“Resident ownership is a good investment – a nice park, stable fees and people getting involved,” Dottie, member, South Parrish Road Cooperative, Winchester, New Hampshire.
Homeowners in resident-owned communities share economic interests – that’s clear. They are homeowners who jointly own the community in which their home sits. But, resident ownership means more than aligned economic interests that help groups function well. Resident ownership means people get to know each other and support each other.
“I’ve lived here for 14 years and until we formed our association, I only knew my neighbor. Now, I know almost everyone in the community,” states Tom, member of Minquadale Village Homeowners Association, New Castle, Delaware.
When you get right down to it, a neighborhood is a community when people know each other, undertake things together to better their community, and watch out for each other.