What are the downsides of buying a co-op apartment?
Depending on the process the board follows when screening
applicants, be aware that you may be required to bear significant
scrutiny. The board may -- and legally so -- inspect your:
- Financial health
- Credit history
- Work history and reputation
- Social history and reputation
- Criminal record
In a co-op apartment, you buy shares in a corporation and are
granted exclusive rights to a (residential) unit.
When repairs are necessary, you may be required to produce a
significant amount of cash to pay your share.
You may or may not consider any of these elements
Your realtor can help you understand the screening process, so
that there are no surprises during the board's investigative