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A cooperative also referred to as a co-op is a business organization owned and operated by a group of individuals for their mutual benefit. Housing co-ops are groups of like-minded people who have all agreed to live in a building together by certain self-imposed guidelines based on economic, social, and cultural needs and aspirations through jointly-owned and democratically-controlled enterprises.
A number of Boston Homes consist of Co-ops however Co-ops in Boston are nowhere near as popular as they are in New York or Chicago. Prospective tenants for most co-ops need to contact the co-op organization and schedule a time to meet with one of the current tenants to see if they would fit in with the co-op culture. Co-ops can range in size from just a handful of people to larger groups with several dozen members. Renting of a co-op can be difficult because the building needs to agree on the tenant.
As far as the property is concerned, co-ops are not quite a different than other types of properties available in Boston, what determines a co-op is the interest in the property. In general Co-ops are cheaper per square foot when buying in comparison to a condo but tend to have alot higher maintenance fees.
It is very hard to find Boston homes consisting of Co-ops.
Contact RE/MAX Metro with any questions you have about Boston Co-operatives and other types of Boston Homes.