Pros and Cons of Purchasing a Stock Cooperative
There are several advantages and disadvantage to purchasing a stock housing coop in California. Some of the advantages and disadvantages follow:
Pros to Acquiring a Stock Coop (Apartment Style)
- Compared to a similar condominium, a co-op is substantially less costly per square foot to buy.
- The owner occupancy rates are generally higher, making for a more stable community.
- The rules for buying or renting a cooperative housing units are generally far more restrictive than for condominiums which tends to reduce the number of tenants in the community. Most boards have the right to interview prospective buyers and tenants and approve their qualifications, provided they don't engage in unlawful discrimination.
Cons to Acquiring a Stock Coop (Apartment Style)
- The down payment requirements are generally 10% to 25% as opposed to condominiums where the down payment can be as low as 3.5% with FHA financing or 10% with conventional financing.
- Obtaining financing is more difficult as there are a very limited number of lenders that make cooperative housing loans.
- It is more difficult to rent your coop if that becomes necessary or desirable for the reasons stated above.
- You may be required to sit through an interview by the board of directors and be approved.
- Many coops have the right of first refusal to buy an owner's cooperative share before they can sell it to another person. This often makes the selling process more difficult.
Housing Cooperatives in Southern California - Apartment Style
Acama Ardmore Cooperative Estate
Burbank Angeleno Cooperative
Canyon Ardmore Cooperative Estate
Clover Manor Cooperative
Coldwater Ardmore Cooperative Estates
Coldwater North Cooperative
Coldwater Peyton Cooperative
Colfax Ardmore Cooperative Estates
Fountain Park Cooperative
Gardena Valley Towers
Heatherdale Home Cooperative
Moorpark Ardmore Cooperative Estate
North Del Amo Pacific Cooperative
Oxnard Ardmore Cooperative
Palm Terrace Co-op
South Bay Co-op Apartments
South Del Amo Pacific Cooperative
Queensland Manor North Cooperative
Queensland Manor South Cooperative
Manufactured Homes - Mobile Home Parks
Camarillo Springs Country Club Village
Casa Mobile Home Cooperative
Culver City Terrace
Grandview Mobilehome Park
Hollywood Beach Mobile Home Park
Marineland Mobile Home Park
Nu Way Mobilehome Park
Oak Forest Mobile Estates
Point Dume Club of Malibu
Rancho Adolfo Mobile Home Estates
Seal Beach Shores
Seminole Springs Mobilehome Park
Shull Gardens Mobile Home Park
Top of Topanga
Village Mobile Home Park