Westchester Coops Are An Affordable Alternative

Westchester Coops Are An Affordable Alternative

Are you looking to buy property in Westchester but have limited funds? Consider a co-op. There are many units all over Westchester, White Plains, Ossining, Larchmont, Mamaroneck, Port Chester, Rye and many other areas that may be just right for you. The prices have never been lower and in some cases you can get a great deal under 100K.  Keep in mind there are maintenance fees but these fees include your taxes and usually heat and hot water. With a Co-op you are buying shares in the building. It is run by a board and they make the final decision on whether you can purchase or not. This can be a good thing. It means most of your neighbors have been vetted too! There is usually a flip tax that is normally paid by the seller. It is a fee per share. i.e. $7 per share, 340 shares would equal $238.00. Co-ops became popular in the 80’s when owners of large rental complexes saw an opportunity to cash in on their property. The owners usually kept several units for themselves and these are called Sponsor units, they sometimes sell for a little more because you don’t have to be interviewed and approved by the board. Some co-ops allow renting after you have lived in the unit a specific amount of time. Parking is usually not included in the sale and even if the current owner has a parking space, when the unit is sold it will revert back to the Co-op association and given to the next person on the waitlist. You can sometimes wait up to a year for parking but in most cases there is either street parking as is the case in Larchmont or municipal lots and garages like White Plains. You pay a monthly fee for either night/weekends or 24/7 depending on your needs. If you would like more information or would like to begin your search for your next new home please call me at 914-224-1388 and I will be happy to help you find the perfect home in Westchester!

Thomas Ricapito Headshot
Phone: 914-804-3048
Dated: August 8th 2013
Views: 3,200
About Thomas: I got into real estate sales by accident in 2006. At the time, I recently earned a Bachelor's Degre...

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