If you’ve ever dreamed of the day of owning your own home, if you’ve ever stared at your bland apartment walls and resented handing your money to someone else, or if you’ve ever wished you could afford a bigger, nicer, better home… then maybe a housing cooperative is your answer.
Cedarwood Housing Cooperative, in Park Forest, Illinois is the perfect combination of home ownership with the freedom of an almost maintenance-free lifestyle. Plus, it's ideally situated in the Chicago south suburbs near public transportation, forest preserves and plenty of shopping. Check out the other benefits of housing coop ownership below and give us a call when you're ready to make Cedarwood your next home.
Get more bang for your buck
A housing cooperative is made up of members who pay an upfront membership fee to own their townhouse along with a small monthly fee to cover maintenance, property taxes and capital improvements.
This upfront cost enables these members to own a share in the company as well which allows them to vote on community decisions that affect their individual unit. After the initial membership fee, you then pay a monthly fee - which is typically much lower than a mortgage payment- that goes towards various things like upkeep of all units. In short, the cost of owning a home is spread out among all the housing co-op members.
While this arrangement seems out of the “box”, it definitely allows you an opportunity to not only own your own home but it provides a way for you to have more square footage than you might typically afford on your own. This reason alone has converted flocks of more traditional thinking homeowners to convert to this innovative way of living.
Your property taxes instantly become more affordable
When you live in a housing cooperative, you no longer have to worry about saving up for your yearly property taxes or watch the prorated amount be added onto an already hefty monthly mortgage payment. It simply is included in your low monthly membership fee. All members of the housing cooperative contribute to the overall property tax bill so it instantly becomes much more affordable for everyone.
Become an instant member of a community
Once you buy a unit in a housing co-op, you instantly become a member in the company that owns it. But it’s really so much more than that. These company members are also your neighbors. You look out for each other when someone goes on vacation. You work together to solve any home problems that arise. If you’re lucky, these neighbors can become lifelong friends as well. One thing for sure is the stress of home ownership rests on more than just your shoulders now.
Community owned emergency fund
While you certainly would want to have your own savings account, an added perk to living in a housing cooperative is there is usually a large emergency savings fund to take care of any repairs or damages that may arise. When you live on your own, these costs are your own responsibility. However, when you live in a community like this, the burden of these costs are shared among all the members. If a tree falls on the roof, you don't have to worry about trying to get the money to repair it, the housing co-op's emergency back-up fund will cover it.
Don’t have to worry about untidy neighbors
The members of a housing cooperative vote on and decide many things that help the community run smoothly. That also means there are joint decisions for how the outside of the home will look. Basically, you're less likely to be subjected to unsightly neighbors cluttering up the yard and neglecting a broken shutter. Nor will there be a creative homeowner trying out a harrowing lime green siding right next to your neutral-toned home. You can feel confident that the outside of your housing cooperative will remain in pristine condition without any worry of an eyesore that could develop in the future.
A housing cooperative is a unique living arrangement that benefits everyone. You get to own a home while sharing the burden of typical home ownership costs. So what are you waiting for? Give Cedarwood Housing Cooperative a call today to find the place you will soon call home!