Why has the cooperative form of ownership become today's wisest option for seniors?
Affordability– Affordable share prices and reasonably priced monthly fees.
Tax Advantages– Approximately 50 - 60% of the monthly fee is deductible for mortgage interest and property taxes.
Equity– Low share prices offer flexibility with use of remaining equity from the sale of a home: cash to invest reduces monthly costs, additional savings, ability to purchase investment property, vacation planning or for personal enjoyments, etc…
Limited Equity Concept–Preservation of equity or return on investment, plus appreciation, keeps units affordable over time, and promotes ease of re-sale through established waiting list.
Re-sale– Affordable re-sale procedures. No high real estate transaction fees or closing costs. FHA Master Mortgage has a low interest/fixed rate for 40 years. Future buyers will retain the same benefit.
Reserves– Security of required reserve accounts allows for investment planning and for future building replacements for the cooperative.
Shared Services– Reduce costs to individual owners by negotiating bulk rate discounts for contracted services as a group.
Security in Community…
Security– There is safety in numbers…no fear of being home alone or concern about safety and security. Security walks of the building are done by members daily.
Adult Community– There are advantages of living in a community of peers with similar interests. Cooperatives offer a caring, neighborly environment which promotes development of new friendships and support.
Participatory Lifestyle– Socialization and involvement in leisure activities with others enhance enjoyment of life. Catered dinners, card groups, crafts, books clubs, golf groups, exercise groups and special outings are just a few of the activities you might experience in a cooperative.
Personal Health– The participatory nature of a cooperative community enhances the social, mental, emotional, physical and spiritual health of individuals; potentially reducing health care incidents and illnesses, therefore increasing life satisfaction.
Future Planning– “What if something happens to me or my spouse?” Community support, a safe environment and freedom from the worry of maintaining a home also offers a sense of security.
Maintenance Free Living…
Simplicity in Maintenance Free Living– General home repairs and maintenance of appliances and heating & cooling units are included and taken care of through a simple work order process. Lawn care, landscaping and snow removal are also included.
Ease of Owning a Smaller Home– A larger home can become too much to take care of, while cooperatives limit daily upkeep and housekeeping.
Accessibility– We offer one-level floor plans, centrally located elevator, handicapped-accessible common areas and adaptable individual homes.
Worry-Free Traveling– No need to fear leaving your home unattended. Cooperatives offer a complimentary "While You're Away Vacation Service."
Weather Conditions– You don't have to worry about battling inclement weather. Cooperatives provide heated underground parking, transportation/van service and have internal mail boxes.