What are the maintenance fees and are those included in the monthly payments?

Asked by bciftja, 11103 Fri Feb 28, 2014

This question was asked from http://www.trulia.com/property/3096414549-3165-Nostrand-Ave-…

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Kim Benedict, Agent, Overland Park, KS
Sat Mar 1, 2014
In Coop's and Condo's they are part of your monthly common charges or HOA fee's. They help to maintain the building, common areas, lawn and snow removal up keep, and utilities for the common areas as well. This is in your paper work you should have received when you closed on your place. If not call your association and they will send them to you.
0 votes
Victoria Gol…, , New York, NY
Sat Mar 1, 2014
It depends on the fine print really, the agreement initially between the parties meaning you and whoever is at the table (could be multiple persons). Fees could include a number of things such as up keep of the common areas, garbage removal etc.
Sometimes these fees could act like rent and sometimes separate sometimes both. Tricky because it could go hand to hand and if you do not pay them could be grounds for evictions. Do not play with the little guys (fees) because it could grow and bite you in the end. Pay up to lay up that is the bottom line (fine print). I learned at a young age to expert myself on fine print to the point I could barely look and sense a wrong or right thing in a contract and i encourage all readers of my opinions that you begin doing the same if not already. The world is greedy but you must place equal emphases on protecting you and your property at any level small or great.
0 votes
Kathryn Lilly, Agent, New York, NY
Sat Mar 1, 2014
In this particular Co-Op that you have tagged the monthly maintenance not only includes your proportionate share of the Real Estate taxes, the upkeep and maintenance of the building: ie building reserves to replace the roof when needed, replace windows, clean the hallways, pay the suppers etc. It also includes the heat & hot water as well as the cooking gas & electricity for all the residents. There is a $20.00 a month extra if you put air conditioners in your windows.
The monthly maintenance on this particular apartment which no longer seems to be on the market is $451.00 per month.
If you got a Bank loan to buy the apartment with 20% ($19,000) down @ 4.5% the Bank loan would be approx. $480.00. So your total monthly out would be $931.00 of which you will get income tax deductions for the interest on your bank loan and the proportionate share of the maintenance that is tax deductible. So it will effectively cost you less than $750.00 a month to live there. + your cable bill!
Yours,
Kathryn Lilly, Broker
Realty on the Greene, LLC
718-858-7600
KLilly@RealtyontheGreene.com
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