What are the Benefits of Ownership in a Cooperative?
Cooperative living is a unique form of home ownership. You’ll reap the benefits of home ownership such as tax advantages and growing equity at the same time you enjoy maintenance-free conveniences. In addition, you live in a friendly community of fun, vibrant neighbors.
Cooperative Share Purchasing and Benefits
When you purchase a share in Realife of Faribault you are investing in a community, but you are also investing in security, convenience, a friendly atmosphere and many activities. Each member owns one share in the building and land. Together, all the members own 100% of the cooperative. The share cost is a one-time payment and is based on the size and type of home you choose. You maintain all the advantages of home ownership, such as limited equity, tax-deductible mortgage interest and real estate taxes.
- We operate on a non-profit basis. Thus, any increases in monthly housing costs are limited to actual increases in operating costs.
- Part of the monthly fee is also deposited in a fund for replacement, which will be used to cover the costs of the replacement of appliances, carpets and other structural components in the future.
- Our goal is to provide affordable housing where the members pay only the actual operating costs of the cooperative.
“We were first attracted to Realife for the investment. Over the years we’ve enjoyed the clean and comfortable space, the beautiful scenery, the friends and the fellowship.”