The residents of a cooperative are also the owners. This provides a greater level of control. Residents decide on rules, maintenance, management, and virtually every other aspect of the running of the park.
Instead of regular rent hikes to pad the park owner’s pockets, cooperative residents enjoy very stable monthly payments. Those payments would be used to pay off the mortgage and take care of the park. The cooperative would decide when rent needed to be raised, for example: if they wanted to add another service for residents.
Because the property is owned by the residents, it is their choice whether to accept offers and close for redevelopment. This gives families much more stability.
No longer would residents have to wait on management to get around to maintenance requests. Because the residents own the property, they will also be able to decide who is responsible for maintenance, whether that is through an individual, a resident, or a company. The co-op will do the hiring.
In a cooperative, the residents collectively own the property. It is the residents who make all decisions concerning how the park is run. This leads to a higher sense of pride and a feeling of community.
Through Northcountry Cooperative Foundation, it is possible to finance the purchase of your park. With their assistance, your mortgage payments for the park could be equal to or less than what you already pay in rent and also avoid having to pay a large down payment.
You are not alone in this. If you are interested, but don’t know where to go from here, don’t hesitate to call Northcountry Cooperative Foundation for information toll-free at 1-877-623-2827. If you have general questions, you can also call APAC at 651-644-5525 or toll-free at 1-855-361-2722.