If you’re familiar with Rego Park co-ops, you’re probably not a stranger to monthly maintenance fees, also called HOA fees. These ominous monthly bills probably take up a significant portion of your housing budget.
Have you ever stopped to consider your monthly fee? Are you paying too much? What is the money really used to accomplish? You need to know the answers to all of these questions. It’s your hard-earned money at stake!
We’re here to help! Here are a few essential facts about Rego Park co-ops and their maintenance fees:
- Maintenance fees vary between buildings.If you pay attention to the maintenance fees for Rego Park co-ops, you’ll notice such a wide range that you might think that it’s a typo! Although most co-op residents cut a check for between $500 and $1,000 monthly, you could find HOA costs lower or higher than that.
- Maintenance isn’t the only thing that your HOA fee covers.Maintenance is such a large part of HOA fees in Rego Park co-ops that we often use the terms “maintenance fee” and “HOA fee” interchangeably. Depending on the building, this check might include groundskeeping, amenity upkeep and select utilities. If you know what your HOA fee includes, you might not have a heart attack every time the due date rolls around!
- You can’t get out of paying your monthly maintenance fee.What if your co-op has a fitness room that you never use or outdoor spaces that you don’t have time to enjoy? You’ll still need to pay the monthly fee to maintain these areas. No matter how hard you try, you won’t get a discount.
- Sometimes co-op boards don’t plan for unforeseen events.Well-run Rego Park co-ops will take a portion of your maintenance fee and put it in a reserve account to cover capital improvements and emergency repairs. If they don’t do that, you could be responsible for a special assessment to pay for a repair that can’t wait.
Co-op living is a common and often favored way of life in Rego Park. Contact us today to explore Rego Park co-ops for yourself!
Call us today at (718)997-6000 or email us here for more information.