Condo fees are ridiculous

[Anonymous]

Anonymous wrote:

Anonymous wrote:My coop fee is $1,100/month.

Includes water, heat, gas, property taxes, and building upkeep.

I've never had to pay for: gardening/ landscape services, tree maintenance, a roof, a water heater, an electrical repair or wiring upgrade, anything but minor plumbing, repair or maintenance to a driveway or external building structures.

I think the costs are more visible in a condo/coop, but I'm not sure if they are actually smaller. How much per year do you budget for housing maintenance if you have to do it yourself?

Massive difference between a co-op and a condo. Massive.

m
Coop is massively better yet realtors push condos as in coops the dirty secret is you don’t need a realtor at all to sell. It is just a share transfer

[Anonymous]

Anonymous wrote:

Anonymous wrote:If condo needs a new roof or new landscaping or new fence is needed, its divided between all units. In my single family home, its all my responsibility.

How does the exterior maintenance/repair/replacement work on townhouses? Is the owner responsible?

If the you own the townhouse in fee title, you are almost always responsible for exterior maintenance. With townhouse condominiums, it varies by community; in some communities, individual owners are responsible for exterior maintenance (= lower condo fees) as well as other in-wall plumbing specific to your unit, while in other communities, that maintenance and upkeep is paid for by the association (=higher condo fees that escalate as the community ages).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It feels like a scam , the fees never add up to the real maintenance cost it's always way over

Who would be perpetrating this scam? Where do you think the dollars are going? Every penny is accounted for in annual budget statements and reports to the owners, and a board of owners (that could include you if you volunteered) is running things. If the board doesn’t like the management company they have hired to implement things like distribution of parking passes, they can switch to a different company.

They are often going to useless projects or unnecessary or counterproductive repairs. It's not literally a scam. However, those fees are often exorbitant, they can be several thousand dollars each month.

Owners get the budgets to review before they are approved. Speak up if think there are useless projects. The equipment in buildings is much harder to maintain than in the past and parts are more expensive.

you obviously sit on a HOA board. people speak up at those meetings all the time. but the board does their thing anyways. yes, if you don't like it, you can run for a seat etc. but that is a lot of hassle and the question, why is all that necessary? why are board prone to waste and poor decision-making? no wonder only a very small fraction of americans (less than 10%) owns a condo (compared to SFH and townhouse). people hate this crap.

Np. Or it’s someone who’s familiar with the actual costs of hiring licensed and insured companies for maintenance work, having additional parts purchased and on hand due to ongoing delays and shortages, and obtaining good insurance due to the current climate. If you neglect any of these—and they are expensive—the association and residents will likely end up dealing with a much more complicated situation down the line, and then the special assessments could become burdensome and even untenable.

and the great thing when you don't live in a condo anymore (after having 10 years of this nonsense) is that you don't have all those 87 layers of security. you can prioritize and do what actually needs to be done, by whoever makes most sense.

[Anonymous]

condo buildings/boards are extremely risk averse, and being extremely risk averse is very expensive.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If condo needs a new roof or new landscaping or new fence is needed, its divided between all units. In my single family home, its all my responsibility.

How does the exterior maintenance/repair/replacement work on townhouses? Is the owner responsible?

Yes, you are responsible for everything in townhomes unless its covered and managed by an HOA and you pay monthly or specially needed assessments.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If condo needs a new roof or new landscaping or new fence is needed, its divided between all units. In my single family home, its all my responsibility.

How does the exterior maintenance/repair/replacement work on townhouses? Is the owner responsible?

Yes, you are responsible for everything in townhomes unless its covered and managed by an HOA and you pay monthly or specially needed assessments.

Thise are basically condos.

[Anonymous]

Condos are pretty straightforward, easy to buy, sell and rent out. If its not your forever or at least long term home, co-op is more of a headache as a time share, you've limited rights.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It feels like a scam , the fees never add up to the real maintenance cost it's always way over

Who would be perpetrating this scam? Where do you think the dollars are going? Every penny is accounted for in annual budget statements and reports to the owners, and a board of owners (that could include you if you volunteered) is running things. If the board doesn’t like the management company they have hired to implement things like distribution of parking passes, they can switch to a different company.

They are often going to useless projects or unnecessary or counterproductive repairs. It's not literally a scam. However, those fees are often exorbitant, they can be several thousand dollars each month.

Owners get the budgets to review before they are approved. Speak up if think there are useless projects. The equipment in buildings is much harder to maintain than in the past and parts are more expensive.

you obviously sit on a HOA board. people speak up at those meetings all the time. but the board does their thing anyways. yes, if you don't like it, you can run for a seat etc. but that is a lot of hassle and the question, why is all that necessary? why are board prone to waste and poor decision-making? no wonder only a very small fraction of americans (less than 10%) owns a condo (compared to SFH and townhouse). people hate this crap.

Np. Or it’s someone who’s familiar with the actual costs of hiring licensed and insured companies for maintenance work, having additional parts purchased and on hand due to ongoing delays and shortages, and obtaining good insurance due to the current climate. If you neglect any of these—and they are expensive—the association and residents will likely end up dealing with a much more complicated situation down the line, and then the special assessments could become burdensome and even untenable.

and the great thing when you don't live in a condo anymore (after having 10 years of this nonsense) is that you don't have all those 87 layers of security. you can prioritize and do what actually needs to be done, by whoever makes most sense.

As an independent homeowner, yes, you get to decide the level of risk you’re comfortable with.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If condo needs a new roof or new landscaping or new fence is needed, its divided between all units. In my single family home, its all my responsibility.

How does the exterior maintenance/repair/replacement work on townhouses? Is the owner responsible?

If the you own the townhouse in fee title, you are almost always responsible for exterior maintenance. With townhouse condominiums, it varies by community; in some communities, individual owners are responsible for exterior maintenance (= lower condo fees) as well as other in-wall plumbing specific to your unit, while in other communities, that maintenance and upkeep is paid for by the association (=higher condo fees that escalate as the community ages).

I would be concerned that individual owners might not keep their exteriors maintained, which would affect the overall community value.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If condo needs a new roof or new landscaping or new fence is needed, its divided between all units. In my single family home, its all my responsibility.

How does the exterior maintenance/repair/replacement work on townhouses? Is the owner responsible?

If the you own the townhouse in fee title, you are almost always responsible for exterior maintenance. With townhouse condominiums, it varies by community; in some communities, individual owners are responsible for exterior maintenance (= lower condo fees) as well as other in-wall plumbing specific to your unit, while in other communities, that maintenance and upkeep is paid for by the association (=higher condo fees that escalate as the community ages).

I would be concerned that individual owners might not keep their exteriors maintained, which would affect the overall community value.

In more upscale communities, homeowner maintenance of townhouse exteriors isn’t usually a concern, but it can be an issue in older, more budget-friendly communities. Some associations are also more aggressive than others at going after owners who don’t sufficiently maintain exteriors. Before buying into a community (especially older construction) where owners are responsible, it’s generally a good idea to peruse the community to see how other units are being maintained.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It feels like a scam , the fees never add up to the real maintenance cost it's always way over

Who would be perpetrating this scam? Where do you think the dollars are going? Every penny is accounted for in annual budget statements and reports to the owners, and a board of owners (that could include you if you volunteered) is running things. If the board doesn’t like the management company they have hired to implement things like distribution of parking passes, they can switch to a different company.

They are often going to useless projects or unnecessary or counterproductive repairs. It's not literally a scam. However, those fees are often exorbitant, they can be several thousand dollars each month.

Owners get the budgets to review before they are approved. Speak up if think there are useless projects. The equipment in buildings is much harder to maintain than in the past and parts are more expensive.

you obviously sit on a HOA board. people speak up at those meetings all the time. but the board does their thing anyways. yes, if you don't like it, you can run for a seat etc. but that is a lot of hassle and the question, why is all that necessary? why are board prone to waste and poor decision-making? no wonder only a very small fraction of americans (less than 10%) owns a condo (compared to SFH and townhouse). people hate this crap.

Np. Or it’s someone who’s familiar with the actual costs of hiring licensed and insured companies for maintenance work, having additional parts purchased and on hand due to ongoing delays and shortages, and obtaining good insurance due to the current climate. If you neglect any of these—and they are expensive—the association and residents will likely end up dealing with a much more complicated situation down the line, and then the special assessments could become burdensome and even untenable.

and the great thing when you don't live in a condo anymore (after having 10 years of this nonsense) is that you don't have all those 87 layers of security. you can prioritize and do what actually needs to be done, by whoever makes most sense.

As an independent homeowner, yes, you get to decide the level of risk you’re comfortable with.

That's exactly why its good to have options of condos, townhomes, coops and rentals.

[Anonymous]

Some coops don’t want to be condos. My brother lived bed in a 200 unit massive beautiful coop in NYC that long ago paid off underlying mortgage. They kept rolling a $100k mortgage forward despite reserves on millions for purpose to be a coop.

First NYC taxes coops less on property taxes. Second the had rules no unit owner can own more than one unit. Units can only be rented if financial distress and they only two out of four years. Also one year residency required prior to renting. They wanted 200 units with 200 different owners and no investors.

It was a very well run building with low maintenance. They also control who buys in building with a formal interview process, financial review etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Spoiler: SFH maintenance and landscaping is expensive too

lol if you think that's even comparable.

It's VERY comparable. I just spent $38,000 on 2 HVAC systems. I live in a 2200 sq ft. house. I live in a SFH. Add in maintenance and landscaping - I think folks are delusional on the real cost of homeownership.

[Anonymous]

Yes, but not everyone can buy a SFH or even townhouse in this area. So, I either keep renting or buy a condo. Even with high condo fees (which include all utilities except cable and phone), I pay much less than if I would or even rent a townhouse or house in Bethesda/Ch Ch area. And that is where I need to live, cannot move out to the burbs. Our Bethesda condo is very nice, clean, well kept, safe, well located. Units are nice and spacious, nearly 1,400 sq ft; bigger than many townhomes. We have indoor garage, pool, gym, garden. It is not perfect, but the best I can afford as a single Mom; and my kids go to top schools and my commute is short.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My coop fee is $1,100/month.

Includes water, heat, gas, property taxes, and building upkeep.

I've never had to pay for: gardening/ landscape services, tree maintenance, a roof, a water heater, an electrical repair or wiring upgrade, anything but minor plumbing, repair or maintenance to a driveway or external building structures.

I think the costs are more visible in a condo/coop, but I'm not sure if they are actually smaller. How much per year do you budget for housing maintenance if you have to do it yourself?

Massive difference between a co-op and a condo. Massive.

m
Coop is massively better yet realtors push condos as in coops the dirty secret is you don’t need a realtor at all to sell. It is just a share transfer

Can you please say more about this? How do I find a coop if it's not listed on MLS?