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02-27-2008, 09:39 AM
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Senior Member
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Join Date: Jul 2007
219 posts, read 223,191 times
Reputation: 42
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Question about "Common Charge"
When I see a listing in a Homeowner's Association, is the "common charge" a monthly charge? I know this is remedial, but sometimes the fees seem very high.
Is the answer the same for co-ops and condos, as well?
Do these fees change when a unit is sold? Are they set for a finite period of time regardless of turnover? When if ever, do they change?
Thank you.
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02-27-2008, 09:49 AM
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Senior Member
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Join Date: Mar 2007
Location: Island of long
1,572 posts, read 1,026,090 times
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The actual fees for the above listed living arrangements vary widely. In a co-op community the dues are called "monthly maintenance". Most of these include taxes, heating, insurance for common grounds, the pool, the clubhouse, landscaping, garbage removal & maintainence to the community grounds.
Townhomes & condos' maintenance usually only includes fees for the up keep of the common property. The owner usually pays everything else & takes care of everything else.
This is why your seeing such a varied range of fees when you look into different communities. Keep in mind that co-op monthly fees are tax deductable, anywhere from 30-65%.
Last edited by rocafeller05; 02-27-2008 at 09:58 AM..
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02-27-2008, 10:06 AM
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Real Estate Agent
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Join Date: Aug 2007
Location: East Northport, NY
1,875 posts, read 1,326,366 times
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Keep in mind, when you are comparing condo to co-ops, maintenance charges for co-ops include property taxes. On condos, you are responsible for property taxes in addition to the monthly fee.
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02-27-2008, 10:09 AM
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Senior Member
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Join Date: Jul 2007
219 posts, read 223,191 times
Reputation: 42
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Thank you! So, do the fees in a homeowner's association work the same as a condo then?
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02-27-2008, 10:48 AM
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Real Estate Agent
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Join Date: Aug 2007
Location: East Northport, NY
1,875 posts, read 1,326,366 times
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In general, yes. But each one is different. Make sure that you clearly understand up front what is and is not included in the monthly fee.
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02-27-2008, 03:21 PM
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Senior Member
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Join Date: Oct 2007
169 posts, read 118,869 times
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hi there! my husband and i live in colonial woods right off william floyd pkwy in yaphank. It is a condo development and we have a monthly common charge. ours is about $230 a month, but the condos that are a little bigger than ours pay a little more. That pays for the sewer/water. landscaping, plowing, any maintence to the outside of your condo, and the development is responsible for the roofs also.
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02-27-2008, 06:23 PM
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Monitor
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Join Date: Jul 2007
Location: santa cruz california
4,346 posts, read 3,356,988 times
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Yes, that is the same for us in Babylon Village.
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