Briarwood Co-ops: The Cons of Co-op Living

As much as we like our blog posts to be positive, we also need to share the not-so-good aspects of real estate so that our readers can make informed decisions. Getting unbiased information about what you’re getting into is especially important when discussing Briarwood co-ops.

Co-ops aren’t for everyone. Their drawbacks are either minor inconveniences for some or deal-breakers for others. We’ve touted the benefits of Briarwood co-ops in the past, but today we’re going to take a different approach. Let’s examine the downside of co-op living to give you all the information you need to select the housing style that suits you best. Here are three top co-op cons:

  • Co-ops tend to be heavy on the rules.Remember that old saying, “Rules are meant to be broken?” It doesn’t apply here! You could run into pet restrictions, quiet hours, subleasing guidelines and more in Briarwood co-ops. If rules aren’t your jam, you might want to divert your real estate search to a less-restrictive housing type.
  • Co-op purchases require a particular type of loan.If you need a mortgage to purchase a co-op, you’ll need a Share Loan. It’s a little tougher to qualify for a Share Loan, and not every lender offers them. Talk to a mortgage broker with Share Loan experience before deciding whether to pursue a co-op or ditch the idea.
  • Co-op purchases require a lengthy application and board interview that is intimidating to some folks.If you’re looking at Briarwood co-ops, you might be taken aback by the application process. Co-op boards ask potential residents lots of personal questions. These questions help the board decide if the applicant would be a contributing resident or a rule-breaker who can’t hold up their financial end of the deal. This process causes some home buyers to run in the other direction, and if that’s you, that’s OK.

Contact Us Today!

If you want to learn more about Briarwood co-ops, contact us today! We would be happy to help you sort out the pros and cons of this living arrangement to decide if it is a good fit for you.

Contact us today at (718) 380-5000 or email us here.

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