Frequently Asked Questions
In a Cooperative, will I own the land under my home?
No. It doesn't quite work like that. At Wardtown, there are 60 homeowners/members. In our case each member basically owns a 1/60th share in the entire park. In essence, you would own 1/60th of every tree, every blade of grass, every road, every inch of water pipe, etc... We all own it all - collectively, and we work together to manage it and maintain it.
If something major happens, will I have to pay a bunch of money to do my share to fix it?
No. All members pay an equal amount of rent each month, just like in a regular mobile home park. But in our case, a portion of that rent is purposly saved for that rainy day. There is enough set aside for almost any catastrophe, and the Board of Directors have a Capital Improvement Plan in place that tracks all of the infrastructure in the park and has plans in place for its obsolescence. And if that's not enough, we have a very good relationship with our lenders, and the want nothing more than to see us succeed.
What if the cooperative fails? Am I on the hook for anything?
No.As in any other corporation, no individual is on the hook in the event of a bankruptcy, but relax. not a single cooperative under the ROC USA umbrella has ever failed. We are not just a strong community, we are also financially healthy.
What are the costs involved in being part of the corporation?
There is a $100 buy-in, or membership fee, that is paid when you become a member and move into the park. When you leave us, sell your home or move on, your $100 is returned and whoever takes your spot will pay that same amount when they move in. Other than that, you pay your monthly rent like anywhere else. Currently the rent is $280.00 per month.
What does my rent include?
Rent includes your lot, water and sewer. All other expenses and upkeep of the home and lot are the responsibility of the homeowner. You will need to keep your lawns mowed and your driveway plowed and you will also need to arrange for disposal of your rubbish.