If you are looking for some breathing room in Queens, Fresh Meadows co-ops are the ticket. While you won’t see too many meadows in this northeast Queens neighborhood, you will find plenty of residential streets that offer a welcome respite from days spent in fast-paced Manhattan.
You might be wondering why we called out Fresh Meadows co-ops. Co-ops are common in Queens, but they are often poorly understood. If you have a case of co-op confusion, we have the cure! Today we are going to cover the basics about co-ops to help you make informed decisions in the real estate market.
Common Co-op Styles
- Close your eyes and visualize a co-op. Do you see an image of a mid-rise, brick apartment building? While many Fresh Meadows co-ops fit this description, you can also find them in these styles:
High-rise buildings. - Townhomes.
- Duplex, triplex and multiplex styles.
- Senior housing.
- Special needs housing.
Purchasing a Co-op
If Fresh Meadows co-ops are on your list, there are a few things you need to know. Here are the basics:
- Co-ops are corporations, and residents are shareholders. When you purchase a co-op, you are not purchasing your unit. You are buying shares in the corporation that allow you to occupy space in the building.
- You’ll need a special type of loan to purchase a co-op. Instead of a mortgage, you will need to secure a share loan. A share loan typically requires a higher down payment than a mortgage, sometimes up to 20%.
- Fresh Meadows co-ops typically include maintenance. When you are crunching the numbers, be sure to remember to include the co-op’s maintenance fee in your monthly budget. In smaller co-ops, residents might need to put a little time and effort into maintenance and upkeep to keep costs low.
- Fresh Meadows co-ops can be restrictive. Co-ops must follow fair housing laws; however, they can be more selective about who they allow to enter into the co-op.
Want To Know More?
Let us give you the lowdown on Fresh Meadows co-ops! Contact Fresh Meadows Realty today to view current co-op listings.
