Home Buying in New York>Question Details

Evan Grove, Home Buyer in New York, NY

Does the "Monthly Costs" link on each listing include a building's monthly maintenance charges?

Asked by Evan Grove, New York, NY Thu Mar 21, 2013

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Generally maintenance charges and other fees are not included in the estimate...
1 vote Thank Flag Link Thu Mar 21, 2013
Hmmm... Glad I asked. Looks like there are competing opinions among the answers of what this figure includes. Any further thoughts? Take this one for example: http://www.trulia.com/property/3112075172-143-Bennett-Ave-Ne…
It says $1456 a month in the "Estimate Your Monthly Payment" Section. But further down on the listing, it says "Fees and Taxes HOA $920". So is that $920 included in the $1456 or in addition to the 1456 (i.e. $2376). I have this same question with most of the listings I'm finding. Any further help would be greatly appreciated.
0 votes Thank Flag Link Fri Mar 22, 2013
Evan,

The monthly costs for a Cooperative (Co-op) are referred to as "Maintenance", and the real estate taxes are included in the monthly maintenance. The maintenance has a tax deductible amount which is for the property taxes, that amount varies each year, and it is different for every building, however on average it is approximately 50% that is tax deductible from your individual taxes. This is something that you should ask your real estate broker to find out, if the information is not shown on the listing itself (website or show sheet).
For a condominium, the monthly costs are called "Common Charges", however there may only be one amount shown, which includes the "Common Charges" and the real estate taxes. You will pay the taxes directly to NY City/State, and you will pay your monthly common charges to the managing agent (or in house manager) of your building.

Before you buy any Co-op or Condo, your real estate attorney will evaluate the buildings Financial Statement as part of their "due diligence" to see if the monthly costs are reasonable, however, if you have hired a good real estate broker, they will be able to read the financial statement, and explain this information to you, so you will save time and money in the process.

Good luck in your search!

Leslie D. Bott
Senior Vice President
Real Estate Associate Broker, REALTOR
Fenwick Keats Real Estate
419 Park Avenue South
New York, NY 10016

LBott@FenwickKeats.com
0 votes Thank Flag Link Thu Mar 21, 2013
Hello Evan,
Usually this link includes the monthly maintenance costs and the monthly taxes so you have an idea what to expect to pay each month, although taxes are paid quarterly.
0 votes Thank Flag Link Thu Mar 21, 2013
The monthly costs are what you have to pay every month.
In a coop it's one amount, called maintenance. It's real estate taxes combined with the upkeep of the building, water and heat usually (may include doorman, management, etc).
In a condo you have two amounts, Common charges which is that same upkeep of the building and separate your real estate taxes. The amount you see there is what it cost per month, but you pay these quarterly (RE Taxes)
0 votes Thank Flag Link Thu Mar 21, 2013
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