When choosing the best co-op apartment, consider the policies regarding share price, parking, pets, payment default and repairs. Also consider the appearance as well as the conduct policies of the common areas as your use of these spaces such as the grounds, garage, lobby, elevators and halls is a part of your share price in the co-operative apartment you'll occupy. Remember that unlike buying a condo, your ownership of a co-op apartment means that you're buying shares in the property company, so make sure the firm is reputable. The apartment itself should meet your needs and be in a safe location close to work or school.
Your daily commute is an important consideration to make when choosing the best co-operative apartment for you. If you'll need to take public transportation, research the route you'd need to take to be sure it would be doable. If you'd be driving your vehicle, carefully consider the co-op apartment building's parking situation as well as access to your work location. If you work and/or study from home, make sure you'd have space for your office area, but realize that you may need to approach the problem with creativity, especially in a one-bedroom co-operative apartment.
Depending on the location, it may be necessary to compromise a little on space or your share price point. Sketching a quick layout of each co-op apartment you're considering and making notes can help you work out creative solutions for fitting in the type of furnishings you need, whether it is for an office or a hobby area. Sometimes, a closet can work well for conversion into a desk and shelves space. Rather than get too concerned about the amount of storage already in the co-operative apartments you're considering, think of options such as adding attractive dressers, closed shelving units or open room dividers.
For your safety, look for good security measures in co-operative apartments. The locks on your apartment entry and balcony doors should be secure and in working order. The main doors and fire safety system should be properly monitored. Lighting in parking areas and common hallways should be adequate. While you may want to first view the building exterior and apartment interior online, these safety-related co-op apartment building features should be examined in person.
Hiring a lawyer to go over the co-operative apartment share purchase agreement with you is crucial. Once you sign the contract and make your share price payment, you're under strict obligation to abide by the agreement. Prepare for an interview with the co-op's board of directors, dress neatly and have all required paperwork. Your credit history and business and personal references are often extremely important for you to bring to a co-op apartment purchase meeting.
