Reasons Why You Should Buy A Co-op

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 depending where you live. 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.Click here to see affordable co-ops in Brooklyn.



Less Responsibility:
With a home you are responsible maintaining the entire home and the land that surrounds it, with a co-op there's 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, and maelectrical and plumbing work for you.


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.


Affordability:
Co-ops are the least expensive real estate investment, especially today. If you earn between $40,000 to $70,000 close or over a 700 credit score with at leastt 10% of the down payment, then you could buy a co-op. The purchase price of the co-op depends on where you plan to live and how many bedrooms you need. With interest rates at their lowest right now, buying a co-op can get your foot in the door to investing.


Gain Equity:
That's right, the best word besides ownership is the word "equity". Just like a conds 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 cooperative 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 a great place to live. Co-ops are great for a single person, seniors, and small families or even people who are hardly home or travel often.


Amenities:
Many cooperatives come with extra perks that you will do not get in the average rental apartment building. Depending on the cooperative building sometimes you can have access to a gym, parking, laundry rooms on site, doorman, additional storage for rent, pool, recreation center, business center, etc.


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:
Nothing is more rewarding than owning a piece of the American Dream called real estate. When you put your key in your door, it belongs to you and not someone else. The best part is, you are gaining equity and building your financial portfolio and not just filling up your landlords pockets. You can go in and decorate how you want and feel comfortable in your space. Ownership is a the best feeling in the world and a sense of true accomplishment.