How to Buy a Co-Op

5 steps to owning a cooperative housing residence

By Lisa Iannucci, FrontDoor.com | Published: 8/06/2008

Cooperative housing can be a good choice for a homebuyer seeking a low-maintenance lifestyle.

According to The National Cooperative Business Association, there are more than 1 million units of cooperative housing scattered throughout the United States, with large numbers located in major urban areas like New York City, Chicago and Washington, D.C. But buying and owning a co-op is much different than buying a condominium or single-family home, so it's important to understand the differences before deciding if this type of living is for you.

• Step 1: Understand Co-Op Living
• Step 2: Partner With an Experienced Co-Op Agent
• Step 3: Read the Building Bylaws and Financials
• Step 4: Compile Your Financials
• Step 5: Meet the Co-Op Board

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