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Why do Coop maintenance fees vary so greatly?
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baghag
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Member since 5/05 10278 total posts
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Why do Coop maintenance fees vary so greatly?
I know the more shares you own, the higher it is.
Even so- it seems to vary a lot- from a few hundred to a little over 1K, for similar properties. Do low maint fees mean a lower quality of care for the building? Or that the buildings finances are in bad shape? 
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Posted 3/28/06 9:34 AM  |
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Leeners
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Member since 5/05 4898 total posts
Name:
Eileen
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Re: Why do Coop maintenance fees vary so greatly?
Within the same complex or are you comparing say 2 different 1 br's in different places?
The fees include different things at different places. Some include electric, some gas, some even cable if the building is big enough. They all include taxes so that will preclude some variation across complexes. With the rise in fuel, co-ops have handled it differently - some increased the maintenance fees across the board to cover the increased cost, others applied an 'assessment' whereby it is paid only for a certain amount of time (and therefore does not increase your base maintenance - which is preferable). Amenities will drive the maintenance fees up as well (gym, pool, common room, nice lobby, doorman, etc).
If you want to provide some of the properties you're looking at I might be able to point out why one might be much higher than the other so you know what to look for in the future.
ETS: some co-ops have special commercial properties also part of the corporation, which helps keep maintenance fees lower. Mine is technically something called a "cond-op". I live in the co-op part of it but the corporation owns land close by that leases commercially and that is the condo part of it. It keeps our maintenance fees down about $150-200 less a month than comparable complexes in the area.
Message edited 3/28/2006 12:11:04 PM.
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| Posted 3/28/06 9:54 AM |
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baghag
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Member since 5/05 10278 total posts
Name:
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Re: Why do Coop maintenance fees vary so greatly?
Thanks Eileen- that answered some of my questions.  It wasn't in reference to specific properties, just something I noticed while browsing.
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| Posted 3/28/06 10:21 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Why do Coop maintenance fees vary so greatly?
Posted by baghag
Do low maint fees mean a lower quality of care for the building? Or that the buildings finances are in bad shape?
Lower maintenance fees mean its a very financially sound co-op. I wouldn't worry about "lower quality of care".
Granted... you will pay more maintenance for a 1br co-op... compared to a 2br/2bth.
But comparing apples to apples... if you are looking at two 2br/1bth coops... and one charges $550 and the other charges $800... I would definitely be considering the $550 one bigtime.
High maintenance fees are HUGE turn-offs for buyers.
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| Posted 3/28/06 1:42 PM |
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