Chesapeake Cooperatives: Most of the cooperatives can be found in
the uptown area near the Lakes.
Most Chesapeake co-ops are incorporated and a board of directors
governs the complex with the owner of each individual unit having
one vote. The owner has no deed, only stock and a proprietary lease
which has a term from 10-50 years renewable automatically or at the
discretion of the shareholders. He/she cannot refinance his unit as
a condo owner can. Mortgage, property tax and maintenance fees are
paid pro rata by the owner according to the percentage of the overall
size of the unit. Property tax appeals involve the corporation and
the stockholders. A housing cooperative is formed when people join
with each other on a democratic basis to own or control the housing
and/or related community facilities in which they live. Usually they
do this by forming a not-for-profit cooperative corporation. Each
month they simply pay an amount that covers their share of the operating
expenses of their cooperative corporation. Personal income tax deductions,
lower turnover rates, lower real estate tax assessments (depending
on applicable Virginia tax laws), controlled maintenance costs, and
resident participation and control are some of the benefits of choosing
cooperative homeownership.
Ask owners in the complex what they like and dislike about both the
unit and the complex. How good is the sound proofing? End units and
upper units generally sell for more when sound comes into play. How
is its location in the complex? Is it near downtown Chesapeake or
will you have to commute? Next to an access street, parking facility,
pool? Compare monthly association fees with other similar condo complexes
and what amenities are included. Find out if any increases in fees
or special assessments are planned. Is the condo homeowners' association
in good financial condition. Before making a purchase offer, obtain
the latest financial statement from the homeowners' association. Look
for units that are not adversely affected by these. When buying into
a cooperative in Chesapeake, it is always good to ask lots of questions.
Chesapeake homes for sale
(guide)
Chesapeake luxury homes
Chesapeake condos
Chesapeake lofts
Chesapeake townhouses
Chesapeake resale homes
Chesapeake duplexes
Chesapeake triplexes
Chesapeake gated communities
Building a house in Chesapeake
Chesapeake cooperatives
Chesapeake bungalows
Chesapeake new homes
Chesapeake investment property
Chesapeake residential real estate
(attached)
Chesapeake residential real estate
(detached)