The maintenance is a fee you pay on a monthly basis to the co-op. This covers all the common expenses of the co-op. This includes costs such as the maintenance of the building, electricity in the common areas, management expense, underlining mortgage, superintendent expense and more. The maintenance amount varies from co-op to co-op as some co-ops are bigger than others, may have more amenities than others or may simply be better managed than others.
The same could be said for a condominium (although most condos do not have an underlining mortgage).
If I can be of further assistance please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783