Purchasing a membership into a housing cooperative can be exciting and confusing. As a unique form of home ownership, we understand that you may have questions before delving into the process. At Ash Street Cooperative, our goal is to make sure that you are comfortable with your purchase before you buy. By exploring some of the frequently asked questions below, our hope is that you become acquainted with the process and common questions many inquiring applicants have when they first visit our office.
When you are ready to make your move into one of the most rewarding forms of home ownership, give us a call so we can get started!
Do I own the Home That I Pay For?
Yes and No. You do not own the land, the building materials, or the exterior structure. You also don't own the mortgage. :) What you do own is the right to live inside the home (unit) and everything located inside the walls (within reason of course, you can't take the stairs with you when you leave... haha). As a member, you are also entitled to use all the common areas surrounding your home.
Do I need to be Approved to be a Member?
Absolutely. In order to ensure a safe and secure neighborhood, Ash Street thoroughly reviews and investigates all applicants to ensure they fit our criteria for eligibility. For most people, the application process is a breeze. Similar to an application to an apartment rental, as opposed to a mortgage loan, our application asks for typical personal and financial background information as well as work history and criminal background. Review the application here.
The Average Cost of a Unit?
The great thing about Ash Street Cooperative is that we price all coop-owned units the same! All 2 bedroom units are only $15,000 and 3 bedroom units are $20,000. Compared to a single-family home, the price is unbeatable! Every unit is renovated before sale with an updated kitchen, bathroom and new light fixtures, all for this one-time, low price.
Average Monthly Costs?
The cost to live in a unit at our cooperative is far less than the cost of renting an apartment, with tons more perks! The average monthly cost is between $590-630 and includes structural maintenance, lawn care and off-street parking.
Is There an Annual Membership Fee?
When Were They Built?
In the early 1940's when quality was everything! Hand-installed hardwood flooring in every unit, throughout.
How Big Are The Units?
Each unit is approximately 1000 square feet with an additional approx. 450 sq. ft. of unfinished basement. With a spacious layout that extends from a main level to an upstairs and basement, our units are perfect for individuals and families alike with plenty of storage.
How Can I apply?
Easy! Just click here to review the requirements, download and print the application. Once you are finished, simply bring it into the office with your application fee and we'll take care of the rest!
I Have More Questions, Who Can I Talk to?
Our staff is ready and waiting for your call or visit. Simply give us a call at 708-747-9600 or stop by the office during business hours at 137 Ash Street, Park Forest, IL 60466. We are so excited to meet you!
See you soon!