Unlike any other form of property ownership, a cooperative is operated on a nonprofit basis. Therefore, any increases in the monthly charges are limited to actual increases in anticipated expenses and are determined by the Cooperative's Board of Directors, upon recommendations made by the Finance Committee.
The monthly charges cover a member's proportionate cost of:
Principal, Interest and the Mortgage Insurance Premium, based on a fixed-rate, insured mortgage (Interest is tax deductible)
Realife estate taxes (tax deductible)
General operating and replacement reserve funds
Fire and extended coverage insurance, to include liability insurance in the common areas
Water/sewer, common area electricity, heat/air conditioning, expanded basic cable, trash collection and recycling, snow removal, lawn maintenance, and common area housekeeping
Professional management and administration, legal, auditing and on-going marketing
Repairs, maintenance and replacement of project property, to include: carpet, draperies, appliances and mechanical/electrical systems in common areas and dwelling units
Basic service package (van service, security, resident services programs, 24 hour emergency call monitoring and laundry facilities)
Members pay directly only for the cost of telephone, dwelling unit electricity, personal property insurance and heated underground parking
The information provided in this website serves only as an introduction to our company. To learn more, please email (see address at top-right corner of this screen) or call: 507-280-6053
Realife Cooperative of Rochester, 825 Essex Parkway NW, Rochester
