Condo vs Coop | Monthly Fees Explained NYC

[@SargisMosyan]

Book your 30-minute call with me if you are looking to buy, sell or rent in NYC or if you just have questions about NYC Real Estate. calendly.com/sargis_mosyan/30min

[@elliewright214]

So I am assuming with those monthly payments there is no equity adding to your apartment right?

[@SargisMosyan]

Correct. Your monthly common charges and maintenance are going toward the operation and maintenance of the building. It has nothing to do with your apartment mortgage payments

[@avaramirez7777]

Great explanation

[@SargisMosyan]

Thank you Ava

[@kiarashjahan8780]

Great video !

[@SargisMosyan]

Thank you. Glad it was helpful

[@hervetenn3892]

Suze Orman says to not buy a condo or a Coop, but that's all their is in my price range. ugh!

[@keithwisdom1663]

If you can get on with low maintenance like under 400 is good and make sure they have a history of low increases... Also most of it may be property taxes which is deductible... Check for foreclosures or seller with issues looking to just get rid of property.... I got mine in 1990s for 59k. 15 yr mortgage and very low maintenance.. key is location price .... And quality of building the apt is in. 😊 Don't go by size. It's cheaper than a house to maintain.... house you have to pay for maintenance and equipment and lawn and roof and water heater and whatever goes wrong higher utilities and you probably will have more space that you will fill with more stuff😊😅😅😅

[@SargisMosyan]

Thanks for taking the time to share your thoughts about this topic. That's one of the main differences between owning a condo/coop vs a house, where the owner is responsible for everything. There is no one to share the cost of the maintenance and repair.

[@ASH-se6kr]

I’m looking for a Condo to buy , but since I have no experience I wanna ask how much I can make monthly clear if I’m renting it ?if hire property management and gross monthly income is about 1500$? I wanna know what the expenses ,thx

[@SargisMosyan]

You can reach out to me at [e-mail] and we'll schedule a call to talk about the details.

[@lukecunningham5914]

I think coops can work fine for me, but not now

[@SargisMosyan]

Great to hear that. You can let me know whenever you are ready if you need any help