If you are thinking of moving, you may be wondering whether cooperative living is an option for you. Indeed, it is often a great idea for people who are moving to new states or want to experience something new.
Let’s learn more about co-op housing and the benefits that it can offer you.
What is Co-Op Housing?
First of all, it is important to find out more about co-op housing and exactly what it is. Co-ops, also known as cooperative buildings, are a housing option you can choose across the country. They first began in the 1800s and popped up in New York City, as well as Washington DC in later years. Now, you can find them in different states, such as Chicago.
Essentially, a cooperative building is a property with multiple units. They are often owned by a company. You are able to purchase one of their units in the building to make your home. In addition, you become a shareholder in the company, enjoying a leasehold of the specific unit that you have chosen.
The difference between owning a co-op and another property is that you are going to have to pay a home loan instead of a mortgage. It is essential to note that co-op housing is different from condominiums. But you are still going to have a great place to live and there are many advantages to owning a co-op. Let’s take a look at some of them.
The Benefits of Owning a Co-Op
The advantages of owning a co-op make it popular for those searching for a dream home to live. Here are some benefits you can expect when you choose this option.
They are More Social
If you are moving to somewhere new for your career or for a fresh start, it can be hard to meet people. If you want to be sociable and make new friends, choosing a co-op can be a good idea. The buildings often seem like a community and it can be easier to meet people that live around you. This gives you the opportunity to get to know your neighbors and settle into your new city. As the co-op board will normally screen residents before they move in, this can offer you peace of mind when it comes to who your neighbors will be.
It Can Be Cheaper
Depending on the location you are house shopping in, co-op housing can be a cheaper option for you. Having a mortgage is a huge responsibility and it is often the case that people take on more than they can handle. Co-op housing can be more specific to your needs. In addition, you will find that condos are more expensive per square foot than co-ops. Therefore, you can enjoy the same size but for less money.
Just make sure that you invest in good cooperative insurance. This is going to make sure that if something bad happens, you are protected. For example, it is going to cover your personal property or loss of use if your property becomes uninhabitable for some reason. It will also cover personal liability and your unit when it comes to improvements and alterations. You can enjoy peace of mind and know you are covered for any eventuality.
You Can Enjoy More Amenities and Services
Since you are living in a multi-unit building, you often have access to some great amenities and services. This is something do you not get when you purchase property or a condo. For example, you may have a gym, swimming pool or gardens that you can use during the day. While you will pay for these services every month, they can enhance your quality of life and be cheaper than having individual memberships. Since you can enjoy amenities and services in your building, you can even save money when it comes to travel.
The Company Maintain the Building
Of course, when you own any property, you are responsible for maintaining the inside. All of the bills and small repairs are down to you to fix. But the great thing about co-op housing is the company deals with all the maintenance responsibilities when it comes to the building that you live in. For example, they are going to deal with cleaning corridors, maintaining gardens and services, as well as any major repairs. They are even going to be responsible for maintaining and fixing the electrics, plumbing and HVAC in the building. This can take a lot of pressure away from you. While you might have to pay a portion of the expenses, it is worth it for it all to be dealt with by somebody else.