If you’re looking for NYC coops for sale, BLU Realty Group can assist you. With the cost of housing rising, people are looking for ways to invest wisely and reduce spending. Instead of paying bloated rent rates, many New Yorkers are choosing the less traditional – yet oftentimes more advantageous - route of living in NYC coops. BLU Realty Group works with several housing coops and can connect you with some of the best coops for sale in NYC. Contact us today at 212-380-8879 to start talking about the NYC coops for sale that would be right for you.
What is a Housing Coop?
A housing coop usually begins when a corporation buys a property with apartments, townhouses, houses, or other residential buildings. Individuals or families interested in these NYC coops for sale buy a share in the company that owns the property and become shareholders. Shareholders are then given a housing unit from the NYC coops for sale for their exclusive use.
It is important to note that the resident does not own the unit they occupy like someone would own a house he bought. Rather, the resident owns a share in the company that owns the NYC coops for sale. While housing coops do not give you an actual deed, they do offer their residents several incredible privileges and benefits that are exclusive to NYC coops. Following are some of the advantages to choosing coops for sale in NYC:
• Financial Savings: Residents pay a share loan and a monthly living expense fee instead of rent, but occupants often save money because housing coops are not-for-profit, operating on an at-cost basis. Additionally, shareholders can take advantage of personal income tax deductions, reduced maintenance costs, and lower real estate tax assessments.
• Community Control: Ever wished you could control who lived above or below you in your rental apartment? NYC coops for sale help give you that power. Some coops for sale in NYC are specifically designed for certain demographics, like senior citizens or college students. Other housing cooperatives require a background check to see a potential shareholder’s net worth or debt-to-income ratio. Some NYC coops for sale are extremely discretionary about new residents, giving you a say about who your neighbors are.
• Guaranteed Vote: As a shareholder you have a guaranteed opinion and say about the things that happen in your community. Each shareholder is given a vote in the corporation. This democratic voting system gives the residents in the coop the power to decide important issues, such as the financial requirements of the coops for sale in NYC, social events, and requirements for joining the coop.
If you are interested in alternative housing that empowers you and helps you save financially, contact BLU Realty Group at 212-380-8879. We look forward to answering your questions and helping you locate coops for sale in NYC.