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Green Apple, Other/Just Looking in New York, NY

What does the monthly “Maintenance Fee” in a Co-op include?

Asked by Green Apple, New York, NY Sat May 5, 2007

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The monthly maintenance fee is collected to coverthe costs of underlying and continuing obligations of the co-op, such as an underlying mortgage, utilities, taxes, managements fees, insurance, etc. The monthly maintenance fee can vary depending the number of shares a resident owns.
3 votes Thank Flag Link Tue Aug 14, 2007
The maintenance fees for co-ops include taxes, for condos, no. In addition to the items mentioned below, the monthly fee must include monies that will be allocated for reserves and capital improvements/expenses as needed. When looking at a co-ops (or even a condo's) financials, make sure the balances for these expenses are sufficient.

In a co-op, since you own shares, your fees will be prorated according to the number of shares that you own. The number of shares that you own will be tied to the size and location of the unit you occupy.
1 vote Thank Flag Link Wed Sep 12, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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Expenses related to the maintenance of the building exterior and all common areas inside (areas used by all owners, such as lobby, hallways), as well as maintenance of systems that affect all units (heating, water, boiler) and wages/benefits to employees. It also covers real estate taxes (you don't get a separate bill, as in a condo), insurance of the building (but not the area and contents of your unit) and payment of the underlying building mortgage.

If you look at the annual co-op financial statements (the managing agent has a copy, as do all owners), you can see the exact breakdown of items and the amount the co-op spent for the year on them.
1 vote Thank Flag Link Tue Sep 11, 2007
Hi: This cost will vary from community to community, but overall in MA, this fee would usually include; landscaping, exterior maintenance, snow removal, refuse removal, sewer, and master insurance. Taxes and water bills are usually separate.
0 votes Thank Flag Link Tue Aug 14, 2007
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