Cooperative purchase in buying property is a large group of people coming together as a society, a cooperative or in any other related form for a common goal, which is to buy property/properties in the same place.
It has been noted that this is advantageous to a large extent because it gives great economy of scale. There’s a saying that we have strength in numbers, and this comes to play in the cooperative approach to property acquisition.
Though, the issue of the location, size of the land and budget are also very important, neither can an inspection of the property be thrown out the window. But in terms of acquiring property, it is safer only if the people at the helm of affairs are sincere and know how to go about it, especially with the engagement of professionals.
It is more effective because of the economy of scale that comes to play. A cooperative can negotiate better due to bulk-purchase. As a cooperative you must have the listening ears of agents, vendors, government and other major players in the property market. In actual sense, there are some important key things that must be factored if you are to acquire property via the cooperative approach. You must know the site the cooperative is buying before you decide on joining. Is it the kind of site you will love to live in.