Are you—or someone you care about—ready for less home maintenance while still enjoying an independent lifestyle, a place to call home, and a community of neighbors?
Maybe mowing the lawn, shoveling snow, and keeping up with unexpected repairs are becoming more work than you want. You’re starting to explore your options, but you’re not sure what comes next.
A senior housing cooperative may be one option worth considering.
I’m Lisa Rieken, a REALTOR® and Seniors Real Estate Specialist (SRES®) with Keller Williams Preferred Realty, serving the Twin Cities metro area. I visited Realife Cooperative of Burnsville and spoke with property manager Kate Skapyak about how cooperative living works, what it costs, and what questions to ask before making a move.
In the video, we provide video tours of three different-sized cooperative condos and the community’s amenities so you can picture what life there might look like.
Watch the cooperative tour and interview on YouTube
What is a senior housing cooperative?
When you move into a cooperative, you purchase a membership share rather than an individually deeded home. Your membership gives you the right to occupy a particular home under the cooperative’s agreements.
The cooperative owns the property, and its members have a voice in how the community operates through its board and member participation.
As Kate explains, this arrangement combines some of the conveniences people associate with renting with some of the benefits of ownership. However, the financial structure is different from purchasing a traditional house or condominium.
Understanding limited equity
One of the most important points in our conversation is that a cooperative membership share may not increase in value the way a house does.
Kate explains that Realife Cooperative of Burnsville uses a limited-equity model. At the time of our interview, she described its membership share value as increasing by 2% annually, compounded each year. The purpose is to help keep future share purchases affordable.
That is a description of this cooperative’s share-value formula—not a promise of a guaranteed investment return or the same arrangement at every cooperative. Ask each community how its pricing and resale process work.
Some cooperatives use different structures, including tiered pricing. Understanding the share purchase, ongoing charges, and eventual resale is an essential part of comparing your options.
What does cooperative living cost?
There are two main costs to understand: the membership share purchase and the monthly carrying charge.
According to Kate, the monthly charge includes the cooperative’s building mortgage, property taxes, required reserves, and utilities other than electricity and phone. Maintenance responsibilities are also an important part of the arrangement.
Parking is separate. At the time of the interview, Kate quoted $50 per parking space per month at Realife Cooperative of Burnsville.
When comparing a cooperative with your current home, look at the full household budget. Ask for a written breakdown of included expenses, additional charges, and how monthly fees may change.
Who takes care of repairs and replacements?
Kate explains that the cooperative owns items within the home such as appliances, cabinetry, flooring, and plumbing fixtures, while residents own their personal belongings.
For example, she describes the cooperative replacing a stove when it stops working. That can be appealing if you’re tired of managing every repair yourself.
However, ask about the community’s replacement standards and improvement policies. If you want an upgrade beyond the standard replacement, there may be an additional cost to you. Changes may also require approval.
Every cooperative sets its own policies, so it’s worth understanding those details before choosing a home.
A private home with a community around you
During my visit, I filmed three different-sized homes and shared amenities including a library, activity room, party room, dining hall, woodworking shop, and underground heated garage. Outdoor spaces include courtyard seating, a grill, and a community garden.
As you watch, think about what you would actually enjoy using. Would you like a place to gather with neighbors? Space for a hobby? A smaller home to maintain while still having shared spaces nearby?
Kate also emphasizes that members help create the community. Participation might mean serving on a committee or board, helping with a newsletter, or baking something for a birthday celebration.
Ask about participation expectations and the activities that matter to you.
Why it helps to explore waiting lists early
You don’t have to be ready to move immediately to begin researching cooperatives.
In our interview, Kate estimated that the average wait at Realife Cooperative of Burnsville was about two years, although she emphasized that it varies with the home size and turnover. That estimate is not a prediction of your individual wait or a statement of current availability.
She also explains that available memberships are offered to people on the waiting list first.
Ask each cooperative how to join its list, whether a deposit is required, the written refund terms, and what happens when a home becomes available. Exploring several communities can help you understand your choices before you need to make a decision.
Questions to ask before choosing a cooperative
The floor plan matters, but Kate encourages buyers to look carefully at the community’s management and finances, too.
What about selling the home you have now?
Choosing your next home is only part of downsizing.
If you’ve lived in your house for 20, 30, or 40 years, you may also be wondering what it’s worth, which updates are worthwhile, what to do with your belongings, and how to coordinate a sale with your next move.
That’s where I can help.
As a REALTOR® and Senior Real Estate Specialist (SRES®), I help Twin Cities homeowners plan the sale of their current homes and prepare for their next chapter. Whether you’re considering a cooperative, townhome, condominium, or another option, we can talk through your timing and develop a plan that fits your situation.
You don’t have to be ready to move tomorrow. Starting a year or two ahead can give you time to explore, prepare, and make decisions at a comfortable pace.
Watch the video, then call, text, or email me when you’re ready to discuss your home and your next steps.
Lisa Rieken | REALTOR® | SRES®
Keller Williams Preferred Realty
Thank you to Kate Skapyak and Realife Cooperative of Burnsville for sharing their knowledge and welcoming us inside.
This article summarizes our recorded interview and tour. Costs, availability, policies, and services vary by cooperative and can change. Confirm current details directly with each community.