Buying or Selling a Home/Cooperatives

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Question
QUESTION: I can buy a new home in a cooperative for  $130,000.Monthly fee would be $1,792.00.Would this be a wise investment?Thanks!

ANSWER: Hi Randy,
Thank you for your question.

It is a little difficult for me to advise you on values in Texas.  I work in New York.

But, as a rule of thumb, you should compare the monthly cost of your purchase to the amount the property would cost you to rent.  Then you should also take into consideration the income tax return deductability of your monthly purchase costs (taxes and interest).  And thirdly there is the value of pride of ownership and the potential increasing in value of the property over time.

Hope this helps.
Hans

---------- FOLLOW-UP ----------

QUESTION: I failed to inform you that I will pay the $130,000 in cash.The monthly fee is for taxes,tv cable,garbage,snow removal,lawn mowing etc..Sound like a good deal?Thanks!

ANSWER: Hi Randy,

ON the surface it sounds high, but what are the amenities?
Pool, gym, golf, parking, central air, # bedrooms, can it be rented out and for how much?

Hans

---------- FOLLOW-UP ----------

QUESTION: No pool,no gym,no golf,does have heated underground parking,cost of c/a I pay additional,3 bedrooms.What do you think,good deal or not?Thanks!

Answer
Hi Randy,

Thank you for your questions.

Again on the surface it sounds high, but I do not know the surroundings.

Are neighboring complexes similar in cost?

You should ask a local Realtor for help in making this decision.  If you are buying from a builder and brand new there may be no track record.  

If you wish I can refer you to a Realtor in your town.

Thanks
Hans

Buying or Selling a Home

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Hans Weber, Licensed Broker Associate

Expertise

I am able to answer questions related to buying or selling residential real estate in New York. There are many questions buyers and sellers have about the process of buying or selling a home that they are afraid to ask or that might seem too simple to ask. For instance: in a house, why do some doors open in and some doors open out?

Experience

Licensed real estate agent in New York State in 1988.
Serving buyers and sellers as a full time occupation since 1988 with over 300 successful residential real estate transactions.

Organizations
National Association of Realtors.
Westchester County Board of Realtors.

Education/Credentials
Graduate of Pace University in 1988 majoring in business and minors in taxation and computer science.

Awards and Honors
Consistently one of top sales awarding winning agents for Coldwell Banker in Westchester County.

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