Melanie Mazzeo

The difference between a Co-op and a Condo

Some of my first time home buyers want to know the difference between a Co-op and a Condo. Here is the difference between the 2. If you know the difference you can decide which would be better suited for them.



A Co-op:



When you buy a co-op, you don't actually own your apartment. Instead, you own shares of a co-op corporation that owns the building. Its like owning a Mutual fund. There are many shareholders and you own a piece of a company. The larger your apartment, the more shares within the corporation you own. Monthly maintenance fees cover building expenses including heat, hot water, insurance, concierge, and real estate taxes. Co-ops are generally less expensive then condos . Some of your monthly maintenance fees are tax deductible.



All prospective purchasers must be approved by the Board of Directors. The Board approval process is often time-consuming and rigorous -- requiring extensive information regarding finances, employment, and personal background. Monthly maintenance fees for co-ops are usually much higher than for condos. This is because the monthly fee includes part of the underlying mortgage for the building.
Many co-op boards limit the amount of the purchase price that can be financed and require higher down payments than are usually required for condominiums.



What is a Condominium:

Condo's are "real" properties. Buying a condo is much like buying a house. Each individual unit has its own deed and its own tax bill. Condos offer greater flexibility, but are often priced higher than comparable co-op apartments. Advantages of Buying a Condo
In most cases, buyers can finance a larger portion of the purchase price and put less money down.
When purchasing a Condo you don't have to deal with a board approval.
Maintenance fees are not tax-deductible.

Why Do You Have to De-Clutter?

When I take a new listing I go through the house and make a note on everything that I need to speak to the homeowner about. In today's age with the popular HGTV channel homeowners are more aware of what it take to sell a home. Sometime they tell me use we promise to de-personalize the space and we know we have to get rid of the clutter!

I want to clarify some things because I have been told its cruel to ask a proud family to remove all of their children's artwork off of the fridge. I also ask sellers to get rid of almost all family photos. I love family photos just as much as my sellers do. I have them displayed all through out my home! The reason why? It distracts buyers. That's it. Its quite simple.

I will give an example. I was working with a couple a few months back. I showed them about 30 properties. They looked at every family photo, every degree, every piece of family artwork and anything else that would tell them about the family living there. He was a therapist and this is what he did. Yes he was nosey, but if these personal things were not displayed he would have nothing to look at.

Another distraction is pets. I love dogs. When I preview a home and the homeowner has a dog, I immediately go over and pet the dog. I had a young couple that were animal lovers. If I showed them a home with a pet they were so distracted it was hard to show them the house. They would talk in great lengths to the homeowner about their pet. If I know that the homeowner has a pet, I ask them kindly to take the dog for a walk. If the homeowers really want to sell they are more than willing to do this.

It is a very simple solution to avoid distracting potential buyers. I always tell my homeowners start de-cluttering and packing now because I plan on selling your home quickly! It will be less work for them in the end when a lot of belongings have been packed!

Long Island Artist Jo-Ann is a wonderful artist. She did a house portrait for one of my sellers that I presented to them at the closing. They were so taken back by the thought. They loved it. The painting itself had captured every detail of the home that the owners were in amazement.

Here is a link to Jo-Ann's Website and alittle bit about her:

Started My Career Painting Scenic Northport, The Northport VIllage Park, Northport Harbor Dock, Northport Village, etc. Then I spread to neighboring towns such as Smithtown, & Port Jeff...Now I paint almost everywhere.
I have been featured on News 12, Plum TV, & Hamptons TV.
President of the Southampton Artist Assoc., and my Paintings are in many Galleries across Long Island.

http://joanncorretti.com/

A short sale is a real estate sale by a party in financial distress, who owes the bank more than the property is worth. The sale is for an amount lower than that owed to the bank, and the terms and conditions of the transaction muxt meet with the banks approval before the sale can take place. With that being said, if you your homeowner has been barely making the mortgage payments and are hanging on by a thread a short sale may be a option for them. Homeowners do not have to be behind in their payments. Most bank will accept the short sale even if homeowners are keeping up with payments. Some sellers owe more than what their home is worth. It just doesn't make sense to them anymore. I feel bad because each month they are so stressed with making the mortgage payments knowing they will not be able to keep up much longer...Get rid of the stress and have a better quality of life:) I think its great advise to help a seller in a financial strain.

melaniemazzeo.listingbook.com

Listing Book is a powerful and resourceful tool used by my sellers and buyers to stay on top of the current market conditions in their neighborhood. By using Lisitngbook they can see what homes are selling for in their neighborhood, keep on top of the price reductions, and view comprehensive marketing reports!

For Buyers: They can search properties, edit their own criteria, look for Open houses, pick their favorites, exclude homes they do not like...We are able to view what they choose as their favorites and if they choose other towns to look in. If they change the type of home, for example we as agents are notified. As an agent this enables us to give outstanding customer service and we are able to stay on top of what they want in their dream home. I have a had a great response from my buyers about this service.

For Sellers: Sellers can view their competition. When their neighbor's drop the price of their home my sellers will know. I have them calling me saying we have to lower our price because the house across the street did. Its wonderful!

For Agents: I use it for my CMA's ,Open House Flyer's, Composing e-mails, I get a free web site, and servicing all of my customers everyday with a personalized morning report that is automatically sent out to each member every day with my smiling face .

I have only explained about 25% of what Lisitingbook can do for your business.

Please click below to view listingbook!

melaniemazzeo.listingbook.com