Common Questions, 5 - 8
Some of our most asked questions are featured here.
Why should I buy a share?
Security of owning real property and no longer being subject to arbitrary or unreasonable rental increases and assessments by an individual park owner.
Residents having a voice in management and operation of their community. With resident ownership, the shareholders make the decisions about the community and any improvements they would like to make.
Assurance that the community will always remain as an age 55+ community and not be changed to family status.
As real estate your share has the potential to increase in value and create equity for you and your heirs.
Assurance that the community will always remain a manufactured home community.
The purchase price of a share will never be lower than it is today.
I don't have the cash to pay for my share. What can I do?
Bank loans are available and although 80% financing is standard, some banks are lending 100% of the share price if you are able to use your home as collateral or have an exceptional credit rating.
I am financing my share. Can I pay it off early?
You can pay down or pay off your loan at any time according to the terms of your loan agreement. If you believe that you will be prepaying your loan, you should make sure that the bank you finance with allows prepayment without penalty.
What are my financial obligations as a shareholder?
Your financial obligations consist of the following:
the purchase of the share
the payment of a monthly shareholder fee
the payment of real estate taxes on your share and home