This week I worked with a client to negotiate an apartment at a Cooperative. In MN there are a lot of cooperatives. I haven’t always felt that was the best option for a senior given there are usually no services in these buildings. However, after serving many clients and looking at many housing options it really comes down to where the senior is most comfortable.
Yes in a cooperative you are an owner and with that comes the responsibility of selling the property if you need to move or pass away. That can be a disadvantage and many seniors don’t want this burden. However, with owning comes the benefit of property tax deduction. For someone still going south in the winter months they can have peace of mind knowing they are not in a home where the sidewalk needs to be shoveled when it snows.
It’s important to look at lifestyle and all the options pertinent to the individual when choosing senior housing.