Joining a senior housing cooperative is very different financially than renting or leasing, which is the case with most senior living communities. The Realife Cooperative of Phalen Village is a type of home ownership, but it has benefits which single home owners do not typically enjoy. If you are 62+ and looking to downsize or simplify your life, there are many advantages to buying into a cooperative versus renting or leasing. Realife Cooperative of Phalen Village may be the perfect home option to begin the next chapter of your life in a vibrant senior community.

Renting Versus Buying

When you join a senior housing cooperative like ours, you are not renting an apartment at our facility. Like single family homes, you are buying property, but only a portion of the shared space. While both senior housing cooperatives and senior apartment living may look similar, they are different when it comes to the financial considerations. When you rent, the monthly fee you pay is to stay in that space for the month, but it does not give you any ownership or equity in the property.

There are some key benefits to buying into a senior housing cooperative versus renting. These include:

  • Gain equity in your share/unit
  • Tax savings
  • Vote as shareholder in making facility/property decisions
  • Low monthly costs

As a part owner of Realife Cooperative of Phalen Village, you have a say in our community. You can be as involved as you choose – members can be private or join in our community as they see fit.

Cooperative Versus Single Home Living

Most of our members owned a home before coming to Phalen Village Cooperative. Single-family homes are a wonderful option for those with a growing family or needing extra space. However, many people find as they get older, they do not need as much space and no longer want to perform all the maintenance required with single home ownership. They also must pay premium prices for services and amenities that we offer at our facility.

Realife Cooperative of Phalen Village offers many of the benefits of home ownership without the maintenance. A low monthly maintenance fee covers the groundskeeping, housekeeping, maintenance and repairs for the overall property and shareholders have access to handymen and maintenance for their unit. This is a hassle-free way to live for our active 62+ seniors, a great way to enjoy more of your time while still owning your home.

From Senior Cooperative Foundation

Housing Comparisons

Use your finger to swipe sideways in the table below »

Cooperative Condo / Townhouse Apartment
Financing Cooperative holds master mortgage; members own a share of the cooperative but do not assume personal liability for mortgage. Owners obtain their own mortgage and have personal liability for their mortgage. Tenant pays rent; does not own.
Upkeep Monthly carrying charges include all maintenance of interior, exterior and grounds, including repair and replacement of appliances and flooring. Association fees usually cover external maintenance and grounds; owner responsible for interior upkeep. Landlord/management is responsible for maintenance of the property.
Operation Operated according to the Bylaws and other agreements. Board of directors may hire a management company to oversee the day-to-day operations. Owners association may hire a management company to take care of the day-to-day operations. Property manager and staff.
Community Community/party rooms, social programs, guest rooms, workshop, library, fitness center, gardens, car wash bay. Condominiums may have a central community/party room. Townhomes typically do not have common areas. Most senior rentals have community rooms with added services.
Control Members elect a board of directors from amongst themselves. Each unit/share has one vote. Democratic governance. Owners association, also governed by a board of directors elected by the owners. Building owner or a management company the owner hires.
Equity Limited equity appreciation plan – value of membership appreciates at a fixed amount each year. There are also market rate cooperatives. Market rate property. Dependent on market conditions at time of purchase and resale. No Equity.
Resale Cooperative assists members in the resale of their share. Not a real estate transaction so no realtor commission. Owner has responsibility of selling. Usually a 6-7% commission applies, plus closing costs. No resale.

Is Realife Cooperative of Phalen Village Right For You?

To learn more about joining our community at Realife Cooperative Phalen Village and to determine if it is right for you, call our office. We are conveniently located near downtown St. Paul, MN – call today to schedule a private tour or talk to one of our staff members.

Contact Us

Please contact us for additional information, available units and upcoming open houses or tours.

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