Co-ops in small buildings may face stormy seas

(Flickr photo by Steve Babb)

There are many advantages to buying a co-op in a small building, among them:

• Being well acquainted with your neighbors;
• Generally low maintenance fees;
• Scale that is desirable to many of its residents;
• Numerous opportunities to participate meaningfully as a volunteer in a diminutive community;
• Application procedures that may be less onerous than in larger buildings.

However, some buyers see the disadvantageous side of the coin: