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 Rego Park Co-ops: A Guide To the Basics

Like most high-density neighborhoods, multi-family housing dominates the landscape in Rego Park. Brick mid-rises, luxury high-rises, townhomes and multi-plexes line the streets of this one-of-a-kind neighborhood.

It’s no secret that living in New York City is costly. This is where co-ops enter the picture. Rego Park co-ops are one way to score urban housing at a lower price. When buyers are willing to expand their home search to co-ops, they have more inventory to choose from and might even get more bang for their budget.

Co-ops Are a Different Type of Ownership

If you are wondering what you are getting into when you buy a co-op, wonder no more! Most questions that people have about co-ops revolve around ownership and financing. Here are a few points to remember as you explore Rego Park co-ops:

  • Co-ops are corporations, and residents are shareholders.
  • Co-op residents don’t own their unit, but they own shares in the corporation that allow them to live in the building.
  • Since you are purchasing shares, you will finance your co-op purchase with a share loan.
  • Share loans look a lot like mortgages, although they typically have a higher down payment.

Navigating Co-op Restrictions

If you’ve heard that Rego Park co-ops can be on the restrictive side, you’re right. Rules are not a bad thing. They are there to ensure that shareholders can foot their portion of the bill and that the building remains desirable. Co-op boards must comply with fair housing laws, so try not to stress too much about these restrictions.

If you plan to buy a co-op, you will have to participate in a board interview and complete some lengthy paperwork. Your real estate agent can help you prep for this.

Some co-ops don’t allow subletting, or if they do, they charge a fee. If you plan to rent your co-op to another person, read the bylaws carefully to avoid unpleasant surprises.

Co-op living is common in Queens. Rego Park co-ops are among the most popular (and affordable!) housing options you’ll find in the borough. Let Rego Park Realty answer your co-op questions today!

Contact us today at (718) 997-6000 or email us here for more information.

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