How Do I Buy A Co-op?

When it comes to buying a cooperative or condominium, nearly all consumers tend to focus on location, size, the price and amenities. However, equally imperative is an analysis of the principal physical aspects of a given property. This would include the quality in addition to the condition of basic building elements such as roofs, flooring, elevators, appliances, plumbing and electrical wiring. This will hold true for new constructions as well as already existing cooperatives.

An important factor to think about is the homeowners' association dues. Go over the homeowners' association's binding rules in detail. Review the recent repairs and possible impending repairs. The number of units put up for sale should not be more than 4 to5 percent higher than the overall number of units. A higher number may signify an adverse condition. Talk to other owners and check the extent of the homeowners' association insurance cover and liability.

If possible try and hire an expert to help you out with this big a decision.