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A cooperative is a not-for-profit corporation that is owned and operated by its members. Each member purchases an equity share and contributes to the maintenance and management of the grounds, housing and common areas in a not-for-profit environment that keeps costs low. It is living with neighbors of your peers in a jointly owned community with all the benefits of home ownership with none of the maintenance and upkeep.
Vintage Hills Cooperative members purchase an ownership equity share—called a membership certificate—in the cooperative which entitles the shareholder to occupy a specific home. A share increases in value each year as equity is added. The original share purchase price, plus accrued equity, less selling expenses are returned to the member or to the member’s heirs upon resale of the share. In the meantime, members enjoy a simpler lifestyle with as much social interaction and activity as they like in a community of like-minded peers of similar age.
Just as important, our members share their talents and experiences for the enjoyment and enrichment of the community. New and lifelong interests and hobbies are pursued through involvement in a wide variety of independent and group activities, such as:
There are two primary costs:
There are no closing costs to purchase a home. As a new member buying an equity share in our cooperative, you simply pay your share price at closing.
When you want to sell your share, you simply notify the co-op, who facilitates the resale process. The co-op maintains a waiting list and a list of people who have indicated an interest in purchasing a home, and will notify them that your unit is available to purchase.
Unlike other real estate purchases, the equity value increases with time. You won’t have to hope for a return on your investment based on market fluctuations you cannot control. This predictable equity value increase also keeps the resale price affordable and attractive for future members.
Members may deduct their individual portion for the property taxes and interest on the master mortgage on their federal and state income taxes.
The cooperative operates on a democratic, self-governed, basis. Members are actively involved in the cooperative governance. The board of directors, comprised of residents and elected by the members, has the fiduciary and operational responsibilities to carry out the functions of the cooperative.
Cooperative ownership creates a sense of pride resulting in maintaining the property and participating in civic activities, which creates a friendly and active community.
As a Vintage Hills Cooperative member, you can travel for days, weeks or months without worrying about your home with our “while-you-are-away” services. The no-maintenance lifestyle sets you free to do the things you like to do whether you’re at home or away. Still working? Perfect! Where else can you find yourself living exactly where you want, near everything you need and so affordably while easing into your next stage of life—retirement!
The member ownership of the cooperative creates a strong sense of community among them. Members look out for one another. They engage with each other in the betterment of the community. They socialize together. And they help each other out.
Ownership. Cooperative members own the entire development jointly as compared to a condo, where individuals own a unit in a building. In a cooperative, members share ownership of the entire community, including its common areas.
Maintenance and repairs. One of the major advantages of owning a membership interest in a cooperative is that, in addition to exterior maintenance-free living, the co-op offers interior maintenance-free living that includes a maintenance person and scheduled preventative maintenance services. Plus the cooperative repairs and/or replaces things like appliances and carpet at the cooperative’s expense, not at the individual member’s expense. That means you don’t have to worry about big surprise repair bills.
Financing. In a cooperative, ownership is jointly held via a master mortgage. Members receive a tax deduction for their pro rata shares of the mortgage interest paid each year. In a condominium structure, each owner arranges his or her own mortgage financing.
Property taxes. Cooperative and condominium unit owners have similar income tax and property tax. However, in condos, the property taxes are levied on each unit separately rather than on the entire project.
Voting. Cooperatives are run through a board of directors, elected by the shareholders. Each cooperative member has one vote, regardless of home size. Additionally, each member is free to serve on any committee(s) of his/her choosing. The committees make recommendations to the board regarding refurbishment, landscaping, maintenance, and budgeting. Condos are managed by a condominium association in which unit owners are members. In condos, owners with larger homes may have more voting power than smaller unit owners.
Resale of property. Reselling a cooperative property allows the co-op board/community an option to buy first and also helps find prospects with no real estate commission fee or complicated sales process. In contrast, a condo association has no control over or involvement in unit resales. The co-op provides assistance with all the necessary paperwork for transfer of ownership.
Age restrictions. At least one member must be 55 years of age or older in order to reside here. Our members benefit from being in a community where pride of ownership among peers of a similar age leads to healthy, long-term relationships in a safe and secure setting.
Lower monthly costs. Because cooperatives operate based on actual costs in a not-for-profit model, cooperative operating and carrying charges are often below rental market value. Approximately 70 to 75% of the operating costs in the co-op are fixed (mortgage, operating reserve, along with repair and replacement reserve).
Tax deductions. For income tax purposes, cooperative members are considered homeowners and may deduct their share of the real estate taxes and mortgage interest paid by the cooperative.
Predictable home equity growth. Cooperatives provide for annual growth of members’ equity at a fixed rate of return on investment that renting simply can’t offer. Using this “limited equity” approach, appreciation is limited by the cooperative and determined by a simple formula established in the Cooperative Corporation’s by-laws. This ensures that homes remain affordable and marketable for the long term.
Limited liability. Cooperative member/owners have no personal liability and do not need to individually qualify on the cooperative master mortgage. The cooperative corporation is responsible for paying off any blanket loans.
Community building and pride of ownership. Cooperatives provide homes for members and build community for the cooperative as a whole through group activities and social functions. Unlike renting, ownership instills a sense of pride of ownership. Do you take better care of a car you own or a car you rent?
Stability and peace of mind. Ownership in a co-op community brings about stability and long-term neighbors, which our members will tell you creates a more cohesive community all around that you will enjoy for years to come.
Security on two important fronts. Cooperative tenure is secure, within the guidelines of the law, cooperative bylaws and occupancy agreements. In addition to legal protections, cooperatives offer secure buildings with clean, well-lighted, underground parking.
Democratic member control. Each membership provides the right to occupy a home and each home has one vote regardless of its size. This sense of control and having a voice in decisions is another key distinction between cooperative owner/members versus apartment renters or condominium owners, who have little or no say in what happens with their building. With cooperatives, you don’t have landlords or outside investors because you essentially become your own landlord when you join.
Yes. Vintage Hills Cooperative maintains a waiting list. This enables prospective members to indicate the type of home desired and timing for when they wish to be notified of the availability of resale homes. To join the waiting list, you simply complete an application and submit it along with a nominal and refundable deposit.
One member in each home must meet the minimum age restriction. Additionally, members must be capable of living independently without creating a risk of harm to others, be able to meet certain financial criteria, and must not have a history of criminal misconduct.
Simply contact our property manager at 515-729-2040. If a property is available for purchase, then you may purchase it after providing a deposit and completing a credit and background check. If we do not have any units for sale, please join our wait list for a small, refundable fee. We will notify you as soon as a unit becomes available.
For the convenience of our members, each home has its own separate laundry room with a washer and dryer.
Yes. Members can reserve one of our cozy guest rooms for a small fee paid to the cooperative (to cover the cost of cleaning and maintaining the room)
Yes. Members can reserve our great room and/or our multipurpose room for gatherings at no cost.
There is one parking space per home at no cost in our clean and secure underground parking garage, which also includes a car wash bay for convenience—and a really clean car! Extra spaces can be rented (if available). Plus, we have ample surface parking as well for a second car.
Yes. Members are allowed to have small pets in their homes, following a few guidelines (check your community’s specific policy guidelines).