Jamaica Estates is home to some of the most diverse housing styles in Queens. Although Jamaica Estates homes are typically more affordable than those in Manhattan, they still come with a hefty price tag. This is where Jamaica Estates co-ops come into play.
If you are looking for your next home in Jamaica Estates, you’ve probably seen plenty of co-ops during your search. If you have skipped over these listings because you don’t understand co-op living, you’re not alone! Let’s clear the confusion about Jamaica Estates co-ops and broaden your home search.
What Is a Co-Op?
An average co-op might resemble an apartment, however, Jamaica Estates co-ops have several key characteristics that make them stand out from other housing options. Here are the big ones:
- Co-op buildings function as corporations, and residents own shares in the corporation that allow them to occupy a unit.
- If you want to purchase a co-op, you will apply for a share loan. This type of loan is different from a mortgage and often requires a down payment of up to 20%.
- Co-op residents pay a monthly maintenance fee that varies widely between buildings. Smaller co-ops might require residents to perform some maintenance tasks to keep costs down.
- In many cases, co-op living is a more affordable choice than traditional home ownership. A real estate agent can help you crunch the numbers.
Playing by the Rules
Jamaica Estates co-ops might be more restrictive than other forms of housing. They still need to abide by fair housing laws, but they can be pickier about who they accept into the corporation. This is actually a good thing! The approval processes are in place to ensure that shareholders are able to pay their portion of the living expenses.
If you intend to rent your co-op unit to another person, check the co-op’s policy on subletting before you commit. Many co-ops have strict rules regarding unit rentals.
Explore Jamaica Estates Co-ops