Are senior coops a ripoff?
I searched this phrase online and all I could come up with was gushing praise for this new style of senior living. However, there are a few of these coops in our area, and the monthly fees are outrageous. I get it that the whole point of these is that you are helping to pay off the mortgage of the entire building, and but I wonder exactly what you get out of that. You do get to deduct some of the building expenses, but what do you get back if you move out and sell?
And that is IF you can sell. There are two for sale on Zillow right now. One has been for sale for over 200 days and the other for almost 200 days. Meanwhile, I'm sure the occupant (not sure they are owners exactly) have to keep paying the exorbitant monthly fees, and I'm sure if they can't, the unit is reposessed.
Maybe I'm missing something here, but I think this is a risky buy at best.
1 Answer
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When you say Senior Coop, are you talking about a CCRC?
Is there a buy in AND a monthly fee, or just one or the other?
And most importantly, if you buy in, will they keep you at all levels of care?