Flushing Co-ops: Must-know Info About Your HOA Fee

If you are hunting for Flushing co-ops, you probably already know that becoming a co-op shareholder comes at a price. In addition to making payments on your share loan (like a mortgage), you'll also be responsible for a monthly HOA fee.

If you are a New York City newbie, you might have minimal knowledge about this fee. Even long-time urban residents often cut that monthly check to their HOAs without asking questions.

It's OK to ask questions about your HOA fee! You need to understand where your hard-earned money is going. Here's all you need to know to get a grip on HOA fees in Flushing co-ops:

  • HOA fees for Flushing co-ops vary widely.

    Our agents have seen monthly HOA fees lower than $500. What a deal! We have also seen costs that exceed well beyond $1,000 per month. Most HOA fees for Flushing co-ops are between $500 and $1,000. That's still a pretty wide range, so it's necessary to understand what you'll pay to live in a particular building before you commit.

  • HOA fees cover more than just maintenance.

    Sometimes we refer to HOA fees as maintenance fees. While a large part of this monthly bill will go toward maintenance, that's not all it covers. Your HOA fee might also contribute to amenity upkeep, security, groundskeeping or select utilities. After you find out how much you'll pay, find out what it includes to determine if it's worth it to you.

  • HOA fees are non-negotiable in Flushing co-ops.

    If you're moving into a building with a fitness center that you don't intend to use, don't expect to pay a lower HOA fee. The co-op's board members determine the fee and conduct a vote at the annual membership meeting. You can (and should) cast your vote regarding fee increases at this meeting, but if you're not in the majority, there isn't much you can do about it.

Are you still struggling to understand HOA fees? Contact us today to clear the confusion and add Flushing co-ops to your list of must-see homes!

Contact us at (718) 997-6000 or email us here for more information.

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