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Senior Cooperative Housing

Housing Comparisons

Cooperative Condo / Townhouse Apartment
Financing Cooperative holds master mortgage; members own a share of the cooperative but do not assume personal liability for mortgage. Owners obtain their own mortgage and have personal liability for their mortgage. Tenant pays rent; does not own.
Upkeep Monthly carrying charges include all maintenance of interior, exterior and grounds, including repair and replacement of appliances and flooring. Association fees usually cover external maintenance and grounds; owner responsible for interior upkeep. Landlord/management is responsible for maintenance of the property.
 Operation Operated according to the Bylaws and other agreements. Board of directors may hire a management company to oversee the day-to-day operations. Owners association may hire a management company to take care of the day-to-day operations. Property manager and staff.
Community Community/party rooms, social programs, guest rooms, workshop, library, fitness center, gardens, car wash bay. Condominiums may have a central community/party room. Townhomes typically do not have common areas. Most senior rentals have community rooms with added services.
Control Members elect a board of directors from amongst themselves. Each unit/share has one vote. Democratic governance. Owners association, also governed by a board of directors elected by the owners. Building owner or a management company the owner hires.
Equity Limited equity appreciation plan – value of membership appreciates at a fixed amount each year. There are also market rate cooperatives. Market rate property. Dependent on market conditions at time of purchase and resale. No equity.
Resale Cooperative assists members in the resale of their share. Not a real estate transaction so no realtor commission. Owner has responsibility of selling. Usually a 6-7% commission applies, plus closing costs. No resale.