If you are considering purchasing one of the available condos on the Upper East Side, you may be curious about the Home Owner’s Association (HOA) fees that you may incur. Here is a short guide that explains what these dues cover.
What are You Paying For?
In general, the HOA fees are used to pay for the expenses of the association. These fees are also commonly referred to as maintenance fees for a condo. These fees cover things that they are legally responsible for such as repairs, cleaning and maintaining common areas, and replacing things in these areas that may be broken or worn. These fees cover things such as the swimming pool and fitness centers.
Who Decides How Much the Fees Are?
The board of directors determines your HOA fees. This is awesome because they have to come to a consensus when it comes to the fees. There is not one person that is responsible for determining what each household has to pay. When it comes to the amount of the fees, they can vary greatly depending on the property that you choose. When you visit the condos at 200E62, make sure that you ask about any yearly increases or historical changes to the current fees.
You also want to consider any special assessments. These are one time expenditures that may go toward major renovations to the property such as the replacement of access gates or replacement of roofing. Before special assessments can be implemented, there has to be a majority approval in a vote among homeowners.
What are the Penalties of Non-Payment?
When homeowners don’t pay their HOA fees, this can have a negative impact on the financial stability of the HOA. This can in turn affect the HOA’s ability to provide some of the services that they are responsible for providing. The HOA has the legal right to pursue many different legal means of collecting these fees such as negatively reporting to the credit bureaus or even putting a lien on your property. There may be late fees imposed and collection fees assessed the delinquent homeowners.
While paying Homeowner Association fees are not optional when it comes to condo living, it is certainly easier to pay when you understand where your money is going. Make sure that you consider these costs when purchasing your condo. With some of the amenities that are offered in a luxury condo, the fees are a small trade off. For more information, visit 200 E 62 NY.