Real estate opportunities in Northern Colorado communities include co-op properties and new homes. Windsor, CO real estate expert Matthew Curry brings you all you need to know about these opportunities with this brief but informative guide:
Things you need to know about buying a co-op home
- A co-op home is a share in a corporate entity’s property
“Co-op” is short for cooperative. In real estate, this means gaining rights to a property by buying shares in the corporation that owns the property.
- Buying into a co-op is like applying for a job
To purchase a co-op home, you need to be voted in or approved by the co-op board. Fortunately, the law protects co-op buyers by ensuring that the decisions of the board are objective, based on buyers’ financial records, as well as their compliance with the homeowner association’s rules and regulations.
- Co-op living costs less overall
Co-ops involve a complex approval process and comparatively higher monthly fees that cover upkeep, insurance, real estate taxes, and other building expenses. But these are canceled out by long-term financial advantages. Co-op shareholders gain substantial tax breaks on real estate, transfer, and recordation taxes. They can also deduct maintenance fees from their taxes.
- Renovations and remodeling opportunities in co-ops are limited
As with condominiums, home improvement projects in co-op homes are subject to the rules and regulations applied to the whole building. Outside of simple maintenance and interior decorating, you may have to hold back on your plans to renovate the kitchen or reconfigure floor plans in your unit.
The advantages of buying new construction
- Expect the best building materials and technologies
Buyers of new construction can be assured that their home is built according to modern standards. This means using the latest, high-durability construction materials, being designed for energy efficiency, and abiding by the most recent local building codes.
- You have plenty of room to customize
If you are buying a home that is yet to be or is still being built, you can participate in the designing process. You can consult with the architect or builder on matters like how to incorporate your preferred floor plan, the types of flooring and finishes to use, and paint color themes.
- You will have minimal repair needs
New construction spares buyers from worrying about wear and tear, giving them a few years to recoup their initial expenses for the property.m Homeowners can enjoy minimal maintenance costs during the early years, and save up instead for future repair needs or renovation plans.
- Your home is covered by warranty
For a brand new house, owners benefit from having a building warranty covering any repair work that comes up within at least the first year of ownership. A full warranty typically applies for a minimum of one year, while extended warranties are attached to specific components or sections of the home.
Are you ready to dig deep into the diverse selection of co-op and new homes in Fort Collins, Loveland, and Windsor? Contact Matthew Curry at (970) 889-0307 or matt(at)welcometonoco(dotted)com to begin your real estate search.