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How much is monthly maintenance? My maintenance is going up 10% in January. People are furious...
I've always selected buildings where maintenance was low. I'm in the $700s for a coop, which includes property taxes. it's relatively low since the property taxes alone are over $4k a year.
It's property taxes that are escalating at breakneck rates. I'm surprised that people have not been screaming about this earlier like how the NYTimes article from this weekend describes.
NYC revenue has gone up by a lot. I don't see where the money is spent? My taxes have gone up. The building coming off of abatement are new streams of revenue for NYC.
comparing is a waste of time ... co-ops generally have underlying building mortgages so you pay less for the apartment but more in maintenance because part of your mortgage is held by the buildings bank .
any comparison makes no sense to other buildings when it comes to co-op structure. it is not like buying a condo or single family home .
maintenance fees are highly dependent on how the equity in your apartment is split up .
your true apartment cost is what you paid and what the buildings mortgage , if any hold as part of your apartment value .
no building mortgage means you would pay more for your apartment and less in maintenance than an equivalent building where you have a building mortgage and pay less for the apartment and more for maintenance.
this is extremely important to understand when comparing co-op prices and maintenance fees
Mine was in the 700s for a one bedroom, between 650-700 square feet.
It was average for my area. However, it DOES vary a lot, like mathjak stated.
The first four years I was there, they increased the maintenance every year a small percentage. I told my husband, "They're going to kill us." But then I found out that hadn't raised it for quite a few years before that and now had to play catch-up. Then they took a break for the next few years on the raises.
I think what you have to keep in mind OP is that even if you owned a house, your taxes, water, heat, etc. would all be increasing as well. Do you think the coop can just absorb those increases without increasing your maintenance?
one co-op i own in kew gardens is 675 and it started out 35 years ago at 475 . but there was never a mortgage on the building . that is a one bedroom
one co-op we are considering in bay terrace is 1350 a month and there is a mortgage on the building . it also includes electric and pool membership . that is a two bedroom .
in the co-op we sold in the manhattan building a one bedroom was 1800 a month and no mortgage on the building.
How much is monthly maintenance? My maintenance is going up 10% in January. People are furious...
I have 2 apartments in my building, a 950 sq ft jr 4 with a 670.00/maintenance and a 525 sq ft studio with a maintenance of 379.00. No maintenance increases for a long time because my co op reduces the principal on the underlying mortgage by a big chunk whenever they refinance.Some co ops do the opposite...they increase the debt every time they refinance.
As some have said, it can be difficult to compare building maintenances but when I was originally looking to buy I used a per sq ft per month calculation . In general, if the maintenance is less than $1.00 per sq ft per month it's pretty good and the building is probably less debt burdened financially. As you go up and up over $1.00 per sq ft per month and more for an average kind of building in an outer borough you have to really start asking what's up. This doesn't really work for Manhattan below 96th St and new construction anywhere . Park views or something like that bumps it up a bit too.
Of course you have to actually know the real sq footage to begin with...not those numbers you see in real estate ads which are always grossly inflated.
one co-op i own in kew gardens is 675 and it started out 35 years ago at 475 . but there was never a mortgage on the building . that is a one bedroom
one co-op we are considering in bay terrace is 1350 a month and there is a mortgage on the building . it also includes electric and pool membership . that is a two bedroom .
in the co-op we sold in the manhattan building a one bedroom was 1800 a month and no mortgage on the building.
so comparing is futile .
I found the formula I was using pretty useful as long as I was comparing apartments in the types of buildings I was interested in which was 6 to 7 floor prewar elevator buildings ... a very "typical" type of building throughout the city. 1950's and early 1960's 6 and 7 story elevator buildings tend to have very similar maintenances as well but I was wanting the sunken L/R, parquet floor , wrought iron railing, moulding details etc no available in those.
When we moved in 2 years ago the maintenance on our 1 bedroom coop jn Brooklyn was $585 a month. Now 2 years later there was an increase plus a $45 a month "assessment for building repairs" and it is over $700 a month. It concerning to me because if it went up that much in 2 years, how will we afford to live here into our retirement years?
I think that bringing up the maintenance is relevant as long as the costs are broken down. The selling price for the property is usually correlated to the carrying charges so it's critical to the decision of buying vs renting the property or to compare one property over the next. I'm willing to pay more for an apt with low maintenance as I know the building is run efficiently.
Did the apt with $1,800 maintenance have a land lease, was it particularly large sq-ft, or a crazy amount of amenities? Or did the building have an enormous amount of construction such as facade work? Having no mortgage at that maintenance rate is a huge red flag.
When we moved in 2 years ago the maintenance on our 1 bedroom coop jn Brooklyn was $585 a month. Now 2 years later there was an increase plus a $45 a month "assessment for building repairs" and it is over $700 a month. It concerning to me because if it went up that much in 2 years, how will we afford to live here into our retirement years?
Property taxes attributed to the recent increases. In the past 5 years, your building's property taxes may have increased about 60%. The tax rate did not go up. It's all in the assessed valuation of your property.
We need to ask our local government where all of the money is going.
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