The condominiums for sale in West Chelsea have common areas; the fee that is charged the residents of the building is referred to as “common area maintenance” or CAM. This fee is set by the homeowners association; the assessment typically takes the maintenance expense of the common space and divides it up amongst the condo owners in proportion to the floor area of their unit. CAM is typically applied in condominiums, residential co-ops and commercial leases.
The areas that are considered common is everything that is provided for use by all owners or occupants, or in the case of commercial buildings; the public. If the subject property is a shopping mall, the tenants will be required to pay for amenities such as the restrooms, promenade and air conditioning. In a luxury condominium complex, the common areas will often be the swimming pool, spa, gym, elevators, lobby, etc. The theory behind CAM is simple; it is a method of passing the maintenance expenses to the individual condo owners or occupiers as a shared responsibility for the various features that add value to the owner’s property.
Once the condominiums for sale in West Chelsea are purchased, the owner is responsible for paying the fee to the property manager. The fee is paid monthly, the amount be the owners percentage of the total expenses in relation to the floor area of his condo. Under these circumstances, the owners of the largest condos, usually the penthouses will pay the highest CAM. As inflation impacts the cost of services, the CAM charges are revised to reflect these increases in cost.
The CAM fees that are assessed in a commercial building are different as they are based on actual outlay; the tenants are required to pay a variable amount based on computations made by the building management.
The properties which assess CAM assess it on everyone, ever condo owner is legally obliged to pay under contract law. Because of this, the makeup of the expenses and the frequency of revisions is essential knowledge for management. Although the CAM fees insure that the building will be in top condition, the drawback is that the owners have no control over the process, it is the homeowners association that dictates the fees and the owners have no choice but to abide by the charges.
