Members of a housing cooperative purchase a membership or share in the corporation rather than the house itself. Each share or membership allows a person to enter into an Occupancy Agreement and live in a specific home within the cooperative. Membership prices are directly related to the market value of the home they are associated with.
Share Loan Financing is available for membership purchases through National Cooperative Bank. You are also welcome to apply through your own financial institution if you wish. Share loans are very similar to a regular mortgage. They can amortize over as many as 30 years, and offer competitive interest rates. When looking for financing, it is important to remember that you will not have a deed or title to real property, so whichever bank you apply to must be willing to offer loans based on the share alone.
After the initial purchase of the membership, members pay a monthly occupancy charge, which covers gas, water, maintenance, property taxes, lawn care, snow removal and garbage removal. On average, the total monthly housing charges, including the occupancy charge and the loan payment, will be between $500 and $800, depending on the size of the home and the amount financed. This cost is comparable to rental rates in our area while allowing members to enjoy many of the advantages of home ownership as well. Most notably, the resale value or equity. Our members can use their equity to obtain home equity loans, and can look forward to a nice return on their investment if they choose to move on someday. Why rent when you can enjoy all of the services and ownership too?
If you are a member who would like to post information regarding your membership for sale, please contact the office and we will be glad to help. If you see a membership you are interested in purchasing, we encourage you to contact your own Realtor, or the Realtor listed for a showing. To obtain a loan pre-approval please contact the National Cooperative Bank at (866) 622-6446. They can usually provide pre-approval information within 24 hours. *Please note that as the real estate market changes, the banks may change their requirements and may or may not be able to extend credit for new purchases at any given time.
Should you have any questions or concerns about our property and obtaining a membership, please feel free to email us, or contact the office at (586) 778-3740. We look forward to welcoming you to our community very soon!