Advantages Over Renting
How your money is spent. Each dollar in your monthly payment is carefully allocated to provide the finest housing at the lowest possible cost -all on a non-profit basis. Your monthly payment covers all expenses and reserve funds and utilities (except electricity). A substantial portion is tax deductible.
The people who live in the co-op are its members. From the beginning, they decide on the planning, design, and day-to-day management of the co-op.Membership means control. Each year members elect from among themselves a Board of Directors to run the co-op. They serve on committees with various responsibilities such as new member selection, maintenance, finance and newsletters. The final decisions and responsibility rest with the members.
Cumberland Green Cooperative have everything a person could want in a home including a lifestyle appreciated by the savvy resident-owners. As communities of members helping one another and sharing with one another, neighborly get together become everyday occurrences.
Designed with virtually every adult preference in mind, Cumberland Green Cooperative is, quite simply, a better way of living. Maintenance-Free Living Amenities In A Spacious And Secure Community.
Exterior care includes structural repairs, lawn and shrubbery care, snow and trash removal and outside painting. Major interior repairs include maintenance of plumbing and electrical system, structural repairs, and replacements. Maintenance, repair and replacement of major appliances included as specified in the co-op documents.
The limited equity feature establishes long-term affordability for community members, ease of subsequent resale and the peace of mind, which comes from knowing the property is managed according to member principles. Members have the security of being able to remain in their homes for as long as they wish, as long as they meet their monthly obligations, and abide by the co-op bylaws, rules, and regulations.
Lower down payment, much lower closing costs, economies of scale, longer mortgage term all make co-ops more affordable than other ownership housing. Members have no reason to substantially increase monthly charges, unless taxes or operating costs go up, so monthly charges remain reasonable.