In my area, some listings for condos are sold individually stating they are coops. I am looking at a 4-unit building in the near future, (each having 2 beds/1bath) but I have seen that some listings state that the building is a coop, and I know in Illinois or at least I was told in the past that coops aren't familiar here in this state and that it makes it harder to get a loan for them. I was wondering what the costs would be or even an estimate on converting a 4-unit building that is a coop to a condominium? My goal for the 4 units is to rent each out and hold for the long run so some advice on this would be great!
In my area, some listings for condos are sold individually stating they are coops. I am looking at a 4-unit building in the near future, (each having 2 beds/1bath) but I have seen that some listings state that the building is a coop, and I know in Illinois or at least I was told in the past that coops aren't familiar here in this state and that it makes it harder to get a loan for them. I was wondering what the costs would be or even an estimate on converting a 4-unit building that is a coop to a condominium? My goal for the 4 units is to rent each out and hold for the long run so some advice on this would be great!
Thank you in advance for the help!
It will be very difficult to obtain a loan for buying into a Co-op, I have a buddy who bought a co-op in Rogers Park awhile back few years ago and he said it took awhile but was able to get it done.
Real Estate Broker · Chicago, IL · Member since 2023 · 2 posts · 1 vote
3y
Our brokerage has experience with co-ops in Chicago. A good first step in evaluating the costs of converting a co-op to condo would be to speak to an attorney with applicable experience. They will be best equipped to dissect the bylaws and map out a conversion path. Essentially, each co-op has their own bylaws and dissolution process, so it will vary from co-op to co-op. Happy to chat, as well as help connect you with an experienced team.