Thinking about buying a co-op on Long Island. What should I know?
November 22, 2009 by Builder Wong
Filed under Maintenance & Repairs
So here have been a couple of questions about co-ops as well as if we have any alternative insider info, it would be severely appreciated:
Do we get a taxation deductions similar to with a house?
Are a upkeep fees ridiculously high?
Are they easy to sell?
Can we lease to someone else if we wish to lease it out?
Thank you!
The one thing about Long Island is that it’s the most expensive place to live. Taxes here are ridiculous- I’m paying about $16,000 per year. As for resale, it all depends on the time of the market. There was a high demand for Long Island housing about two years ago, and since then its calmed down. As with NY state income taxes, there are several deduction, I’m sure you’ll find something to deduct.