The short answer here is yes, and unfortunately as New Yorkers, you already have to endure a ton of charges if you are going to renovate your apartment.
Why would you have to pay co-op renovation fees?
These fees are meant to compensate for ancillary costs during renovations. The building may have to spend extra money or soothe complaints and concerns from your neighbors. Maybe the building will have to hire additional staff or pay over time due to the renovations. Neighbors, who have no choice in the matter, may have to tolerate dust, excessive noise, and the overall stress that living next to construction induces. The renovations could also cause traffic and back up on the service elevator from workers carrying materials up and down. These are just a few examples of potential reasons for ancillary costs.
How often will the fees be charged?
The fees could be a flat rate, monthly rate, weekly rate, or charged on a sliding scale that increases over time. The manner in which the fees will be charged to you is decided by the building.
Other Potential Charges During Renovations:
- Cleaning fees from the co-op
- Late fees from the co-op
- A security deposit
- A bill if the building’s architect or engineer reviews the plans
- A bill from the managing agent
- Charges from an inspector
- City permits, if they are required
To protect yourself make sure that all co-op charges are detailed in every resident’s alteration agreement. If you’re planning renovations have a lawyer overlook this agreement before signing it.
If you serve on a co-op board and need professional property management services, contact All Area Realty Services and find out why our over 30 years experience and loyal clients makes us experts.
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.