Operating Costs
Your unit's monthly fee contains two elements: a contribution to operating costs, and a contribution to a reserve fund, both partly offset by the annual income you will receive from marina operations.
For 2024, your unit's share of monthly operating costs is $664.44.
One of the great things about coliving is that your regular household expenses are shared with others. In our case, seven units share these operating costs. Property taxes, insurance, repairs and maintenance, electricity, heating and cooling, cleaning, cable, high speed internet, phone (household landline), supplies, lawn and garden - your monthly $664.44 covers all of them
Your monthly reserve fund contribution is $660.
Our reserve fund policy provides for major capital expenditures and emergency repairs. Funds not required to meet those two priorities are available for renovation and improvements.Your total monthly payment, operating and reserve funds combined, is $1,324.44.
There is also a monthly, per-person contribution to food costs which, in 2024, is $400. This provides all meals, non-alcoholic beverages and snacks. Food costs are subject to reduction if you are absent for seven consecutive days or more.
Income from Coliving
Wait. There's income? Yes! We operate Oakview Marina, a successful business which provides docking and parking services (no fueling) on Little Hawk Lake. As a co-owner, you also receive a share of profits from marina operations. You don't actually have to do any work in the marina. How cool is that?
How does Oakview Coliving Compare?
Another way to look at costs is to compare Oakview Coliving to the cost of a single home.
2 Assumes hydro = $1500, taxes=$2000, gas (heating)=$2000, insurance=$2000, water=$1000
3 Annual Monthly Maintenance Fee
4 Source: CTV News
5 Co-owners share in profits from marina operations
6 This example assumes that if you sell your $800,000 home, you will have some amount available to earn income from investment.