NYC apt maintenance costs (apartment, lease, condos)

[mdswines]

My wife and I have long been considering living in NYC for a couple years. I was wondering about maintenance costs if I were to buy an apartment.

Do virtually all apartment buildings have maintenance costs? It seems like the answer is yes, and that they are all in the $400-$800 price range. (at least, according to the price range I was looking in.)

Do these maintenance costs usually include utilities or property taxes?

Thanks for your help. I love the city but think it may be wiser to rent if only for a couple years.

[atlantagreg30127]

I have a friend who lives in a studio in NYC and we were talking about this not long ago. I had watched a house hunter show on HGTV and this was mentioned and her confirmed it.

In his building, he pays $650 a month for the fee, and in his, it includes cold water and that's it. He said it averages around $600-$800 in the nicer buildings. I think some might include heat, but you're at the whim of whatever temp they decide to set it at (no individual controls, etc).

[Viralmd]

If you rent, it's rent. If you buy a condo, there are taxes and monthly fees, if you get a coop, there's monthly maintenance. No getting around it - you pay.
The fee depends on the size and floor (how high up) of the apartment. Bigger and higher = higher fees. And you can get assessed if there are unexpected expenses. Plus don't forget electricity, gas, phone, cable.

[bmclasky]

I live in Brooklyn, N.Y. and I bought my 1 bedroom coop about 6 years ago for 140,000 and they just raised the maintenance fee to 719.00/mo. I think this is high and when my radiator leaked it compromised the wall they didn't fix.-----I would like to know why I have to pursue them to fix anything?

[Viralmd]

Originally Posted by bmclasky

I live in Brooklyn, N.Y. and I bought my 1 bedroom coop about 6 years ago for 140,000 and they just raised the maintenance fee to 719.00/mo. I think this is high and when my radiator leaked it compromised the wall they didn't fix.-----I would like to know why I have to pursue them to fix anything?

First, if the radiator was IN your apartment, it's YOUR responsibility to have it fixed. Check your proprietary lease. The super should be getting someone in to repair it, and you may or may not (depending on the terms of the proprietary lease) have to pay for this.

You've already posted about the maintenance going up. Inflation is playing a role, as well as increasing costs of everything that go into maintaining a building. This is what you signed on for when you bought your shares in the building. Did you honestly think that your maintenance wouldn't change?

[bmclasky]

There is one way around it if you can--don't buy a coop. This is the first time I did because of a divorce and I always owned a house--even when I was single---you have to run around to get them to fix problems that you didn't cause>

[nyctc7]

I lived with my folks in their Manhattan co-op for about five years. It was a 15 unit self-managed co-op. Being self-managed saved money, but at a trade off. My folks were involved in the co-op's running, so I got to see first hand the trials and tribulations of co-op living.

1. Some don't view owning a co-op any different than renting, other than they will get to sell their apartment when they move. But owning an apartment IS like owning a house.

2. Some want to get involved with the running of the co-op, while others do nothing (except complain).

I remember one owner just couldn't wrap her head around the fact that she was an owner, not a renter, and that there was no landlord. She would talk to the president of the co-op board as if he was the super.

I remember one owner who would never lift a finger to do anything for the co-op.

I remember one owner who sued the co-op, which is in effect suing your neighbors. Because of outdated bylaws, the building had to pay them. In the documents the roofs are common areas, but those on the top floor use roof space as terraces. So even though it was for their private use, they sued the co-op to do repairs. Nice.

NOTHING would get done. Nobody could agree on anything.

I swore that I would never become part of a self-managed co-op.

P.S. as to co-op maintenance fees and where some of it it goes: Upkeep and repairs of the common areas (e.g., the electric bill for hallway lights and the elevator), paying the staff, paying the building's property taxes, paying off any mortgage (on the building as a whole) that may exist, and maintaining a reserve fund. Condos are a little different.

[bmclasky]

The point is not that I didn't think it was going up---The point is that it all goes up! It was their problem for not maintaining the building. They have an emergency number that I called immediately that did nothing and the super was not around when he is supposed to be.It sounds like you are privy to information. When I read my lease it says they are responsible to fix plumbing, electrical, windows and the wall structure. Where did you get your information?

[Viralmd]

What information are you talking about?

It's likely that your lease stipulates that if the damage is INSIDE the substance of the wall, it's the building's responsibility, but if it's physically in your apartment, it's your responsibility. You have to read the lease carefully.

Of course the maintenance always goes up! If 10% is all you've had in the time you've been there, you've been very fortunate. Some buildings have had 2% increases almost every year, which is, compounded, potentially MORE than 10%.

If you want to change something in the way your building is run, your best bet is to run for the board.

[bmclasky]

This is the second increase in 6 years. I battle the board and I am very active in helping people in the building. I get the feeling they are use to doing whatever they want and had to tell them that they shouldn't be entering my apartment or anyone elses if there is not an emergency as there have been complaints of the super opening the door without ringing the bell or notifying them for general repairs---yes I did get that changed real quick. I also got rid of people who enter the building and hang out. I know what the building's responsibility is and I know mine, they should have some pride in their work as I do in my coop.