Anyone who’s bought an apartment will tell you that a property’s asking price is only one part of the cost. The other part? The monthlies, including maintenance fees (in a co-op), and common charges and property taxes (in a condo). In New York City, the problem of valuing monthlies gets pretty complicated. Some co-op fees, for example, are tax deductible, which means they may not be as big an expense as you think. Some condos have abatements that keep taxes low—but only temporarily. Some charges go to amenities like doormen or pools that, for some buyers, are well worth the cost, and for others, very surely not.
In most cases, low monthlies equate to a higher asking price and vice versa.
Perchwell, a new apartment-search website that launched today, is hoping to help buyers make sense of all this with its PerchPrice, a proprietary metric that calculates a price tag for each available home based on both the asking price and the monthly charges. The idea is to help buyers figure out how much a place will truly cost them—according to Perchwell, a $100 difference in monthlies equates to between $15,000 and $20,000 in “value”—and to figure out if it's worth it.