Home Buying in North Bergen>Question Details

Richard Zapa…, Home Buyer in Weehawken, NJ

What is the average cost for maintenence fees for condo's in the woodcliffe area of North Berge, NJ? We are under contract for a condo in a 20

Asked by Richard Zapata, Weehawken, NJ Wed Mar 31, 2010

unit building and the maintence fee is about 468 a month. That seems pretty high to me. I love the condo and its half a block from blvd east and the bus stop to new york. Would it be hard for re-sale in the future?

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Hi Richard, great question. Maintaince fees are not determined by area rather by what's included in the fees. Usually with fees that high there are usually amenities included such as doorman, pool, parking, etc. In a 20 unit building
you might not have those but have heat, hot water and maybe even cable or electric are included. The avg in the area for heat and hot water included is usually $275-$350. With other amenities can jump to $500 and up based on sq. ft. Point of reference would be Woodcliff Gardens which is a co-op, their fees range from $800-$900, which include taxes as well as the items above. To answer your question about resell, you can expect increases if 3-5% yearly so by the time you resell they will be higher than they are now. Most importantly make sure your lawyer requests the building financials to be sure the money us being spent wisely. Hope that was helpful, feel free to contact me at 201-519-2348 or email Thomas.spiess24@gmail.com with any further questions. Also regarding your other question about can you buy a home with 0% down it would need to be a VA loan which with a condo can be challenging. Good luck with your purchase.
0 votes Thank Flag Link Wed Mar 31, 2010
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