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What is often misunderstood about cooperatives?

On Behalf of | Apr 21, 2023 | Condominiums & Cooperatives |

Cooperative living is a growing idea in high-population areas where housing costs are rising fast. These living situations give people ownership at a fraction of the cost of transitional home buying.

However, many people still do not understand what cooperative living means.

The biggest misconception

When people hear cooperative living, they usually think it means living in a commune-style arrangement. They think of a large group of people who share everything and live fully with each other. But modern cooperative living is not like that in most cases.

The developments now often give each person their own living area. Some even offer high-end arrangements with top-of-the-line accommodations. You can think of a cooperative more like an apartment building.

The best part of the arrangement

The best part of cooperatives is they give you ownership. Instead of paying rent to some landlord who maintains ownership of your living space, you are a partial owner in the whole cooperative. Still, despite being an owner, all the other owners help you with expenses for maintenance and upkeep. So, it is unlike owning your own home, where you shoulder the burden for everything, yet you still have the rights of an owner.

Another great perk of cooperative living is that it creates an instant community. Unlike many similar living situations, people in a cooperative are likely to want to know their neighbors since they are all co-owners.

Cooperatives are not what you may think. They offer many perks and could be a great choice for your next housing solution.