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:
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!