Where Does My Maintenance Fee Money Go?

This is a common question I'm asked when working with buyers searching for a new Hoboken condo, especially when they are first time home buyers. Almost every condo association has the right to and requires the unit owners to pay a monthy fee, the maintenance fee. These fees typically range from $100 to $250 for smaller units and can be as high as $300 to $600 or more for units that are larger, or in more luxurious condo buildings like the Shipyard or Maxwell Place. So what is the fee, what determines how large it should be and where does the money go? Here are the three main uses of these very necessary funds:

1. Maintenance of the common areas of the building & grounds

2. To build up a reserve fund for future capital account item repairs

3. To the management company that manages the condo.

Condo Lobbies Cannot Be Left in the Dark

You pay to heat and light your own unit but someone has to pay the utility bills for the common areas. The lobby and hallways of any condo building need tlights and heat. Your condo maintenance fee pays the gas and electric bill. Some condo buildings in Hoboken even have a heated garage. Other regular maintenace items may include cleaning the hallways, taking out the trash and recycling, servicing the elevators, shoveling snow, landscaping, pool care, the doorman's salary, and more. The fancier the building, like the Shipyard, the more it costs for things like pools, health clubs and elevators, security systems and doormen.

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