What a fuckin great idea. Immediate downside is who’s in charge of the bills?
ask yourself this: if the apartment is owned by a company who is in charge of bills?
in the case witht he syndicate, the syndicate is in charge of the bills, the bills are split up among the members, this stuff all already exists btw.
No way, that’s cool! Where in the US?
I guess I would’ve thought that the collective unit is in charge of stuff like property taxes, but you can’t have that many names on a property deed, right? Or can you?
Around half of them are in New York: https://www.housinginternational.coop/co-ops/united-states-of-america/
but you can’t have that many names on a property deed
The coop owns the property and you as a shareholder get access to one home.
I only the know the version of that in Germany and Austria where the property is being held by a GmbH, similar to a LLC, whose half owned by an e.V., a registered voluntary association acting as the united juridicial person of the inhabitants and half owned by a syndicate e.V. that acts as insurance and solidarity among the syndicate and makes sure that no one can overtake and profit from the property. Inhabitants pay off rent-like loans and but can leave anytime. Rent is usually really low and acts as solidarity towards other houses.
It’s called Mietshaussyndikat
bro a significant percentage of swedes live in housing co-ops, it’s literally a normal form of housing here, you’re not clever.
I get that my text came off as sarcastic. I wasn’t being clever.
Let me retry:
I think it sounds like a great idea but I have concerns such as, who will pay the community bills? Who will be in charge? And other related administrative duty questions.
Right, well again refer to the fact that this is a solved problem in many countries, including the US. Housing co-ops consist of a nonprofit cooperative organization that owns the building and then residents own the right to live in an apartment, which comes with a monthly fee for maintenance and voting rights within the co-op.
It’s the same principle as HOAs owning and maintaining common infrastructure, just within a single building rather than a group of houses.
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