ABOUT COOPERATIVE LIVING
WHAT IS A MARKET-RATE COOPERATIVE?
AN ENTERPRISE OWNED BY THE PEOPLE WHO USE IT. A market rate cooperative sells shares at full market value in the original sale, and permits future unit sales at market value. Much like conventional real estate, a unit sale price is determined by the market, allowing for potential accumulation (or loss) of equity by members. Branford Towne Houses make up a community owned and operated by the residents. Thousands of families in the Detroit and surrounding areas enjoy this modern, cooperative way of living better at less expense. each family has an equal vote in the co-op corporation, which holds title to the property. A Board of Directors is elected by, and from the residents, which establishes standards to insure that the community is maintained as a desirable place in which to live.
IS IT LIKE RENTING?
YES, IN TERMS OF CONVENIENCE. Co-op living is better than renting in many ways: - You make one monthly payment that includes principal, interest, taxes, insurance, administration, and maintenance of home, landscaping, and playgrounds. It is possible that your payment will be tax deductible - not so with renting where you get no benefit from your rent dollar. You pay only the actual cost of the nonprofit operation - if you rent, you pay what the landlord can get away with.
IS IT LIKE OWNING YOUR OWN HOME?
YES, BUT IN MANY WAYS IT IS BETTER. As a member of Branford Towne Houses Cooperative you get the advantages of home ownership without the responsibilities.
HOW CAN I BECOME A BRANFORD MEMBER?
When you see a membership for sale, inquire with the selling agent to proceed with next steps. A process fee is paid with each application which is non-refundable. Applicants must be accepted by the Board of Directors. If you purchase a membership, you will receive a Membership Certificate in the cooperative and an Occupancy Agreement for your home.
