183 Millard Avenue West Babylon NY Fishermans Wharf Coop For saleWest 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.


Jackie Connelly-Fornuff 
Century 21 AA Realty in Lindenhurst, NY

Serving the South Shore of Long Island of Suffolk and Nassau Counties: Long Island Residential Listing Agent, Buyer's Agent, Condo, Coops and Short Sale Specialist.

Always Moving at the Speed of You!                                                 

Jackie Connelly-Fornuff with Century 21 AA Realty Lindenhurst NY

Cell/Text: (631) 703-0201
Office: (631) 226-5995 Ext. 242
Email: JackieConnelly@optonline.net
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7 Comments on West Babylon NY Co-Ops: What Is A Co-Op?

JAN
02
2011
120,850 Points 1 Featured Post Outside Blog

My parents have a coop (condo) here in Phoenix AZ as a second home and it has worked out greeat for them.
9:54am • #1
547,588 Points 2 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Good Morning Jackie

Thanks for the post and co-op information. Have a greta day.
10:33am • #2
654,258 Points 49 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Hi John, they are affordable for sure!

Hi Patrick, You are welcome and Happy New Year!
11:49am • #3
1,520,789 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

The maintenance fee paid separately from the mortgage sounds a bit like an HOA or Condo fee, to make a comparison.
11:56am • #4
654,258 Points 49 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Hi Chris, maintenance fees have more in them than HOA fees.
11:58am • #5
388,883 Points 21 Featured Posts Outside Blog Called Shot Master

Jackie, great definition of condo expectations. I had my fair share of questions when my husband built condos, and I sold them.
7:43pm • #6
JAN
03
2011
654,258 Points 49 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Hi Ellen, obviously you knew what you were doing :) Condos are easier than co-ops when it comes to the details and financial requirements.
9:45am • #7

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Jackie Connelly-Fornuff Century 21 AA Lindenhurst NY

Lindenhurst, NY

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Long Island NY Real Estate Agent

Address: 1596 Straight Path, Lindenhurst, NY, 11757

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