1. Research the Coop Development:
It is important to research the development itself and its history. This will help to determine if the coop is a good fit for buyers' lifestyles and needs, as well as provide insight into any potential problems that may arise during ownership.
2. Get Pre-Approved Financing:
Securing pre-approved financing can make the purchasing process much simpler and indicates what budget one has to work with when house hunting.
3. Hire a Professional Inspector:
An inspection by a licensed professional should be completed before finalizing a sale to identify any potential repairs or renovations needed before purchase.
4. Read all Documents Thoroughly:
Before signing any papers, make sure to read all documents carefully and understand the legal implications of purchasing a coop.
5. Review the Coop's Rules and Regulations:
Ensure that buyers are familiar with the housing community’s specific rules and regulations before finalizing a purchase. This can help avoid potential conflicts or disputes in the future.
6. Consider Insurance Coverage:
Make sure to research insurance coverage options for coops and ensure it is adequate for their particular situation.
7. Estimate All Costs:
It is important to accurately factor in all costs associated with buying a coop such as broker fees, closing costs, tax payments, assessments, etc., so there are no surprises during the purchase process.
8. Ask Questions:
Buying a coop is complex and there are many questions that buyers should ask before making a final decision. It is important to ensure all doubts have been addressed before purchase.
