Condominiums and Townhouses of New Jersey
…Condo/Townhouse Maintenance Fees
fees are maintenance fees used to maintain the common areas of a
condominium/townhouse complex. Condo fees can equate to what a
single-family homeowner should budget each month to maintain their home
of Condo fees vary. The cost to maintain the inside of a condo unit, which
is the inside wall to the center of the room, is the responsibility of the
condo owner. All other costs to maintain the outside of the complex are
shared by each condo unit owner – the maintenance fees.
are some costs included in the maintenance fee of the common areas:
care and repairing the outside of every building
utilities of the common areas
cleaning and maintenance
other amenities shared by all unit owners
a reserve fund for unexpected repairs
above list contains most of the costs – there may be more or less. Every
condominium complex is different. Also, the above list pertains to large
complexes. A small complex, which may be a duplex home or complexes with
up to 5 or 10 units, may not pay a maintenance fee at all. If something
goes wrong with the complex, everyone shares the cost.
fees can be completely different in apartment buildings. The fee may be
based on the sq ft of each unit. In a larger complex, end units may have a
larger share of the maintenance fee than an interior unit.
fees, as important as they are, will vary from unit to unit and from
complex to complex. It is very important to know exactly what the
maintenance fee of the unit is, the taxes that you will be paying, if the
reserve fund is sufficient to handle all costs, and how solvent the
management company is.
Click the link below to read what the New Jersey appellate court says about Condominium Maintenance Fees:
This article is subject to errors and omissions. It is the responsibility of the buyer or seller to verify all information.