A cooperative housing society is a collection of a large number of apartments and residential buildings. Cooperative societies are built by collaboration among builders, government and house owners. All these people come together and cooperate on the formation of the society. The benefit of coming together is that each society member can be the owner of an apartment with the reduced stress of maintaining sole ownership of the property. Besides the reduced expenses, the members have a sense of community spirit and camaraderie which is missed by independent residents who reside in own built houses.
Well, there are a number of other benefits that the members of the cooperative housing society enjoy. Some of them are mentioned below.
1. Affordability: Since the cooperative housing society is a joint venture of a number of people and not the core responsibility of just one member, it, therefore, becomes affordable for everyone to manage the financial needs. With minimal down payments, lower closing cost and longer mortgage term the idea of affording a property in the cooperative housing society sounds much more convenient than having independent ownership of any property. In a nutshell, apartments offered by a co-operative housing society are more affordable and we can buy them as and when we want.
2. Security: A cooperative society is a collection of many people thus you are always surrounded by people whom you can call anytime whenever an emergency situation arises and you can trust your neighbors to keep a random check on your apartment when you are not around. An idea to live around more people makes more sense in terms of security rather than living in an independent unit which may be isolated from the rest of the world.
3. Sensible investment option: It is not only safe but also a stable option to invest in such housing societies. A member of the society can live in it for as long as he wishes to. You can avail many benefits and returns, by investing a comparatively small amount. Moreover, even if you are not living in the society you can still get the benefits by leasing out your property to any tenant and getting a regular income.
4. Shared responsibilities: The most important and notable benefit that you get when you are living in a cooperative housing society is that you are not the only person responsible for any issues arising in society. Basically, you do not have direct maintenance responsibilities. There is a team of members that are appointed by-elections who are the caretakers of the society’s assets and they are collectively responsible for major repairs, modifications, collecting maintenance dues, etc.
5. Better management: There is no doubt about the fact that if a group of people takes care of a property collectively it can be maintained in a better manner. The same is expected in the case of the cooperative housing society. There is a group of people who take care of society and thus it results in better management of the society’s assets.
6. Better facilities: A joint venture of many people assures that there is enough coverage of extra activities according to the likings and agreed consent of the society members. Besides upgrading the lifestyle of the residents, a cooperative housing society provides additional benefits such as parks and playgrounds so that society members can enjoy their favorite sports such as badminton, cricket, etc.
7. Better environment: There can be no better place that can offer a more positive environment than a cooperative society. This is because the number of people who are living in society take the whole responsibility of maintaining society like their own house which results in a happy living environment.
8. Diversities of culture: Cooperative housing society can be great fun to live in as there you can find people with cultural diversities and thus there is huge respect and value for the residing cultures.