What is A Co-op?
Housing cooperatives are a unique type of home ownership that offer the equity benefits of home ownership, the maintenance-free lifestyle of renting and the financial freedom of low cost living. Buying into a co-op is not considered buying real property, it’s considered buying one share of the company who owns the property (in this case the collective of the members owns the property).
When you purchase a share in the company stock, you are issued a Membership Certificate entitling you to one dwelling and one vote in the business. Members are able to make improvements to the interior of their home and exterior through landscaping, painting and remodeling but are not burdened with the responsibility of maintaining the HVAC system, building structure, roof, plumbing and electrical.
So what's the catch! There is none. Our staff is asked this question by just about everyone who walks through our office doors. Cooperative living is making a quick comeback due to the freedom and investment opportunities that housing cooperatives can afford. Why wait? Contact us today.
Cedarwood Cooperative is a non-for-profit company made up of stockholders and a volunteer Board of Directors. Cedarwood Cooperative is one of five cooperative housing communities in the Park Forest, Illinois area, a suburb south of Chicago. Park Forest was one of the first post-World War II planned communities for veterans in the country and continues to host a modest population of around 22,000. With a rich history of coming togetherness, the core of Cedarwood Cooperative is unity.
When a community, or in this case, a resident owned community works together to care for and maintain a beautifully landscaped property with well-kept homes, only greatness can follow. Many Park Forest residents would agree that of all the coop housing in the area, Cedarwood is by far the industry leader in “Creating Community Excellence One Member at a Time.”
Cedarwood Cooperative is a fair market housing cooperative. For an initial modest price, you can purchase your own home by negotiating a price with the seller. Buyers are encouraged to visit one of our many open houses or arrange a walk through with the seller before offering a purchase price. The purchase price is based on the number of bedrooms the unit features, home improvements, appliances, and special features contained therein. Price can also be affected by location of unit, for example, an end unit or a duplex unit.
Other expenses a member can expect to incur are common household bills such as water, electricity and gas. Trash and recycling are a provided amenity here at Cedarwood. One of the major benefits of buying a home in a housing cooperative is highlighted in the upfront purchase which is typically far less than any single family home priced in the surrounding area. At Cedarwood Cooperative homes can go for as little as $5,000 and as much as $30,000.
Monthly Assessments ("Fees")
Members are responsible for paying a monthly assessment fee, set by the board of directors, which ranges from co-op to co-op, especially in the Park Forest, IL area. This fee is typically half or one third of the cost of renting a unit and covers the shareholders portion of property taxes, insurance, maintenance and land mortgages (if any exist).
Just as with renting, a member can call the staffed office and request a maintenance work order for no additional charge for things including HVAC, Plumbing, Electrical and Structure. Members may even request maintenance to install items such as new towel bars, WiFi door bells and member purchased light fixtures for a nominal fee. This is yet another reason why people are quickly moving into local housing cooperatives.
While the maintenance of the buildings exteriors, furnace, air conditioning systems, hot water heaters, plumbing, and electrical wiring are the co-op’s responsibility, our members are free to personalize their interiors anyway they wish. Switch up the paint, hang curtains and even add carpet or tile. Of course, to make sure every home is equally cared for, a simple “Alter of Dwelling” form must be filled out and brought to the office for approval. To ensure our co-op buildings stay strong, solid and stable for years to come and to protect your personal asset should you choose to join our housing cooperative, all work must meet all city code requirements.
Our well-trained maintenance staff provides quality repairs and maintenance. Even though most repairs are at no cost, there may be a modest fee to the member. The cooperative also maintains the public areas, and each member is responsible for their own area. Members are urged to always meet Cedarwood’s standards.
Clubhouse Available to Rent - Members Only
Members have exclusive access to our community clubhouse for private parties and family events. Contact the office for more details about renting this clubhouse space.
Creating Community Excellence One Member at a Time™
Members are allowed two pets per unit (cats and dogs only). Members are required to register their pet yearly and abide by our House and Grounds Pets Rules and Regulations.
Each unit has one designated parking spot. For members with a second vehicle, a community parking lot is available after registration within the office. A permit is required to park in our additional parking lot. Non-members are not eligible to receive a parking permit and may be towed at vehicle owner's expense if improperly parked on our lot.
Residents of Cedarwood housing cooperative are required to undergo a simple, yet vigorous application process including a background check to ensure the safety and security of the community. A benefit of co-op living is that the income requirements are not as extensive as a mortgage company may demand.
Once accepted, all members are expected to abide by the co-op housing rules and regulations. As with any resident owned community, neighbors are there to share in the vested interest of the cooperative as a whole. In co-op housing environment, you are more likely to watch a neighbor pruning her already beautiful garden; more likely to see two neighbors stop and chat with one another while walking their dogs; and more likely to see a child stop to pick up a random piece of litter and dispose of it properly. A real sense of community is developed through a cooperative housing arrangement. This, along with the many other benefits of co-op housing, are reasons why many families, seniors and singles are moving towards the low cost living lifestyle of a housing cooperative.
Join Cedarwood Today!
Cedarwood Cooperative embodies all the greatness of Park Forest, IL and the unity of cooperative living. With one of the lowest monthly assessment fees, the highest budget surpluses (which leads to many capital improvements) and friendliest staff in the Park Forest area, it’s no wonder members have made it their home for 30 years and more! And now your opportunity awaits you. Please contact us today for more information.