The cost depends on how the co-op is set up. Cost of Ownership – The cost of an individual share may vary with market condition, or may be fixed.The board may hire a manager, especially for larger properties, and various committees may handle specific aspects of management. As with the Homeowners Association of a condominium or townhome development, residents play a democratic role in the management. They also handle the corporation’s finances. The directors make decisions about every aspect of the property. Property Management – A board of directors, elected by the co-op’s shareholders, manages the property.
Those expenses include maintenance of the property, services required for the property, mortgage payments, taxes, insurance, and other costs. Residents, who are also shareholders, pay a monthly amount, similar to rent, that covers their share of the operating expenses of the corporation that owns the property. Ownership is simply ownership of equity in the corporation rather than ownership of a specific residence.
Individuals purchase a share in the corporation that entitles them to occupy one unit in the property. Unique Concept – The property itself, usually a multi-family property, is owned by a non-profit corporation.Its unique features are quite different from traditional housing. Paul urban environment, a number of co-op housing developments are available, and co-op living is popular with students, individuals, families, and older residents alike. Please feel free to contact Mike regarding buying or selling it would be his pleasure to help out with all your real estate questions. There is nothing better than inspecting a newly finished product and getting it ready for market. He enjoys the tear out, design and reassembly process. He also has an extensive background in repairing and reselling properties. Whether move up, move down or 1st time buyer Mike finds himself working in the pursuit of excellence for his clients at all times.
Mike Wirig – There is nothing more rewarding than working with a client and watching the dream of homeownership become a reality.
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