Condo Fees

If you purchase in a cooperative, condominium or homeowner’s association, you will pay a fee to the association.  This fee is determined by the square footage your home represents in the overall square footage of the association – you will pay a percentage of the costs.  The members of the association will get together to determine the budget and will set the association fees accordingly.  These fees will cover the following items, among potential other costs as well:

  • Master insurance for the association, dwellings, amenities, common grounds
  • Management fees (if applicable)
  • Utilities* (Review your individual documents to see what utilities are covered and what are now)
  • Ongoing maintenance
  • Contributions to the reserve fund of the association to cover long term major repair and renovation items
  • Property taxes (only for cooperatives)

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