The average maintenance fees in NY have climbed 19% over the last year. This is due mainly to the struggle Boards are having keeping up with the rising property taxes. If you are considering purchasing a C0-0p make sure your attorney carefully reviews the past 2 years financial statements of the Co-op. In addition, it is crucial that further inquiries are made with the management company concerning the following:
1. What is the current amount on hand in the reserve fund?
2. Are there any planned major capital improvements?
3. How often has the maintenance been increased over the past 10 years?
4. How many units are owned as opposed to rented?
The answers to these questions may help determine the likelihood of large increases in maintenance in the future. Your goal should not only be to purchase a suitable Co-op for a good price, but to also do so with a reasonable degree of certainty that maintenance will not rise substantially.
I may be reached at 718-377-8880 or by e-mail at [email protected] if you need further advice on your potential Co-Op purchase.
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