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3. Buying the house. The co-op is certainly fulfilling a role in (y)our lives. It's a fun place to live, and living there is a significant experience, something every member will remember and learn from and cherish. The co-op is fulfilling its social role. By buying and preparing food in bulk, it is partially fulfilling its financial role.
But the economic realization of the co-op requires that the co-op buy its house. The co-op is supposed to "bring the benefits of home ownership to a transient population". The not-for-profit organization stands in as the owner, while the membership rotates through. The money the co-op saves by not paying rent gets poured into infrastructural improvements. The co-op has a lot of cool stuff now: gardens and hot tubs and a movie theatre. Think of how much more the co-op could accomplish if it had thousands of dollars in development money? It could buy itself double-paned windows and insulation, and then you wouldn't be so cold all winter, and would save even more money on heating. You could build a greenhouse. You could make the third floor habitable. You could start a cafe down the street. You could help new fledgling co-ops get off the ground. You could buy another house! But first you have to buy this one.
There are some well-founded worries, but they can be addressed.
Will the co-op be able to fill the responsibility of home ownership? Of saving enough money to replace the roof when the need arises? Of performing routine maintenance? I think so, but if you have doubts, you can hire NASCO to help you.
The price. It's irrelevant. We've spent $35,000 in rent while quibbling over whether the purchase price of the house should be $50,000 or $75,000. It's a steal at anything less than $100,000 anyway.
The house itself. You don't think the co-op is actually going to move, do you?
Imaginary legal problems. Are just that.
The only reason the co-op exists at all is because Chris & I agreed to rent nine units of housing from Dave and Dave despite only having two other members lined up. And those members lined up based on only our ranting about what an awesome co-op we'd have if they came and built it with us. With this faith, they packed up their moving trucks, and drove to Rochester. The membership began trickling in, and they stepped up to the challenge. (I don't even remember how Far and Heather turned up, but
one day they were there, clip-boards in hand, giving tours and preaching the co-op dream.) Soon we had to turn people away--we had a waiting list! It was a leap in the dark, but it worked. Precisely because of the "damn the torpedoes" attitude. It was a dream and leap and we knew we were going to make it work, and it did.
The co-op needs to make the next leap. Please buy the house.
But the economic realization of the co-op requires that the co-op buy its house. The co-op is supposed to "bring the benefits of home ownership to a transient population". The not-for-profit organization stands in as the owner, while the membership rotates through. The money the co-op saves by not paying rent gets poured into infrastructural improvements. The co-op has a lot of cool stuff now: gardens and hot tubs and a movie theatre. Think of how much more the co-op could accomplish if it had thousands of dollars in development money? It could buy itself double-paned windows and insulation, and then you wouldn't be so cold all winter, and would save even more money on heating. You could build a greenhouse. You could make the third floor habitable. You could start a cafe down the street. You could help new fledgling co-ops get off the ground. You could buy another house! But first you have to buy this one.
There are some well-founded worries, but they can be addressed.
Will the co-op be able to fill the responsibility of home ownership? Of saving enough money to replace the roof when the need arises? Of performing routine maintenance? I think so, but if you have doubts, you can hire NASCO to help you.
The price. It's irrelevant. We've spent $35,000 in rent while quibbling over whether the purchase price of the house should be $50,000 or $75,000. It's a steal at anything less than $100,000 anyway.
The house itself. You don't think the co-op is actually going to move, do you?
Imaginary legal problems. Are just that.
The only reason the co-op exists at all is because Chris & I agreed to rent nine units of housing from Dave and Dave despite only having two other members lined up. And those members lined up based on only our ranting about what an awesome co-op we'd have if they came and built it with us. With this faith, they packed up their moving trucks, and drove to Rochester. The membership began trickling in, and they stepped up to the challenge. (I don't even remember how Far and Heather turned up, but
one day they were there, clip-boards in hand, giving tours and preaching the co-op dream.) Soon we had to turn people away--we had a waiting list! It was a leap in the dark, but it worked. Precisely because of the "damn the torpedoes" attitude. It was a dream and leap and we knew we were going to make it work, and it did.
The co-op needs to make the next leap. Please buy the house.
