Benefits Of Living In A Cooperative Housing Society

A cooperative housing society is a set-up formed through mutual cooperation and consent of a number of members. The members have a sense of community spirit and camaraderie which most of the independent residents miss out on.

PropGuide shares a few benefits of living in a cooperative housing society. 

Affordability

A cooperative housing society is owned by the members of the society, who control the entire financial framework of the society.

With minimal down payments, lower closing cost and longer mortgage term, cooperative housing societies are affordable than any other independent ownership. 

Democratic management

A cooperative housing society is run democratically with every member being a share-holder. The society is managed by the members who are unanimously elected through ballot process. 

Secure and stable investment

Investing in a cooperative housing society is a secure real estate investment. A member of the society can live in it for as long as he wishes to. Even if you don't reside in it, you can generate regular income by leasing or renting it out.

Shared responsibilities

In a cooperative housing society, members usually have very limited direct maintenance responsibilities. Cooperative association is responsible for major repairs, modifications, insurance and replacements in the housing society. All the members of the housing society pay the maintenance charges for the services availed of in the society.

Better amenities

A cooperative housing society give its members ample opportunity to pursue their hobbies and skills. Residents get access to a number of facilities such as swimming pool, spacious parks, and club membership etc.