When you own a condo and run into problems paying your mortgage, you're protected from a hasty foreclosure by a complicated set of judicial processes. That's not true, however, for those who live in co-ops.
You genuinely appreciate all the hard work that your co-op's board of directors does. The board members clearly take their responsibilities to heart. They're also a pretty diverse lot, so there's a lot of give-and-take on the important issues -- except for that one guy.
The New York State Attorney General's Office oversees the Real Estate Finance Bureau. That state-government agency determines what information condominium buyers and sellers and respective condo associations or cooperatives (co-ops) should include in their offering plans.
You likely put in a lot of work if you own a Manhattan apartment building. You may have dreamt about finding a way to reduce your workload but not be overly clear about how to do so. Pursing a condominium conversion may allow you to be less hands-on than you currently are.
If you are a first-time buyer of a New York City co-op, the buying process can be quite intimidating. It's almost enough to make you settle for a lifetime of renting.
Condominiums are attractive options for many city dwellers, offering the ownership rights over your space while still giving you many of the conveniences associated with apartment life. But buying your first condo can be a little bit nerve-wracking.
Not just anybody can buy your share of a co-op. Housing cooperatives are quite common in New York, but the ownership interest in a co-op works very differently than owning an individual home. Taxes and repairs are shared, and there are a lot of advantages to pooling your resources -- but reselling often requires finding someone that the co-op will accept as a buyer.
When a housing development or apartment building converts to a condominium there's often a steep learning curve involved for everyone. Some of the problems you may encounter -- whether you're a developer or a resident -- can end up being easily resolved. Others will probably require some experienced legal assistance.
Artistic cooperatives function very much like other types of co-ops. However, they limit their members to artists.
Housing cooperatives, or co-ops, are a unique part of the urban real estate market, particularly in New York. But, how do you know if you'll like living in a co-op?