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Frequently Asked Questions
What is a housing Cooperative?
A housing cooperative means there is joint operation of the housing development by those who live in it. Residents actually help
govern the operation of the cooperative. A housing cooperative is resident owned and operated.
What are the advantages of living in a Realife cooperative?
There are many advantages such as homeownership benefits (i.e. taxes and interest deductions), no ground or building maintenance worries,
and you are living among peers (a cooperative is a community in itself).
Will I have additional charges other than my monthly charge?
Residents are responsible for their own electricity, telephone, and if desired cable and/or an underground heated garage. Everything else
is included in the monthly charge. In some cooperatives, the garage stall is included in the monthly carrying charge and residents would
then have the responsibility of the gas bill for their unit.
Will the monthly charge ever increase?
It can. Only the resident-elected Board of Directors may vote to change the monthly fees. Factors causing potential increases may include
fluctuating utility rates and real estate taxes.
Do I get the share price back if I sell my unit?
The selling price of your share is determined by the length of time the
member lives in the unit. In a limited equity cooperative, each year your
share increases by a predetermined value. When you resell your share, the
selling price is the initial amount you paid plus a predetermined value or equity amount each year.
What type of interior choices can I make for my unit?
As long as it is early enough in the construction process, we offer a variety of
customization options, including the addition and placement of electrical
outlets, TV and phone jacks, plumbing changes and carpet, vinyl, kitchen cabinets
and countertops.
Does the cooperative have a garage?
Yes, the garage will be located underground. It will be heated and supplied
with a complete ventilation system and a car wash bay for member use.
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