What is a Housing Cooperative?
A senior housing cooperative is a democratically run community that brings people together to enjoy each other socially and economically. For a thorough explanation visit the website Senior Coop Living.
Why a Co-Op Home?
What You Own.
The main distinction between a Co-Op home and other forms of home ownership is that you are buying a share or a membership in a cooperative housing corporation. The corporation owns all the real estate. As part of your membership (share holder) you have an exclusive right to live in a specific suite. As part of your membership, you also have a vote in the affairs of the corporation. Website WWW.NATIONWIDE.COM has a succinct explanation of the difference between a Condo versus a Co-Op home.
Advantage
You maintain all the advantages of home ownership without the maintenance.
Your Share Purchase
After you select a Co-Op home, you will actually be purchasing a share in the cooperative based on the value of the Co-Op home. The cooperative has an underlying mortgage for the entire property. Each unit is assessed a share of that mortgage based on the square footage of the Co-Op home. The purchaser has no lending or closing costs! Your share also is your opportunity, as an owner, to participate in the governing of the Cooperative by your vote. Likewise, each Co-Op home is assigned a proportionate part of the budgeted expenses based on the square footage of the Co-Op home. These expenses make up part of your monthly fee.