How is a senior co-op different from a condominium?

1. Co-op residents own the entire project jointly as compared to a condo, where individuals own a unit and share ownership of the common areas
2. In some co-ops, including Applewood Pointe, owners jointly hold a master mortgage. In condos, each owner arranges his own mortgage financing.
3. Co-op and condominium unit owners have similar income tax and property tax. However in condos, property taxes are levied on each unit separately rather than on the entire project.
4. Co-ops are run through a board of directors, elected by the shareholders. Each co-op shareholder has one vote, regardless of unit size. Condos are managed by a condominium association in which all unit owners are members. In condos, owners with larger homes may have more voting power than smaller unit owners.
5. Reselling co-op property allows the board/community the option to buy first and also helps find prospects, where a condo association has no control over or involvement in unit sales.

What is a co-op share?
Each household in a co-op purchases a share of the entire property and all are responsible for its maintenance – both common areas and individual homes.

How are members selected?
Co-op residents have a say in who can become a shareholder. The purchaser must be approved by the board of directors, which has the power to withhold approval within equal opportunity laws.

What is included in my monthly payment?
Members pay monthly fees, which include the mortgage principal and interest payments, real estate taxes, operating expenses, lender-required reserves, as well as interior and exterior maintenance, sewer, water, gas, trash pick-up, and recycling. The monthly fee also covers liability insurance for the building, legal and accounting services, and professional management. Share costs and monthly fees vary depending on the size of the floor plans. As in the case of traditional home ownership, members are responsible for their own phone and electricity.

How much does it cost to purchase a home at Applewood Pointe?
There are two primary costs involved. The share cost is a one-time down payment that purchases a share in the corporation. If a member decides to move, the cooperative has the first option to buy, returning the member’s share cost, plus accrued equity.

What is tiered pricing?
We offer 4 different options for original home buyers to choose from when they buy a home. The percentages are approximate and are different from community to community, but to give you an idea, here's a table that that shows different payment options:

Unit Name	Sq. Ft.	Option A	Option B	Option C	Option D
Braeburn	1,255	$30,120	$69,030	$119,230	$187,000
		Monthly Cost
		$1,468	$1,230	$916	$502
*** This pricing is for example purposes only and not intended to give actual or current unit pricing on any available unit at any Applewood Pointe Cooperative.***

So, you can see, that the more you pay down, the less the monthly cost is. Upon resale, the new buyer assumes the option that was originally chosen for that unit at the original purchase.

Are pets allowed?
Residents are allowed to have pets in their homes, following a few guidelines.

What are the tax benefits of a cooperative?
The tax benefits are identical to those for a single-family home. The real estate taxes and mortgage interest associated with your new home are fully tax deductible when filing the long form.

Do I get my share back if I sell my unit?
Yes. When your share is resold, you and your estate receive the amount of your initial share cost and a predetermined increase for each year you live in the cooperative.

What does a reservation at Applewood Pointe require?
Each reservation requires a $500 deposit. If you change your mind for any reason, your reservation deposit is fully refundable.

After a reservation, what are the next steps in becoming a member?
You need to complete income verification documents to qualify for your home. Then, you decide which of our four pricing tiers best meets your financial needs. Finally, you make your share cost payment and sign a subscription agreement for your new home.

Is smoking allowed?
All Applewood Pointe Cooperatives are smoke-free communities.

Is there more about the financial and owner benefits?
Learn more about financial benefits and owner equity through the video topics below. Note that Flash Player is needed to view the videos.

Financial benefits

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Owner Equity

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