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Ask Curbed, Again: Price-to-Maintenance Formula?

Twice the fun today. Often times, people will send in listings that seem like steals, but the sneaky units have very high maintenance/common charge payments. And other times, we'll get condo listings that seem way overpriced, but have little in the way of monthly fees. In that vein comes this note, from a Curbed reader who is confused by whether or not she'd be getting hosed on maintenance:

I am wondering whether there is any rule of thumb regarding a price-to-maintenance ratio. For example, I came across a pretty nice 1025 square foot apartment on 23rd street and 5th avenue. I would have expected it to go for $750,000+. However, this apartment was listed for $575,000. The catch? Maintenance was $1763.00/month. That's high. But I'm not sure how high.

One way to calculate reasonable maintenance would be to figure out the total nut I'd be shelling out each month. In other words, I'd add my mortgage payment (with 20% down - apx.$3000) to the maintenance and get $4763/month. An apartment that costs $750 with $1000 maintenance would cost apx. $4600/month (with $20% down). Is that the right way to analyze maintenance? Any advice?

Numbers make us peepee in our pantaloons, so what do y'all say? How do you analyze whether the maintenance seems right, or just downright k-k-krazy!
· Ask Curbed Archive [Curbed]