If the building’s finances are NOT that great, (high expenses relative to fees the building gets),
or the building will soon undertake large projects,
the building may decide to raise monthly charges.
WHICH MEANS: an additional amount you’ll have to pay the building in addition to your monthly charges.
WHAT YOU SHOULD DO:
Ask your attorney to find out:
- What has been the percentage of maintenance/common charges increase for the past 3 years?
- What has the building historically done to pay for large projects?
- Is the building carrying an adequate amount in reserve accounts? Do they turn a positive net income year after year?
The past is a good indicator of what the building will do in the future.
If you have any questions you will like me to address please let me know in comments, or message me directly.