Frequently Asked Questions



  1. Co-op residents own the entire building and grounds 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 first option to offer homes to people on a waitlist and they also help find prospects, where a condo association has no control over or involvement in unit sales.


As there is one mortgage on the entire community, 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.


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.


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, although some communities have now included phone, internet and cable in their monthly fees.


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 offer the home to the people on their waitlist, returning the member’s share cost, the monies paid for approved upgrades, plus accrued equity (typically 2% of the value of the home, compounded annually).


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:




Sq. Ft. Option A Option B Option C Option D
1,328 $47410 $110,620 $189,640 $300,260
Monthly Cost 15% 35% 60% 95%
$1,896 $1,601 $1,232 $716


*** 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.


Residents are allowed to have pets in their homes, following a few guidelines, specific to each community. Generally, 1 dog up to 25 pounds, and up to 2 cats. If you are concerned about your ability to have a pet in a specific community, we recommend you ask the housing manager at the time you express interest in that community.


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.


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.


Each reservation requires a $500 deposit. If you change your mind for any reason, your reservation deposit is fully refundable.


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.


All Applewood Pointe Cooperatives are smoke-free communities.

Learn more about financial benefits and owner equity through the video topics below.


Financial benefits - Video

Owner Equity - Video