Cooperative on the West Coast?

When purchasing real estate on the East Coast it is not at all unusual to buy into a cooperative building. As a matter of fact, it is more the rule than the exception. It is tough to find a coop this side of the Mississippi. Well, let me introduce you to a lovely cooperative building in Woodland Hills.

First, what is a co-op? A co-op is a common interest development where the buyer receives an undivided interest in the entire project and the right to occupy a particular unit. The individual owns stock in the corporation that entitles the owner to occupy his unit. The owner has voting power to help govern the operation and has the right to the common areas such as the recreational facilities and green belts.

The tax benefits that apply to other types of property also apply to shareholders in a cooperative. Included in the HOA fees are property taxes, earthquake insurance, hot water, trash, building maintenance and some unit maintenance. When comparing fees and purchase price, the cooperative monthly payment comes out ahead by about 8 percent less than the condominium.

Getting a foot in the door in the California housing market can be challenging for first-time homebuyers. The current market conditions make it a great time to buy. If you have been thinking about buying your first home, or if you have a child in one of the valley colleges, it is an ideal time to stop paying rent and own. Priced at only $235,000, this is a wonderful way to gain entry into the housing market.

For more information regarding cooperative living, call Jeanne Harrison, Dilbeck Realtors, at (818) 292-1443.