New York based property management firm, All Area Realty Services blog. Find tips for Co-Op Boards & Residential Building Management.

Understanding the Costs Involving Maintenance or HOA Fees

Posted by All Area Realty Services Team on Mar 1, 2018 5:13:47 PM

Before you get ahead of yourself and fall in love with a home at the top of your price range, there are other things to consider that many excited new homebuyers forget to touch base on – HOA Fees (AKA – Maintenance Monthly Fees).

iStock-871409854.jpgWhew, what a drag it would be if we did not spend the time to cover these important fees, so you don’t make the mistake of getting in way over your head. We handle various homeowners association management properties so use our experience when buying a new home. Remember, buying your new home should not leave you with sleepless nights, anxiety, or depression because you aren’t able to pay your mortgage.

Do Condominiums and Apartments Have Maintenance Fees?

In short - Yes, many do. To be better prepared for your monthly budget it is important you ask the condominium property manager for a list of the fixed hidden fees on top of the asking price.

What are Maintenance Fees for?

Tacking on an extra monthly home payment could make or break whether you choose to go ahead with one property over another. Because of this, it’s important to know what maintenance fees are for and why they are a positive thing for your property.

Ever seen a property that repairs, had vines growing out of the gutters, cracked sidewalks and uneven parking spots? Then wondered why some properties endear these issues and other don’t?

It is likely the property that was in mint condition had maintenance fees or HOA fees. Maintenance and HOA management company fees are used to keep the property in tip-top shape. Lawn mowing, gutter cleaning, power washing, building maintenance, window repairs, and various other items that are all categorized as maintenance are all included in the fees.

To better understand if your fees are going to the right places, contact a top property management firm like All Area Realty Services.  

All Area Realty Services is New York City’s leading real estate management company specializing in full-service property management for cooperative and condominium boards in the Manhattan area. 

 

Topics: Property Management, Co-Op Board, HOA, HOA Fees