Condo new development charges
I’m considering making a bid on a condo in an as-yet unfinished development in W’burg. But for the amenities I’m getting, the maintenance fees seem pretty low. What’s the best way of finding out if those fees are going to rocket up after I close on it?
I’m considering making a bid on a condo in an as-yet unfinished development in W’burg. But for the amenities I’m getting, the maintenance fees seem pretty low. What’s the best way of finding out if those fees are going to rocket up after I close on it?
The manageing agent for my building (an established co-op) says that many of the new buildings have seen maintenace more than double within a 1-3 years. The developers underestimate expenses and underfund reserves. 25%, then 40% on top is not uncommon. be very careful to see what is budgeted for heating, elec and insurance — big costs.
They’ll prob go up about 25% or so for the 1st yr (and incrementally more as fuel prices, inflation,etc. kick in year to year).
keep in mind, these fees are projected by the developer, not the future residents. What happens if your new condo board decides to plant grass on the rooftop deck/grounds…time to pay for the landscaper to both plant it AND maintain it every week (you see where i’m going).
don’t buy in wburg
Get a good real estate lawyer – seriously! A detailed review of the prospectus can often uncover potentially shady situations (i.e.- too low fees that won’t cover building costs). An experienced lawyer can often spot those items and provide you advanced warning.
That said, the first poster is correct – after the contract is signed fees can end up all over the place – as W’burg resident we have heard several stories of failed abatements, higher than estimated fees, etc.
There is no way.