Staring at two listings in Queens and confused why one shows “common charges” while the other lists “maintenance”? You’re not alone. These terms signal two different ownership structures in NYC, and they directly shape your monthly bottom line. Understanding what each fee covers helps you compare buildings the right way and avoid surprises after you close.
In this guide, you’ll learn how common charges and maintenance differ, what they typically include, why amounts vary across Queens, and a step-by-step method to compare monthly carrying costs. You’ll also get a practical checklist of documents and questions to use on any building. Let’s dive in.
Condo common charges vs. co-op maintenance (Queens basics)
If you buy a condominium, you own real property: your unit by deed plus a share of the building’s common elements. The building’s homeowners association collects common charges to fund operations and reserves. You pay your NYC property taxes directly to the City.
If you buy a co-op, you purchase shares in a corporation that owns the building and receive a proprietary lease for your apartment. The co-op collects maintenance, which usually covers building operations and the corporation’s obligations, including property taxes and sometimes an underlying building mortgage.
The practical result: a co-op’s maintenance often looks higher than a condo’s common charge, because maintenance can include taxes and heat or hot water. To compare two homes fairly, you need to separate what’s included.
What these fees usually cover
Included in both (often)
- Building staff salaries and benefits
- Building insurance for common areas
- Common-area utilities and elevator service
- Cleaning, landscaping, snow removal, and routine repairs
- Management fees and contracted services
- Contributions to reserves for long-term capital work
Often included in co-op maintenance
- The building’s real property taxes (allocated to shareholders)
- Underlying building mortgage payments, if any
- Heat and hot water when centrally provided
- Central water/sewer bills for the building, as applicable
Often paid separately in condos
- Unit property taxes (billed by NYC to the owner)
- Unit utilities if separately metered (electric, gas, water, as applicable)
- Special assessments if the HOA needs extra funds for specific projects
About special assessments
Both condos and co-ops can issue special assessments for major capital projects. The frequency and size often reflect building age, reserve health, and recent capital needs. A history of repeated or large assessments is a key risk indicator to flag early.
Why amounts differ across Queens buildings
- Property tax and debt: Co-op maintenance typically includes property tax and may include underlying building debt service. Condos do not include unit taxes in common charges.
- Staffing and services: Doormen, 24/7 concierge, live-in super, and amenity staff increase monthly costs. Walk-ups with minimal staff cost less.
- Age and systems: Older properties or those facing near-term capital work (boilers, roofs, facades, elevators, windows) tend to budget higher reserves or assessments.
- Reserve philosophy: Underfunded reserves can make monthly fees look low now but raise the risk of future assessments. Strong reserves may mean higher fees today but more stability.
- Occupancy mix and commercial space: Cost allocation can shift if the building includes commercial units. Delinquency risk also varies based on owner-occupancy and renter share.
- Size and amenities: Larger buildings can spread fixed costs across more units, but luxury amenities can offset any scale savings.
- Tax abatements: Certain buildings or units may benefit from abatements that reduce the tax portion of maintenance or an owner’s tax bill. Always verify current status and any expiration timeline.
- Board policies and governance: Co-op board rules and HOA budgeting choices shape how and when buildings fund capital needs and how they manage cash flow.
Apples-to-apples monthly comparison
You can compare a condo and a co-op on equal footing by normalizing the numbers.
Step A: Gather the raw numbers
- Condo: Common charge, annual property tax, average monthly utilities, and projected mortgage principal and interest (P&I).
- Co-op: Maintenance, what the maintenance includes (taxes, heat/hot water, underlying mortgage), average monthly utilities not covered, and projected mortgage P&I for your shares.
Step B: Convert annual items to monthly
- Property tax monthly estimate = annual property tax divided by 12.
- Keep special assessments separate instead of averaging unless the building provides a stable history that supports it.
Step C: Normalize your carrying cost
- Condo normalized monthly = mortgage P&I + common charge + (annual property tax / 12) + average monthly utilities.
- Co-op normalized monthly = mortgage P&I + maintenance + average monthly utilities not covered by maintenance.
When possible, request a budget breakdown so you can distinguish “service level” costs (staff, amenities, repairs) from “tax/debt” components.
Step D: Optional per-square-foot view
- Monthly cost per square foot = normalized monthly carrying cost divided by unit square footage. This can clarify value across buildings and sizes.
Step E: Stress-test for surprises
- Ask for the last 3 years of assessments and any planned capital projects. If reserve information is thin or capital work is pending, add a contingency line in your budget.
Step F: Consider financing differences
- Co-ops may have stricter underwriting and limits on financing. Condos often allow more flexible financing and investment purchases. Speak with a lender early so your P&I assumptions are realistic.
Quick example: co-op vs. condo in Queens
The numbers below are only an illustration to show how costs can align even when maintenance looks higher than common charges.
- Condo example: Common charge $650, annual property tax $6,600, average utilities $100, mortgage P&I $3,000.
- Normalized monthly: $3,000 + $650 + $550 + $100 = $4,300.
- Co-op example: Maintenance $1,400 (includes taxes and heat/hot water), average utilities $60, mortgage P&I $2,800.
- Normalized monthly: $2,800 + $1,400 + $60 = $4,260.
In this scenario, the condo shows a lower common charge on paper, but the total monthly cost is similar once you include property tax and utilities. Your numbers will vary by building, but this method helps you compare fairly.
Document checklist for Queens buyers
Ask the seller or managing agent for these items. For co-ops, management typically provides many of these documents.
- Most recent audited or compiled financials and balance sheet
- Current budget and recent P&L
- Reserve fund balance and any reserve study notes or capital plan summary
- List of building debts, including any co-op underlying mortgage details
- Meeting minutes for the last 12–24 months
- Schedule of special assessments for the last 3–5 years and any active assessments
- Offering plan (condo) or proprietary lease and house rules (co-op), plus by-laws
- Certificate of occupancy and any open violations
- Insurance summary (coverage limits and deductibles)
- Staff list, payroll costs, utilities included, and service contracts
- Building litigation summary, if any
- Occupancy mix and any rental or sublet policy
- Details on any tax abatements or incentives
- Recent capital expenditure invoices or bids, if available
Key questions to ask
- What portion of the fee is property tax, reserves, utilities, and debt service?
- Have there been special assessments in the past 3 years? Are any expected?
- What is the reserve fund balance relative to the annual budget?
- What capital projects are planned in the next 3–5 years and how will they be funded?
- What is the current delinquency rate on fees?
- Are there restrictions on subletting, pets, renovations, or investor purchases?
- For co-ops: Does maintenance include heat/water? Is there an underlying mortgage and what is the annual debt service?
- For condos: Are special assessments planned? How are long-term capital needs funded?
Red flags to watch
- Low or declining reserves paired with aging building systems
- Frequent or large assessments without a clear capital plan
- High delinquency rates or pending litigation
- Upcoming facade, roof, boiler, or elevator projects without identified funding
Queens-specific considerations
- Building mix: Queens includes prewar and postwar co-ops, garden-style complexes, and newer condos in areas like Long Island City and Astoria. Service levels and reserve strategies vary by era and asset type.
- Fee structure: Newer condos may start with lower common charges but can carry higher taxes depending on abatements and amenity levels. Co-ops may show higher maintenance but sometimes come with lower purchase prices.
- Capital planning: Older buildings may need near-term upgrades, which can drive higher reserves or assessments. Review minutes and financials closely.
- Resale and financing: Financing flexibility and resale liquidity can differ by building type and neighborhood. Check your lender’s building requirements early.
- Abatements: Confirm any tax abatement details and timelines at the building level so you understand current costs and potential increases when programs expire.
Next steps
Create your apples-to-apples budget, request the key documents, and talk with your lender and attorney early. If you want a clear read on two or three buildings in Queens, I’ll help you pull the right documents, break down what the fees include, and stress-test your monthly number so you can buy with confidence.
Ready to compare options and run the numbers together? Connect with Maria Nica to get started.
FAQs
What is the difference between condo common charges and co-op maintenance in NYC?
- Common charges fund condo building operations and reserves while unit owners pay property taxes directly; co-op maintenance typically includes the building’s taxes and may include underlying mortgage payments.
How do property taxes affect co-op maintenance vs. condo common charges?
- Co-op maintenance often includes the building’s property tax allocation, which makes maintenance appear higher, while condo owners pay their property tax separately from common charges.
What should a Queens buyer request to compare buildings fairly?
- Ask for financials, budgets, reserve balance, assessment history, meeting minutes, insurance summary, occupancy mix, and any tax abatement details for an apples-to-apples comparison.
How do special assessments impact monthly housing costs?
- Assessments add to your monthly outlay and often signal reserve shortfalls or major capital work, so review history and planned projects and include a contingency in your budget.
Are utilities usually included in co-op maintenance in Queens?
- Many co-ops include heat and hot water when centrally provided, but coverage varies by building, so confirm exactly which utilities are included before comparing totals.
Do tax abatements in Queens lower monthly costs?
- Abatements can reduce either the tax portion of maintenance (co-ops) or an owner’s tax bill (condos), but you should verify current status and any expiration timeline to project future costs.
