Extremely high maintenance costs impacts the ability to resell a co-op unit. Is there any way co-op shareholders can reduce high maintenance costs?

Asked by David Rogoff and Bonnie Chernin, Brooklyn, NY Sat May 22, 2010

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Dan Chase, Home Buyer, Texas City, TX
Sat May 22, 2010
Go through the books. Do you need doormen? (no) are the coop owners willing to do away with them? (maybe, maybe not)

Look at what the money is going towards. Some things can not be done without. Insurance, lighting the hallways, other things also. Some things can be removed as they are unneeded luxuries. Then at a meeting see if they are willing to cut back and make it more affordable. It is also possible that it is an old building needing a lot of things fixed and it will cost far to much money no matter what. If the roof needs repairs, the furnace needs replacing, the elevator is shot, the plumbing needs to be completely replaced and the wiring has to be completely replaced there may be no way to cut back on expensive maintenance costs.

Maybe they are spending less than they take in so in the future no special assessments will be needed. If so it hurts some now but a lot less later.
1 vote
George Capel…, , Brooklyn, NY
Sun May 23, 2010
Co-op and Condo have a maintence fee if shared by all the owners and share holfers of the properties, The list of expenses are almost the as a regular hownowner but spread out among a large group, Every owner has a Tax Billl that has to be paid and a portion of the water biill is sent to all owners. When you own a Co op you pay according to the amount of shares you own, In a condo it is based upon the qsquare footage of the unit,
Other charges my be insurance for the structure, future maintence projects that are need . The Maintence charges are always fluxuating and usually do not come down a great deal. The Luxourious the units are the maore maintence that will be performed. The only way to actually cut down the nmaintence charge is by cutting services. Another way is to contract out services and look for a cheaper vendor.
Owners may not be willing to give up services that they have been accoustomed to for many years. Also are there long contracts involved and can they be renegoiated or eliminasted.
The Board of Director needs to meet with property owners and decide what services they can live without or on the other hand try to find vendors that can do the sane service for a much cheaper rate. The structures on the property will alwayys need to have money on hand to deal with emergencies and prevntive maintence plan in place for those repairs that will be always there.
In your attempt to sell in the future ..you will need to exemplify the fact of the beauti and the extreme care given to the units and how well the propertiess have been doing. You will need to show that the money collected aand well spent in your community. Show where the money is going so residents can see what they are recieving for their . The communiyty must show unity and services that they waneted and are willing to pay and also justify if an increase is needed and when that increase will begin and eend for thast particular improvrment... Good Luck to You...George
0 votes
Manu Kapoor, Agent, New York, NY
Sun May 23, 2010
I would appeal to the board to get answer to reducing the maintenance. Also if you can get other members to sign on it too.
There is low probability that they could reduce the fee's.
0 votes
Charles D'Al…, Agent, Brooklyn, NY
Sun May 23, 2010
One can only wish! Thanks for the idea David
0 votes
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