You’ve Decided to Join Your Co-Op Board of Directors; Here’s What to Consider.
The co-op board members in New York City are often older than the other shareholders in a co-op building.
One argument is that operating a building is impractical for most people who are just starting their professions or families. Especially since serving on a board may be an onerous and time-consuming task that pays nothing.
Younger shareholders, however, are rising up and taking charge of the upkeep for their co-op buildings.
Young people might desire the building’s amenities and design to mirror their lifestyle.
They might have tighter budgets. If they are first-time parents, they might want the communal areas of the building to be more family-friendly. However, they might prefer a virtual doorman or be more concerned with the ability to bring packages and food.
People frequently join their boards to discuss maintenance fees. Particularly when they are either increasing too quickly or artificially remaining low. Whatever the reason, new owners should wait a few months or even years to join the board. This ensures you get to know the building and its occupants.
Without being aware of the proprietary lease, a board could easily decide incorrectly, potentially with costly and negative results.
Even yet, occasionally it is possible to obtain the necessary training while working. A more recent resident would have expertise that would be useful in co-op talks in fields like engineering, finance, or law.
Despite the fact that longer residents may have a deeper awareness of the culture of the building, they do not necessarily have a monopoly on good ideas.
The Council of New York Cooperatives and Condominiums offers workshops for incoming board members. Useful for those who are scared by the sophisticated skill set necessary for building monitoring.
These courses emphasize the governing documents, the duties of the board, legal issues, and fundamentals of finance and insurance.
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