Co-op Owners Handbook

Many people can’t afford a place to live. They are stuck between two options, one is to rent, and the other is to own your house or apartment. Both of these options don’t work for many people. Another option, which is uncommon, provides a way for people to own, manage, and operate their housing for a much lower cost than getting an apartment or a house. So what is the hitch? People who live in a co-op, are required to pay monthly payments, do a work job, and go to weekly meetings. The reason why the co-op is 30 to 50% less than renting, is because people are collectively organized and use their labor to do the functions of ownership. So the co-op maintains the building, pays all expenses and complies with government regulations, the same way a homeowner or landlord would have to do. So, by doing a little extra work, and going to weekly meetings, it’s possible to live in a come co-op that provides a lot more value for a lot less money than market rate housing.

Co-ops are not for everyone. If you can’t think in terms of a cooperative, or what is best for everyone in the building, it may not work for you. Some people can only think about what is good for themselves. If you can’t live with other people, the co-op is not for you. If you do not or can’t or don’t want to go to meetings, the co-op is not for you. Co-ops are run by their members. The members make decisions about owning and managing the building at a meeting. As people get more experience, they are able to better manage the cooperative. When you owned and manage your building, you have more power to use the building the way that you want. You still have to work it out with the other members, and the advantages are are quite significant. You control the building with other members. You could decide to change the building, or to have gatherings in the building or on the co-op property. It’s all about what the members decide. They can’t decide anything, they still have to comply with all the rules that everyone else has to. So they must keep the building up to code, and make sure that the building is safe and habitable. Co-ops empower people to own and manage their buildings without a landlord and without having a huge down payment and without all the problems put on one or two people. So in a co-op, people take on responsibilities collectively. That means instead of one person or two people trying to figure out how to solve a difficult problem, you can have more people to help out.