Co-ops are becoming more popular across the country, particularly in large urban areas. Buyers appreciate the opportunity to live in affordable housing, without assuming the responsibility of caring for a lawn or repairing structural issues. However, purchasing a co-op is a very different process than purchasing a single family home. In order to be successful, it is important to follow a few simple steps.
Get an Agent
In this situation, it is best not to go it alone. Look for a real estate agent that has experience with co-ops. They can give you the advice you need to navigate the process, and they can also help you understand the financial requirements involved. In many cases, you may also need to work with both an accountant and an attorney to ensure you have all your ducks in a row. However, finding an agent should be the first step, so that you have someone by your side throughout the entire process.
Do Your Research
Prior to meeting with the co-op board, spend a little time online. It sounds silly, but you should put your own name into various search engines to see what comes up. Any inappropriate social media posts should be deleted, for example. If there are other people in your family, do the same thing for them as well. First impressions are important, and you do not want members of the board to head into the interview with an inaccurate idea of who you are and what you are all about.
Hire an Inspector
It is important to evaluate the structural condition of the building, a task that most buyers are not equipped to do on their own. Hire an inspector to come in and go through the building with a fine tooth comb. They’ll look at everything from the roof to the plumbing system, and their report will help you decide if you want to make a purchase or not.
Pay Attention to Your Appearance
On the day of your co-op board interview, take care to dress nicely. Jeans are simply not appropriate in this case; instead, dress as if you were going into the office and wanted to impress your boss. Have your real estate agent talk you through the types of questions the board may ask. Practice your answers so that you feel confident and comfortable heading into the interview. In general, receiving an invitation to interview with the board means that they are interested in you. It is still important to make a good impression, however. The board wants to walk away feeling like you would be a good match for the building. They are looking for individuals that will make great neighbors within their little community!
In many cases, purchasing Glen Cove coops is a very smart decision. If you are interested in looking at these properties, keep the tips from this article in mind. Because the process is so different from purchasing a single family home, it can be overwhelming when you first begin your search. However, with a little help, you’ll be settling into your dream home, ready to get started on the next phase of your life.