We handle all types of municipal law, public affairs, real estate law, homeowner association law, estate planning and business law.

What can make co-op and condominium fees increase?

On Behalf of | Dec 13, 2022 | Condominiums & Cooperatives |

If you are part of a governing board that oversees a condominium or a cooperative, you are familiar with voting on decisions such as whether to hike dues for condo or co-op owners. An increase in fees could happen for different reasons, and it is important for condo residents to feel the reasons are sound.

Sometimes condo owners get into disputes with a governing board if they feel their fees are too high. However, there are some circumstances which justify an increase.

The age of the building

Governing boards generally factor in repair costs into their dues, but U.S. News and World Report explains that a condominium that is over 10 years old is more likely to require maintenance. Extensive repairs to the building elevator or plumbing may become necessary and exceed the current budget.

Also, some old buildings have out-of-date heating systems that require greater upkeep. The system may be so obsolete that a board must fund a full replacement of the system.

The roof and sidings

While older condos require repairs and renovations of the roof and wall sidings, roof maintenance is bound to be a general concern for any co-op and condo. Instances of harsh weather can wear down roofs over time. Also, extreme weather could cause greater building damage.

The size of the building

Typically, a smaller condo or co-op will charge more in monthly fees because it has fewer occupants. However, some larger buildings are also expensive because they feature additional perks for residents. The inhabitants may pay more to keep up a swimming pool, a gym, a theater or a larger staff.

Making sure condo or co-op owners are up to speed on the needs of their condo building is important to preserve harmony and avoid possible legal battles.