Cooperative Senior Living
When you are touring communities for a place to retire, there are a variety of lifestyles and options available. In this article, we provide you with five reasons you should consider a cooperative community (co-op) like Baywoods of Annapolis for your retirement!
- Cooperative communities, also referred to as ‘co-ops,’ are a great consideration when looking at Retirement communities. Include them as part of your search. First, you should understand that a typical co-op is often structured so that all of the residents own the cooperative together, which allows them to share in the tax and financial benefits of ownership. So, residents reap many of the same benefits as owning a home.
- Most co-ops have monthly dues that cover the costs of routine maintenance, landscaping, cleaning, and in some cases, on-site dining and various supportive services. By pooling together the needs of the entire community, and eliminating the middle-man, you have the ability to control costs, without the burden of sole ownership.
- Co-ops have the potential to build equity, just like real estate. For example, the Baywoods of Annapolis co-op offers a unique lifestyle, with a prime waterfront location. A waterfront community is a sought-after feature not available in most retirement communities and ideal for retirees who have learned to love the beauty and serenity of the Chesapeake Bay!
- The shares owned at Baywoods of Annapolis can be included in and sold as part of an estate. The resident can recoup and make a profit on the sale of their Apartment home.
- Since the residents select the Board of Directors, decisions made by the co-op often directly reflect the wants and needs of the residents, which creates a uniquely designed, socially supportive community.
While senior cooperative living makes financial sense, there are lots of other reasons a senior co-op can be a great choice. We’ll discuss that in Part 2 of our series.
Contact Baywoods of Annapolis for a personal tour of our community and to understand the options that co-op living can afford you.