What is co-op housing? If you can’t answer this question, you’re not alone. Many buyers scan past Forest Hills co-ops during their housing search because they don’t understand them. Don’t be one of those people! Today we are going to arm you with the pros and cons of co-op living so that you can be an informed buyer in Queens.
The Upsides of Co-Op Living
There are several reasons why Forest Hills co-ops continue to gain popularity. Here are a few of the big ones:
- Co-ops might be more affordable than condos, single-family homes or other types of ownership.
- Buyers typically get more square footage for their money in a co-op unit.
- Forest Hills co-ops might offer amenities that are hard to find in other types of housing. Think fitness facilities, a doorman or maintained common areas.
- Co-ops generally have a high occupancy rate, meaning satisfied neighbors and financial stability.
- Co-ops don’t operate for profit, so shared costs might be lower than other living arrangements.
- Although unit owners are shareholders in the building, they still receive similar tax deductions as traditional homeowners.
Must-Know Info Before Considering a Co-Op
Some people might look at the following points as co-op negatives. We like to look at them as points to consider. Here is what you need to know before you take the plunge into Forest Hills co-ops:
- Co-ops often require a high down payment, sometimes up to 20%.
- Fewer loan options exist for co-op buyers.
- While renting out your co-op is possible, you and your potential renter might need to jump through several hoops to get the job done.
- If you are interested in a small co-op, you might need to dedicate some of your time to upkeep and maintenance.
- Forest Hills co-ops come with stringent regulations intended to keep payment defaults to a minimum.
Take the Next Step
Today’s read is intended to help you decide if you want to pursue co-op living. If you have additional questions, hustle over to Forest Hills Realty to clear any lingering confusion about Forest Hills co-ops today!
Contact us today at (718) 997-6000 or email us here for more information.