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Old 11-20-2011, 04:15 PM
 
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I saw a condo today and they have common charges at $256 monthly when I asked what the included the realtor was kind of stumped and worked around my question without giving me a specific answer.
What should these common charges cover and are maintenance fees another cost for a buyer. Will there be two monthly charges one called common charge without utilities and another so called maintenance fee?
If there is anyone that could clarify this for me I will appreciate it greatly.
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Old 11-20-2011, 04:59 PM
 
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It depends on the building. But normally it includes stuff like building staff salary, operational expenses for common spaces such as hallway, elevator, lobby, amenities, and then water, gas usage, cool and hot air, etc.
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Old 11-20-2011, 05:22 PM
 
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monthlies for condos are called common charges (vs maintenance in a coop).
As with above it covers all operating expenses of the building, which may cover a possible management co, condo insurance, the items above, etc..
a condo annual financial report (a small building may not do one) will detail how the money is allocated.
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Old 11-20-2011, 05:48 PM
 
Location: No Sleep Til Brooklyn
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If the realtor doesn't know, you need to work w/ someone else.
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Old 11-20-2011, 06:04 PM
 
Location: The Milky Way Galaxy
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The realtor will not know the specifics, you need to contact the condo board. The realtor should've been more helpful though and pointed you to a condo board contact.

But yes, common areas that require upkeep such vacuuming and lighting as well as general garbage/recycling collection. It really depends on your condo setup.
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Old 11-21-2011, 07:51 AM
 
Location: Manhattan
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The big question becomes utitilites.
Probably most Common Charges (or HOA fees) in NYC include heat and hot water but most do NOT include electricity, primarily charges for air conditioning.
But be warned, in many newer buildings, builders have installed cheap HVAC units with hot water heaters. If you have something like this that is all-electic, your utilities will be OUT OF SIGHT. Elecrtrical heal is the dumberst waste of money ever devised by cheap builders, and they have come up with some doozies.

The difference between Condo fees for a condo, natch, and Maintenance fees for a co-op is the latter always includes real estate taxes and an amoriztion of a large building-wide mortgage.


Just speaking in general, that $236 is quite low: can I guess no 24 hour doorman?

The first questiion every potential condo owner must ask is "What is included in the Common Charge, HOA, or Common Fee?" whatever they call it.
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Old 11-21-2011, 08:22 AM
 
Location: Bronx, New York
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Maintenance (coop) normally covers inside your unit.

Common charges (condo) normally covers outside your unit, or common areas.
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Old 11-21-2011, 09:34 AM
 
Location: Reno, NV
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Quote:
Originally Posted by scatman View Post
Maintenance (coop) normally covers inside your unit.

Common charges (condo) normally covers outside your unit, or common areas.
I don't think that's right. Maintenance (coop) and common charge (condo) essentially pay for the same stuff, as outlined above (staff, expense of operating common areas, etc). The major difference is that in a condo you also have to pay real estate tax on your unit. So in real estate ads for a condo you will often see the monthly common charge AND what the real estate taxes are. In a coop, since you do not have a deed to your apartment (you have shares in the corporation and a proprietary lease), you are not billed by the city for real estate tax. Your monthly maintenance helps to pay for the real estate tax the corporation (the building) owes.

Also see: http://www.villageconfidential.com/t...s-and-condops/

Last edited by nyctc7; 11-21-2011 at 09:44 AM..
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Old 11-21-2011, 10:09 AM
 
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I agree with the above. Maint in a coop does not cover the inside of your unit. If you require unit specific repairs, condos or coop, you pay someone else of your choice for that service.
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Old 11-21-2011, 10:13 AM
 
Location: Pelham Parkway
518 posts, read 1,336,926 times
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Quote:
Originally Posted by upsondowns View Post
if the realtor doesn't know, you need to work w/ someone else.

this^^^
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