Monday 5 October 2009

What is a Housing Co-operative (co-op)?

A housing co-op is formed when a group of people
buy property together wanting to live communally.
The purchased building is not owned by any
individual; it is a legal entity in its own right -
tenants pay £1 to join and this is the extent of
their liability. Tenants pay rent to the co-op,
managing the place themselves.
A housing co-op has legal safeguards to ensure
it remains open for future generations to move in.
Why are they so good?
As tenants of privately owned accomodation, we
have no control over our length of stay, how
much we pay in rent, or the physical conditions of
our homes. Removing the profit cut landlords
take makes rents cheaper. Owning our own
home means we can install facilities to
reduce the impact our lives have on the
environment; like greywater systems for
baths and sinks, as well as simple home
improvements impossible under normal tenancies.

No comments:

Post a Comment