Realife Cooperative of Brooklyn Park
Financial Benefits

Financial  Benefits

Who likes
saving money?
 Everyone likes to save a little money. There are many reasons why you should consider cooperative housing.

A cooperative is operated on a not-for-profit basis which means that any increase in monthly housing costs are limited to actual increases in operating costs. 

Earn equity

Realife cooperatives are a smart way to downsize and still be able to earn equity in your home. Each year you live in the cooperative you earn a pre-determined amount of equity. This annual appreciation amount is added to a member’s original share price to determine the selling price of a unit.

Financing and Tax Advantages

The cooperative corporation holds a 40-year master mortgage resulting in lower monthly payments when compared to a traditional 30-year mortgage. This keeps the prices affordable and easier to sell than market-rate housing.

Owning a share and living in our cooperative can also give you itemized tax advantages such as mortgage interest and real estate tax deductions. 

Compare your housing options

 Ownership and operation are the distinguishing factors in housing options. Below is a quick comparison of options independent seniors can choose:   
Realife Cooperative Townhome or Condominium Apartment
How to Purchase Purchase a share in the cooperative. One share for each building. Sign a purchase agreement for a real estate transaction. No purchase - only rent
Resale Cooperative has first option to sell or buy unit. Use wait list to assist member in resale of unit. Owner has responsibility to start process for sale of real estate (i.e. enlist services of a realtor) You cannot resell
Building Financing Financed with one mortgage for the entire building. Member has no individual liability. Collectively all shareholders contribute to mortgage. Owner(s) obtain a mortgage and have individual liability. No ownership
Building Control and Voting Board of Directors made up of resident members. Each unit has one vote. Most often an owner association made up of home owners. Property manager only
Day-to-Day Operation Building operated under terms of bylaws. Managing company staff oversees general operation. Unit control and maintenance controlled exclusively by owner of the unit. Common elements of building administered by owners association and/or for hire property manager. Property manager only
Equity Limited equity based on amount of time lived in unit. Dependent on market conditions when you sell. Market rate. Not applicable

Compare your housing costs

 Fill in the column below to see how much you could save by living at Realife Cooperative of Brooklyn Park:
Monthly Expenses Realife Cooperative Your Home
Rent or Mortgage $0
Monthly Fee (varies by Floor Plan)
Property Taxes Included
Insurance Included*
Electricity average $70-$80 a month
Natural Gas/Heat Included
Water/Sewer Included
Water Softener Salt/Maintenance Included
Trash/Recycling Included
Telephone & Internet Included
Snow removal/Lawn care Included
Heated Garage Stall $40 per month
Repairs Included
Direct TV Included
Totals
 * Building and common area insurance included. Resident responsible for personal property insurance.
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