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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.
Want homeownership without the responsibility of mowing the lawn or fixing the roof? Owning a cooperative, or co-op for short, may be for you.
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.