Condo Questions

http://www.mlsli.com/unidetailsredo.CFM?MLNum=2106482&typeprop=1&start=4&rpp=10


Ok I am now looking at condos- What is the deal with the maint. charges? Is this per month? What does it include?!?!? Do you still need 20% down with a condo?

Re: Condo Questions

The link you posted is actually a co-op, not a condo. In terms of living there, the difference is probably minimal, but in a co-op you own shares as opposed to owning the condo. Co-op boards need to approve buyers/renters in the complex. Generally co-op prices are cheaper, but the maintenance charges are higher but include more than condos.

So the co-op you are looking at has maintenance charges of $900 or so. That should include taxes, all outdoor maintenance like roof, shoveling, landscaping, sewer, garbage removal, etc., possibly heat and hot water, and some complexes even include cable and electricity. You would need to find out the specifics for that co-op. Also have your lawyer look over the specifics for the co-op complex--we looked at one and the lawyer advised us against buying because there were not enough reserve funds should there be a large required maintenace like roof replacement. In that case, maintenance charges could be raised dramatically.

Our condo maintenance charges are less, but do not include taxes, sewer, electric, etc.

Re: Condo Questions

Thank you! I hope it includes taxes!

Re: Condo Questions

it does...(well, it should)
Condos are broken out with taxes and maintance as the owner is responsible for paying taxes. In a co-op, the management company is repsonible.

I replied back to your fm