I am in the process of renting a Condo thru a broker and the broker claims I am to pay all of the fees to move in not the owner. Is that standard and customary ? Should I call the management office to ask them? Here are the charges: (part of the leasing packet) 1.) $ 500 non refundable Lease fee payable to the Condominium. 2.) $ 500 Move out Deposit (Would I be paying that 2 years before the end... [more]
I am in the process of renting a Condo thru a broker and the broker claims I am to pay all of the fees to move in not the owner. Is that standard and customary ? Should I call the management office to ask them?
Here are the charges: (part of the leasing packet)
1.) $ 500 non refundable Lease fee payable to the Condominium.
2.) $ 500 Move out Deposit (Would I be paying that 2 years before the end of my lease?). This is refunded less any damage.
3). $ 500 Move in Deposit ( Refundable less any damage, payable to the Condo).
4.) $ 250 elevator fee payable to the Condo
5.) $ 150.00 processing fee payable to the Management co.
6.) $ 75.00 credit check fee.
Should I be paying for all of this, is there any of this that is standard for the owner to be paying for?
Any advice and suggestions are most welcome.
thanks!
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Response by NWT
over 15 years ago
Posts: 6643
Member since: Sep 2008
They're all standard.
The owner is charging you $x rent on the assumption you'll be paying the $1,000 in odds and ends.
Maybe if you squawk she'll front the money for you and add $50 per month to your rent to recoup the money over the 24 months.
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Response by jim_hones10
over 15 years ago
Posts: 3413
Member since: Jan 2010
Standard. And fairly reasonable actually. I've seen them more than double.
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Response by pier45
over 15 years ago
Posts: 379
Member since: May 2009
Exactly what NWT says. The apartment should be cheaper than standard rentals to allow for these extra costs, and the extra risk/hassle you take on by dealing with an individual rather than an operator of rental buildings.
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Response by damier212
over 15 years ago
Posts: 124
Member since: Aug 2009
Thank you for your immediate comments....I don't mind paying the $ 2G (knowing that I will get 1G back if there is no damage to the building), I just wanted to make sure that this is common.
Believe it or not after a brokers fee, and a rather expensive monthly rent, to me it is worth it in the end as this particular apartment is not easily found in a rental building and it has almost everything I want in an apartment. (I say almost, as NYC is about compromise one way or the other but I am getting a good 90% of what I want, a high floor, views, 1 1/2 bathrooms, new kitchen, w/d on the floor, so if I have to pay these fees, that's ok I guess). It sort of caught me off guard as the building I am in now , also a Condo, have fees about 1/2 of the prices I stated for renting a condo. Like Jim_hones just said he has seen them more than double that what I quoted! And yes pier45, there was alot more hassle than dealing with a standard rental to make this happen, but when I saw this place, I knew none of the other 25 apartments I saw in the same price range would be anything like this.
Several people told me that the condo rentals (with risks of the owner selling etc). are alot more work to negotiate, but that it may be worth it by not taking just any typical apartment thru a leasing agent in a standard rental building.
Many thanks!
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Response by huntersburg
over 15 years ago
Posts: 11329
Member since: Nov 2010
damier, when you rented, were you able to lie and cheat like when you were selling your apartment?
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Response by inonada
over 15 years ago
Posts: 8085
Member since: Oct 2008
Yes, all very typical and on the more modest side.
As far as "standard" on who pays, negotiate as you like: there are no set rules. But, ask yourself whether this is worth pushing vs. the other items you could be pushing.
They're all standard.
The owner is charging you $x rent on the assumption you'll be paying the $1,000 in odds and ends.
Maybe if you squawk she'll front the money for you and add $50 per month to your rent to recoup the money over the 24 months.
Standard. And fairly reasonable actually. I've seen them more than double.
Exactly what NWT says. The apartment should be cheaper than standard rentals to allow for these extra costs, and the extra risk/hassle you take on by dealing with an individual rather than an operator of rental buildings.
Thank you for your immediate comments....I don't mind paying the $ 2G (knowing that I will get 1G back if there is no damage to the building), I just wanted to make sure that this is common.
Believe it or not after a brokers fee, and a rather expensive monthly rent, to me it is worth it in the end as this particular apartment is not easily found in a rental building and it has almost everything I want in an apartment. (I say almost, as NYC is about compromise one way or the other but I am getting a good 90% of what I want, a high floor, views, 1 1/2 bathrooms, new kitchen, w/d on the floor, so if I have to pay these fees, that's ok I guess). It sort of caught me off guard as the building I am in now , also a Condo, have fees about 1/2 of the prices I stated for renting a condo. Like Jim_hones just said he has seen them more than double that what I quoted! And yes pier45, there was alot more hassle than dealing with a standard rental to make this happen, but when I saw this place, I knew none of the other 25 apartments I saw in the same price range would be anything like this.
Several people told me that the condo rentals (with risks of the owner selling etc). are alot more work to negotiate, but that it may be worth it by not taking just any typical apartment thru a leasing agent in a standard rental building.
Many thanks!
damier, when you rented, were you able to lie and cheat like when you were selling your apartment?
Yes, all very typical and on the more modest side.
As far as "standard" on who pays, negotiate as you like: there are no set rules. But, ask yourself whether this is worth pushing vs. the other items you could be pushing.