Colonial Park Townhomes
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Compare the Advantages

COOPERATIVE PLAN RENTING OWNERSHIP
Monthly Cost - Your monthly payments are amazingly low. You pay only actual costs. Monthly Cost - 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, no closing cost or broker fee. Total Cost - 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 other townhouse residents are the sole owners of the property. You occupy the home of your choice for as long as you wish. Ownership - The tenant owns nothing (except a file of rent receipts). The owner is completely responsible for his house.
Liability - You have no personal liability — you sign no mortgage or note. Liability - 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 decorating). Maintenance - The tenant has no control over maintenance standards. The owner is fully responsible for all repairs.
Management - Your family and every other family each have one vote in election of directors. Business affairs are handled by a professional management firm. Management - The tenant has no voice whatever in management. The owner alone is responsible for all decisions . . . and mistakes!
Community Control - You help establish policy, rules and standards for your community. Community Control - The tenant has no control. The owner has no jurisdiction except in court.
If You Have To Move - You give notice if you need to move and are not bound by a lease, nor are there lease renewals. A modest resale charge is imposed. If You Have To Move - The tenant is bound by a lease drawn up by his landlord. The owner must sell his own house and pay larger brokerage fees.
Tax Benefit - You deduct from your income tax report everything paid for interest. Tax Benefit - 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. Replacements - The tenant must wait for the landlord to decide when and if to make replacements. The owner must foot the bill for replacements.
Heritage Management Group
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