherman's Wharf in West Babylon NY is a Co-op development. This particular development either has lower units or upper units. There are no duplexes.
All co-ops have maintenance fees. That fee includes your share of the property taxes, management fees, landscaping, snow removal, mortgage on the property if there is one, pool maintenance, clubhouse, property insurance, sewer, water, garbage removal, plumbing and electrical inside the walls.
Buyers are less shocked once they find out why some maintenance fees are high. You pay your maintenance fees separate from your mortgage and is payable to the Management company that manages the co-op development.
Maintenance fees are tax deductible up to 65% but you have to consult with your tax professional regarding this.
Board Requirements: Co-ops have a board. All potential buyers must meet financial requirements. Some developments are more lenient than others when it comes to financial requirements. The Board approves all buyers with an informal meeting before you go to closing.
It is imperative that the listing agent and the buyer's agent know what they are doing when it comes to co-ops. The listing agent needs to know all of the above and the Buyer's agent needs to know the right questions to ask the listing agent. Also, hiring a real estate attorney that knows co-ops is extremely important!
Because you need the Board's approval to live there, closing on a co-op can take up to 90 days, sometimes less.
Also remember that a co-op is also an investment just like any other home.
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