A Cooperative is a business owned by the people who use it. Each member of Berkshire Village has an equal vote in the Cooperative.
A small cash investment purchases your membership in the Cooperative and makes you one of the 320 owners who enjoy the advantages of ownership with the convenience of renting. Your monthly payments cover your fair share of the Cooperative's cost without a built-in profit margin.
The Board of Directors sets the standards and retains a professional property management firm to supervise the Berkshire Village staff in maintaining the structural, electrical, plumbing, and HVAC repairs. Berkshire Village provides external care that includes lawn, tree, and shrubbery care as well as snow and trash removal.
Rules and Regulations?
The Board of Directors is also responsible for setting the standards and qualifications for potential and current members residing at Berkshire Village. If you have any questions or concerns, please check out our Rules and Regulations Handbook.
How can I get information on availability?
You may e-mail or call us, and we can in turn mail or fax you a complete listing of available memberships. You can also stop by our office in person. We would be happy to show you around.
How do I apply?
Prior to applying, potential residents must complete a contract/purchase agreement on a unit. Once a contract/purchase agreement is received, along with a $500.00 earnest deposit in the form of a money order, the applicant is given an application packet. The application packet will contan instructions of what needs to be completed, what documentation is required, etc.
|Monthly Cost||Your monthly payments are amazingly low. You pay only actual costs.||The tenant must pay what the landlord asks||The owner's monthly expenses are much higher.|
|Total Cost||Your costs are cut to the bone: longest mortgage terms, special low interest rate.||The tenant's rent includes high cost of commercial construction and financing.||The owner pays for higher mortgage interest rates, uncontrolled profits, closing costs.|
|Ownership||You and the other townhouse residents are the sole members of the property. You occupy the home of your choice for as long as you wish.||The tenant owns nothing (except a file of rent receipts).||The owner is completely responsible for his/her house.|
|Liability||You have no personal liability — you sign no mortgage or note||The tenant has no personal liability.||The owner is personally liable for the mortgage and note.|
|Maintenance||Your cooperative takes care of your townhouse inside and out (except redecorating).||The tenant has no control over maintenance standards.||The owner is fully responsible for all repairs.|
|Management||Your household and every other household each have one vote in an election of directors. Business affairs are handled by a professional management firm.||The tenant has no voice whatever in management.||The owner alone is responsible for all decisions ... and mistakes!|
|Community Control||The elected Board of Directors help establish policy, rules, and standards for your community.||The tenant has no control.||The owner has no jurisdiction except in court.|
|If You Have To Move||You give notice, and your cooperative may help you sell it, for a small fee to cover overhead expense.||The tenant is bound by a lease drawn up by his/her landlord.||The owner must sell his/her own house and pay larger brokerage fees.|
|Increase In Value||Your membership can increase in value under a formula written in your Coop By-Laws. You can get credit for improvements.||The tenant gains no increase in value.||The owner's equity depends on market factors beyond his/her control.|
|Tax Benefit||You deduct from your income tax report everything paid for interest and real estate taxes.||The tenant has little or no tax benefit.||The owner can deduct interest and taxes.|
|Replacements||Your cooperative has reserve funds waiting in the bank to replace items as they wear out.||The tenant must wait for the landlord to decide when and if to make replacements.||The owner must foot the bill for replacements.|