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Updated Townhouse in Cooperative Community - Membership Fee
TOWNHOUSE, FOUR BEDROOM for $675 per month including water and gas (heat, hot water, stove and dryer). Must pay own electric. Located in Northlake Village Cooperative, a complete, family-oriented community concept encompassing all the advantages of home ownership with shared responsibility of all voting members. The prospective co-owner must meet qualifications and reimburse the cost of the current co-owner's membership share. The membership share is $7,000.00. Many benefits of co-ownership here
Pets Accepted. Call for service animal policy.
Each townhouse resident is a co-owner in the Cooperative community and has voting rights. A board of directors is elected by the co-owners and the board then works with the onsite management company to operate the Cooperative. This is similar to a condo but you do not own the property or pay property tax. As a co-owner, your share of the Cooperative is $7,000, payable to the co-owner who is moving out. There is no lease - when you are ready to move, you sell your share to the next person moving in. That way you are assured of getting your $7,000 membership share back when you move out. Some co-owners have made the Cooperative their permanent home, having lived there for 20+ years. For a person looking for long-term housing, this would be a solid place to live. For a more transient person, this is a non-lease situation, so you are not locked in to a specific length of time (e.g. 12 month lease). The low rent would allow you to save for a future house purchase.