Many home-seekers believe that renting is how it’s done in Forest Hills. As housing prices climb, renting is a more affordable way to live in this coveted neighborhood. If you keep an open mind, you’ll see that renting isn’t necessarily the only way to go. Let’s talk about Forest Hills co-ops, an ever-popular but often misunderstood way to score a piece of real estate in Queens.
Co-op Characteristics
As a co-op resident, you don’t actually own your unit. Sound strange? Stay with us, because this is where most people get lost! The co-op acts as a corporation, and residents are shareholders. In other words, rather than owning your unit outright, you own shares of the larger corporation.
What else do you need to know about Forest Hills co-ops? Here is a short list of characteristics that make co-ops stand out from other types of housing:
- Co-op purchases require a special type of loan. On the surface, a co-op loan looks similar to a mortgage, however, it might require a higher down payment.
- Maintenance is generally provided in larger co-ops. Residents of smaller co-ops might need to put in some grunt work to accomplish these tasks.
- Speaking of maintenance, co-op residents pay a monthly maintenance fee that varies widely. Crunch the numbers carefully to ensure that you are interested in a unit that you can afford.
- Landing a co-op unit can be tricky. While co-ops must follow fair housing laws, they tend to be more restrictive than traditional rentals or home purchases.
Prominent Features in Forest Hills Co-ops
When you think of a co-op in New York City, do you picture a traditional apartment-style building? If so, you are partially correct. Co-ops are also found in these styles:
- Mid-rise and high-rise apartments.
- Townhomes.
- Student, senior and special-needs housing.
As you stroll the streets of Forest Hills, take note of the stately, pre-war residential buildings that surround. You might find your next co-op residence within one of these iconic structures!
Explore options for co-op living with Forest Hills Realty today to determine if this type of housing is right for you!
Call us today at (718) 997-6000 or email us here.
