Are you wondering if you should buy a co-op or not? If you have been searching online you will discover that there are many co-ops for sale in Brooklyn. I am going to share with you some reasons why buying a co-op is a good idea, especially in today's market. Study these reasons and decide whether a co-op is right for you.Less Responsibility:
Co-opsÂ are the least expensive real estate investment, especially today. If you're someone that earns less than $100,000 a year, have decent credit of at least 680 and higher and have at least 10% of the down payment,Â then you could buy a co-op for under $200,000. Since the prices have gone down it's even better to buy a co-op just to get your foot in the door of having a piece of the American dream. Click here to see affordable co-ops in Brooklyn.
Unlike a home where you are responsible for the repair and fees to maintain the entire home and the land,Â when you own a co-op there is a staff to clean, maintain and repair the common areas, the exterior, etc. So with co-op living there are no roof repairs, shoveling snow, gardening, exterior work on the home, electrical and plumbing work for you. Gain Equity
That's right, the best word besides ownership is the word "equity". Just like a condos or home, your co-op gains equity as well. Of course, equity gained on a property is based on how much you paid and currently owe, the location and the condition of the home. Community:
When you own a co-op, it's not just some apartment building with alot of renters that usually don't care much about the property. A cooperative is filled with owners
that care about the property and want to have it maintained in order to continue to increase the value of the cooperativeÂ building and their individual unit. Owners of co-ops also look out for one another and they all have a since of pride which makes it aÂ place for seniors, single woman or woman with children. Amenities:
Many cooperatives come with extra perks that usually aren't available to the average renter that pays to live in an apartment building.Â Depending on the cooperative building sometimes you can have access to a gym, doorman, additional storage for rent, pool, recreation center, business center, etc.Â Simpler Monthly payment:
Your monthly payments are much more simpler than owning a home or condo. Why? With a co-op you pay your mortgage payment to the bank, your maintenance (usually includes one or more utilities, property taxes and fees to maintain the property), insurance, and depending where you live you may pay one or more of your utilities. Tax Benefits:
Your co-op is a real estate investment so that means you get perks at tax time. A portion of your maintenance and the interest on your mortgage payments are tax deductible (seek an accountant to go over all your benefits).Pride Of Ownership
If you know you cannot afford almost $3,000 a month for the average 1 family homeÂ plus have additional money aside for at least 6 monthly payments or for repair emergencies then you should seriously look into purching a co-op. Co-ops are great to use as a stepping stone to the next level. Buy low now why the prices are down and gain equity over a few short years and take your profit to buy a large co-op, condo or even a home. The point is to get in the game while the opportunities are all in your favor as a buyer and become an owner. BONUS: Are You A 1st time Home Buyer? Find Out How To Get Your Free $8,000 Tax Credit For 2009 If You Buy A Home (Co-ops Included) No Later Than December 1, 2009.
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Rhonda Holt - Full Time Licensed Real Estate Professional
Queen of Co-ops and Home Sales
Weichert Realtors, H.P Greenfield
Company Site: http://www.HPGreenfield.com
My Site: http://www.KandHhomes.com