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 The
following section on ownership opportunities refers to condominiums,
cooperatives, townhomes and single family homes that older persons
can purchase.
Condominiums
& Townhomes
Condominiums
and townhomes for older adults vary in their architectural form. But
they are similar in that they are both owned. In both condominiums
and townhomes, each individual owns and is responsible for his or
her unit. The common areas and exterior of the building are owned
jointly by all owners in the building. The difference between
condominiums and townhomes is that in a condominium you have only a
common interest in the land, whereas in a townhome, you own the
ground your unit occupies. In both types of housing, owners elect a
board of directors from their members. A monthly  association fee is charged to owners to cover such
things as maintaining the buildings and repairing the common
areas.
Cooperatives
A
cooperative is also owned housing. Individuals buy a share of stock
in the corporation, which entitles them to occupy a living unity in
the building. A resident does not individually own his or her unit.
Shareholders elect a board of directors from their membership. A
monthly association fee is paid to cover repair, taxes, maintenance,
management and other costs. Cooperatives can be "market" or "limited
equity." In market rate cooperatives, the share cost reflects the
full value of a unit. At re-sale, the member expects to sell the
share for the original cost plus whatever equity the market will
allow.
In
limited equity cooperatives, the share cost reflects a portion of
the unit's value. The member expects to sell the share for the
original cost plus the equity permitted under the cooperative's
by-laws.
Single
Family Homes
Communities
where older adults can purchase a single family detached house vary
in style, price and services covered by association fees. Typically
they offer a few or no health care services, requiring residents to
be independent. Communities of single family detached homes usually
offer yard maintenance, snow removal and one level
living.
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