New York City condo & co-op budgeting guide

Healthy finances are the foundation of a thriving building. And the key to healthy finances is a well-planned budget. Our guide covers the essentials, from the breakdown of a budget to effective development strategies and practical ways to bring your budget to life.

Perks of a powerful building budget

A well-crafted budget will impact every aspect of your building for the better.

Smooth operations

Enables efficient daily management, swift maintenance responses, and stops minor issues from becoming major expenses.

Financial Stability

Builds reserves for unexpected costs, plans for improvements, and maintains stable monthly charges for owners.

Long-term vision

Empowers your building to invest in aspirational projects and shape its future, turning "what if" into "what's next."

Community trust

Fosters transparency, instills confidence in the board, and gets residents excited about the building's future.

The anatomy of a building budget

Just like buildings, budgets have many different moving pieces. Understanding the structure of your condo or co-op budget is important for effective financial management. A well-crafted budget balances your building's expenses with its projected revenue, ensuring financial stability and long-term success.

At the highest level, your budget should be separated into three buckets:

Operating Expenses

Capital Expenses

Reserve Funds

Staff wages and benefits

Insurance

Utilities

Repairs and maintenance

Property taxes

Management fees

Legal and accounting

Building operations expenses

Miscellaneous

A closer look

What's in my OpEx budget?

Wonder where the majority of your building's expenses go? We broke down it down into the biggest buckets and shared some tips to reduce costs.

Staff wages and benefits

This is oftfen the largest building expense. Performance-based incentives can help boost productivity and increase resident satisfaction. Does your building meet the

prevailing wage threshold?

Bringing your budget to life

After doing the hard work of developing a data-driven, forward-thinking budget, how do you make sure you’re able to stick to the plan?

Get owner buy-in

You'll likely have to increase monthly fees. By effectively communicating the rationale and vision for the future of the building, owners will be more understanding, and even more excited about the future of the building.

Conduct monthly financial check-ins

Constantly check spend trends. Are they aligning with what you had budgeted for? You might realize you over or underestimated an expense – that’s okay, you can still adjust your budget or funds accordingly.

Ready to elevate your building's financial planning?

Join the hundreds of board members who have already made the switch