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||Your monthly payments are amazingly low. You pay only actual costs.
||The tenant must pay what the landlord asks
||The owner's monthly expenses are much higher.
||Your costs are cut to the bone: longest mortgage terms, special low interest rate.
||The tenant's rent includes high cost of commercial construction and financing.
||The owner pays for higher mortgage interest rates, uncontrolled profits, closing costs.
||You and the other townhouse residents are the sole members of the property. You occupy the home of your choice for as long as you wish.
||The tenant owns nothing (except a file of rent receipts).
||The owner is completely responsible for his/her house.
||You have no personal liability — you sign no mortgage or note
||The tenant has no personal liability.
||The owner is personally liable for the mortgage and note.
||Your cooperative takes care of your townhouse inside and out (except redecorating).
||The tenant has no control over maintenance standards.
||The owner is fully responsible for all repairs.
||Your household and every other household each have one vote in an election of directors. Business affairs are handled by a professional management firm.
||The tenant has no voice whatever in management.
||The owner alone is responsible for all decisions ... and mistakes!
||The elected Board of Directors help establish policy, rules, and standards for your community.
||The tenant has no control.
||The owner has no jurisdiction except in court.
|If You Have To Move
||You give notice, and your cooperative may help you sell it, for a small fee to cover overhead expense.
||The tenant is bound by a lease drawn up by his/her landlord.
||The owner must sell his/her own house and pay larger brokerage fees.
|Increase In Value
||Your membership can increase in value under a formula written in your Coop By-Laws. You can get credit for improvements.
||The tenant gains no increase in value.
||The owner's equity depends on market factors beyond his/her control.
||Your cooperative has reserve funds waiting in the bank to replace items as they wear out.
||The tenant must wait for the landlord to decide when and if to make replacements.
||The owner must foot the bill for replacements.