Just like maintenance fees stack the monthly bill pile for co-op owners, common charges do the same thing for NYC condo owners. But the common charges does cover some major benefits!
What do the Common Charges (CC) cover?
- Insurance for the building/common areas. You should still purchase insurance for your unit.
- Staff salaries. The CC covers the salaries of the doorperson, super, and maintenance staff as well as any management fees.
- Maintained common areas. Hallways, foyers, communal spaces – all kept up the looking sharp.
- Utilities. Like heat & hot water and gas.
- Electricity in common areas.
- Seasonal decorations and common area decor. Think: artwork in the entryway and evergreen trees during the colder months.
- Garbage & Snow Removal. Snow removal can be especially bothersome in the city, so this is a real plus.
- Storage. The building may have bike or general storage areas.
- Pest Control. We all know how important this not-so-glamorous service is, especially in New York City.
- Gym or other special amenities that can be utilized by all residents
- Property taxes. Condo owners are homeowners, and are therefore individually responsible for property taxes. Note that co-op owners pay for property taxes via their monthly maintenance fees.
- Utilities specific to your unit like electric, internet, etc.
How Is Your CC Set?
Your unit’s “percentage of common interests” multiplied by the building’s operating costs equals your CC.
The percentage of common interest is based on the size of your unit and its location within the building. The higher your percentage of common interest is, the more votes you get in regards to condo board affairs.
How and why your CC might change:
Common charges can and do fluctuate based on the services and amenities provided and any improvements or renovations needed for the building. Common charges behave just like co-op maintenance fees in this way.