This is a stupid question, are maintenance fees paid monthly or yearly? I am searching on mls and it says maintenance and then whatever the dollar figure is and I can't figure it out. What is a common charge? Does a common charge take place of a maintenance fee? TIA!
KittyGags
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Re: Condo & Coop Owners
Common Charges are for Condos (as far as I know) and Maintenance are for co-ops. They are paid monthly. What it covers varies building to building.
My buddy who lives across the streets maintenance only covers the building maintenance, he still has gas and electric bills. Mine covers that so I get one all inclusive bill.
prinses777
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Re: Condo & Coop Owners
Usually...
Condo charges are much cheaper then Co-ops...
Condo charges only cover I think maintenance of the building... and TAXES, heat, gas are all extra...
Co-Op you actually only own a share of the property- So maintenance is usually much more but it INCLUDES taxes, heat, gas, water etc...
Good Luck!
JamieAnt06202009
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Re: Condo & Coop Owners
Thanks everyone!!
Espo22
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Re: Condo & Coop Owners
yes its monthly and just wanted to bring something up. Like others mentioned co-op maintenance fee's are higher but remember that they can go up at any time and as many times as they want. So if its pretty high already then know that down the line can go up even higher. In the past 4-5 years, mine has gone up $300 from the time i bought it
EngagedInAruba
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Re: Condo & Coop Owners
I'm currently a coop owner and I agree that our maintenance fee is normally higher and can increase based upon the boards' vote, but you have to remember that it does include utilities. So in addition to you not having to pay for taxes and utilities separately which can also increase at anytime, you have one fee you pay each month. Our building has also been completing continuous upgrades and improvements. This also gets factored in periodically when the maintenance fee increases.
GL in making up your mind.
Espo22
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Re: Condo & Coop Owners
Posted by EngagedInAruba
I'm currently a coop owner and I agree that our maintenance fee is normally higher and can increase based upon the boards' vote, but you have to remember that it does include utilities. So in addition to you not having to pay for taxes and utilities separately which can also increase at anytime, you have one fee you pay each month. Our building has also been completing continuous upgrades and improvements. This also gets factored in periodically when the maintenance fee increases.
GL in making up your mind.
depends on the building but not all co-ops have all utilities included. I pay electric separately. I have seen some co-ops that has all utilities included but not all.
ETA: also the good thing is most places have a deductible for your maintenance fee's. Many are 50% so this way when you get a tax refund, you get back 50% of what you paid in maintenance fee's that year. Some are 35-45%, and some are even 65% which is great, and if you find that then would be best.
