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Roger, Home Buyer in Hempstead, NY

Co-op maintenance Fee Question..

Asked by Roger, Hempstead, NY Wed Aug 29, 2012

What are the determining factors as to how high or low the co-op fees are for each building ? In addition is there a way to find out the amount of the fees for different buildings when trying to compare multiple locations ? I would guess that part of the answer would be based on the amenities a location has to offer, but feel as though there have to be few other factors that drive the costs of maintenance for different buildings or they would all be very similar in cost. Thank you for any information in advance.

Regards,
Hopeful future owner

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4
Ben Oliva’s answer
Maintenance fees are typically made up of several components. Those components can include; taxes, heat, gas for cooking, water, general maitenance of the property and if the property has debt or a mortgage payment; that would be included in monthly maintenance fees. The different maintenance fees within the same building have to do with size of the apartment. The larger the apartment; the highter the maintenace fee portion that is related to size (the square feet of the unit.) Some properties may have lower maintenance fees as compared to other properties within the same town simply because they do not have any debt. Well managed properties may also have cash reserves which can be used when repairs or upgrades are needed. For example; when a building does not have cash reserves and they need to make a repair such as a new boiler; apartment owners can be assessed an increase to their maintenance fees to pay for the repairs.

I hope this has been helpful. Call me if you need further information. Ben Oliva - Family Tree Realty - 516-642-6283.
1 vote Thank Flag Link Wed Aug 29, 2012
Hello Roger. First and foremost, I commend you in your decision to buy a Co-Op. It is an excellent time to do so, and is a much better alternative to renting. However, I must inform you, before you go shopping for a Co-op, you should get pre-approved so you know how much you can spend.

There are a number of factors that determines how low or high co-op fees are for each development. For example, a building that offers a 24/7 gym, indoor & outdoor swimming pool, public sitting room, jogging trails, etc., might be higher than that of the development that just offers a public sitting room. So--what amenities are you paying for? You must also consider, what is included in your maintenance (utilities & upkeep). Water, Landscaping, Snow Removal, Garbage Removal, Lighting/Exterior Upkeep, etc. To simply answer your question--"it all depends."

I suggest you stop into some local Co-op developments and shop around. Compare Maintenance fees, as well as the affordability of the development.

I hope this answered your question. Please feel free to contact me should you have any additional questions, or if you need any further assistance in your search.

Wishing you the best of luck,

De Vonte Williamson, LSA
Coldwell Banker Residential
Proudly Serving Long Island
Office: (631)638-6193
Cell: (631)384-3695
1 vote Thank Flag Link Wed Aug 29, 2012
Co-op maintenance fees vary according to many factors, only some of which are due to different amenities.
In addition to the amenities, the maintenance will differ depending on what the property taxes are on the entire building (both school and county taxes) and the number of shares in each unit, the physical size of the unit, whether parking is included in the maintenance, the amount of upkeep being done on each property, whether there are additional assessments required for additional upkeep (such as roof or window repairs & maintenance), how much area is "common area" for landscaping &/or snow removal, whether the co-op corporation has a "master mortgage", and many other factors.
These differences create different maintenances from building to building.
If you would like additional information and/or assistance, please contact me.

Regards,
Arlynn

Arlynn B Palmer
Assoc. Broker
Daniel Gale Sotheby's International Realty
516.410.3594
Arlynn@ArlynnPalmer.com
Web Reference: http://www.ArlynnPalmer.com
1 vote Thank Flag Link Wed Aug 29, 2012
Consider working with an agent of your own, he/she will be your best guide. Maintenance does vary from building to building; much depends on size of the unit, and generally includes any underlying mortgage, taxes, common area upkeep, heating etc. If you have specific questions and know who management is, contact them directly.
0 votes Thank Flag Link Wed Aug 29, 2012
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