If you’re browsing home listings in Briarwood, you’ll probably see co-ops featured time and time again. Don’t skip over these opportunities! Today, we are going to let you in on the must-know secrets about Briarwood co-ops.
Co-ops Explained
How do Briarwood co-ops stand out from other multi-family arrangements? Here are a few key differences:
- Co-op residents are shareholders in the community, allowing them occupancy rights within the building.
- If you need financing to purchase a co-op, you won’t get a mortgage. Instead, you will apply for a loan to buy shares.
- Your share loan might require up to a 20% down payment.
- Co-op residents pay a monthly maintenance fee. Maintenance fees vary widely between Briarwood co-ops, so know this number before you commit.
- Despite the high down payment and additional maintenance fees, co-op living often works out to be cheaper than other types of home ownership in Briarwood.
Types of Briarwood Co-ops
Co-op living is commonplace in Briarwood. One- and two-bedroom co-ops are pretty easy to find. Several stately, red-brick complexes have been converted into co-op arrangements, particularly as you approach Queens Boulevard and the Kew Gardens area.
Briarwood co-ops are more than multi-story apartment-style buildings. Here are some examples of other types of co-op housing that you might run across:
- Townhomes.
- Garden-style apartments.
- Senior living complexes.
- Special needs housing.
Rules, Regulations, Restrictions…
You may have heard that you need to play by the rules in Briarwood co-ops. While this is true, the rules aren’t as intimidating as you might think. They are in place to ensure that co-op members can afford their unit and the necessary maintenance costs. Here are a couple of examples of the regulations that you might see:
- The co-op board will need to approve your application, which might be lengthy.
- You’ll probably encounter multiple regulations if you want to rent your unit to another person.
- You will likely need board approval before you renovate or upgrade your unit.
Explore Briarwood Co-ops
Briarwood co-ops are definitely worth a second look! Contact Briarwood Realty today to learn more about your options.
Call us today at (718) 380-5000 or email us here.