How the Co-Op works...

I never talk about money. I'm guessing you don't either.  When I think about it, NOBODY TALKS ABOUT MONEY.   (unless you're Carson Wentz, and have a ridiculous $128 MILLION contract with the Philadelphia Eagles...then, everybody in the country is talking about YOUR money...)

 

I have no idea how much money my sisters make, or my best friends -- and I never have. Finances are a very private matter -- and I get that.  Money is the FORBIDDEN topic...If you have a lot of money, it sounds like bragging....and if you have very little money, it sounds like whining...

 

Unfortunately, that LACK of talking about -- and understanding of -- M.O.N.E.Y....often leaves women (including me) in a very vulnerable situation.

 

The truth is -- financial stuff has never, EVER, been a topic I had much interest in.  John was not only good at it -- he was a very controlling guy -- so it was easier for both of us to let him be "in charge."

 

But -- here's the thing -- ignorance is NOT bliss.   A year ago, as John's dementia was fogging his brain more and more -- I had NO IDEA how much money we had -- where it was at -- or how to access it.

I know. Unbelievably stupid...

So, just this once -- I'm going to talk about money. Because hindsight is 20-20 -- and what I know now might help somebody who is on this path.... 

In my first post about the Bettendorf Suites Co-op, I made it sound like a dream come true.  And, for me -- IT IS.   It does, indeed, sound luxurious -- and I am VERY happy to have this option.  But it doesn't cost as much as you might think.

 

The initial cost is tied to the square feet of your apartment.  The Locust floorplan falls somewhere in the middle -- with 1400 sq. ft.   The price of our "share" was $206,000 -- and if we move, or die...Ewing (the developer and owner) will sell our share -- and we (or your heirs) get back the $206,000, plus 1 or 2% a year.

Our monthly fee is $1800 -- and that includes property maintenance, underground parking, snow removal, landscaping, property taxes, insurance, appliance repair and/or replacement, even the internet and cable television.  72% of that fee will be tax deductible at the end of the year.

I am clearly READY FOR THE MOVE. And I'm looking forward to the community. There are 64 units in the complex.  My friend Linda P. and her husband Don will be up on the third floor, (with cathedral ceilings and a killer view). LP and I are already planning to wheel our Featherweights down to the community room...maybe the first Tuesday of every month, we'll have a TMBC sew-in.

 

Last week, I had my first "design meeting"; Deena and Jeanne went with me, and helped to select EVERYTHING. My kitchen will be white cabinets with black granite countertops...we picked the flooring, the plumbing fixtures, the light fixtures...you name it!! All while eating bacon breakfast pizza and Kwik-Star doughnuts!!

 

The only sad thing is that John has no idea we are moving.

 

He has no idea about anything, really.  Yesterday, he couldn't find the bathroom.  He sleeps a lot -- or sits in his chair, watching reruns of the Lone Ranger. He has been getting quieter and quieter...and words simply don't connect any more.  When we get in the car, I say, "fasten your seat belt, hon"...but he has no idea what I'm talking about.

 

At his last visit (after he fell in the bathroom and I had to call the ambulance), his doctor suggested it might be time to "downsize", and John clearly said "NO"....but, when we had a chance to talk privately, I told Dr. G. about buying the Co-op, and he said there was no point in telling John at this point....

 

So, I'm moving forward...and I am hoping against hope that when we move, John might still be social enough to ENJOY our new digs. Nothing would make me happier than having him be able to walk down the hall and have coffee with some other fellas...who maybe would like to hear all about submarines....

Tomorrow, I'm going write about the three biggest mistakes I made....

 

And I'll also do a very brief tutorial about what happens if ONE spouse goes  "into care"...and the OTHER spouse is still living at home (the Community Spouse).

I promise these financial posts won't go on for long...but knowing some of this stuff could save you some grief down the road...