What is a Housing Cooperative? Housing Cooperative is a new model of housing. The model is an intermediate form of owner-occupied and rented housing. A bit similar to a Finnish right-of-residence housing model. In a housing cooperative, the resident is at the same time as the tenant and the lessor. Upon becoming a shareholder, the resident pays the deductible, and also rent for the accommodation. As an owner, the resident influences the amount of the rent, and this will ensure the continued existence of affordable housing in the future. The cooperative owns and administrates the buildings. Read more!
Who pays for construction? In the Älykylä®, residents set up a cooperative, which is responsible for the construction costs. A state guarantee is sought for funding. Part of the collateral consists of constructed buildings. To pay the deductible contribution and the investments, residents have to pay a participation share fee, which is about 10% of the cost of setting up. The participation share payment will be refunded at the end of membership if there are no obstacles.
What does construction cost? The cost of construction is determined by the unit to be built. As with other construction work, the size and quality of the buildings and the level of equipment determine the costs. When building a smart village, there are certain things where the factors influencing the price deviate from the traditional. For example, group building can save up to 20% of construction costs which naturally affects the amount of loan and the monthly instalment required. In Älykylä -smart village, investments slightly increase construction costs, but they are made to achieve savings.
What does energy self-sufficiency mean in Älykylä -smart villages? An Älykylä -smart village produces the necessary energy itself. It conducts the review, as defined, by comparing consumption and production on an annual basis level. During peak consumption, even an Älykylä -smart village may also need to buy additional energy but will equalize it with the energy it produces during the year. Each site is designed with the best total energy solution, which includes production, optimization and distribution. Savings are already generated by the fact that residents do not need to pay for the electricity connection to a local company. That proportion may be used for investments in the joint energy plant and the Smart Grid. Own energy production and distribution can save up to 50% in energy costs. A smart home system costs a little more than a traditional electrical system, but it brings lifetime savings by improving energy efficiency and living comfort.
How can I be sure that the value of my apartment is retained? Ownership in housing is always a risk. As demand fades, the need for houses decreases and value may decline. Sure, we would like to think that people who live in the Älykylä® will invest in the future with the intent of living in the Älykylä® for a long time. However, everything can not always be predicted and there may be situations where you need to move to live elsewhere. In Älykylä®, the risks include the fact, among other things, that a large number of residents move out within a short period and a remaining smaller group of people need to bear the cost. The risks are minimized by initial periodic rental and by a reserve fund collected by the cooperative during this period. The structure of the cooperative is designed to decrease the cost of living over the years, and living in Älykylä®will become more and more attractive in the future. Thus, it can be expected that vacant apartments will find new residents relatively easily.
Can I get money for living in a smart village? You can also earn income if you work for the cooperative. By working, you get a salary, and you support the cooperative business activities. Co-owned companies could make huge profits. As with business in general, the purpose of companies is to make a profit. In the Älykylä® smart village, the services or goods produced can also be seen as profits. Furthermore, since you are renting, you might even be eligible for housing assistance.
What savings can I get after 10 years? In building a smart village, investments are made to achieve economic savings. After ten years, the loans taken for investment have mostly repaid, and financing costs have decreased. The financing costs of constructing decreases over time (depends on the loan agreement) and eventually ends. In this case, living becomes very competitive compared to other solutions in the future.
Can I get my invested money back if I have to move out of the Älykylä®? The money you have invested has been used to develop the cooperative. You have the right to apply for a refund of your participation share fee up to the amount you paid when you joined the cooperative. The reimbursement of contributions will be further specified in the statutes of the cooperative. In principle, the participation share fee is refunded when moving away, but it must not endanger the cooperative's finances, nor can the cooperative incur debt to pay the reimbursement. A cooperative can sell your share, thus receiving the necessary funds for the return of sales.
Who produces the services? In the Älykylä® services are produced by residents. They can do it as a volunteer and for their own, as well as for the pleasure of others, hired by a cooperative, a light entrepreneurship, or even through their own company. However, the most important thing is that the services are readily available. The community may also outsource its services if the desired functions cannot be provided by itself. For example, a masseur or hairdresser can visit the agreed times to produce their services to community members. ASV Oy will not be able to promise the services because we do not know beforehand what kind of know-how there will be at the Älykylä® or whether the residents are willing to produce services. However, we can target marketing to groups that could produce the desired services in the community and thereby attempt to influence the production of services.
How do you guarantee communality? Naturally we cannot provide such a guarantee. Communality arises from people and making things together. We hope that the Älykylä® will be populated by the people who value communality and wants to work for the community. We have built specific issues to motivate people to participate in the Älykylä -smart village® concept starting from the ownership and governance model. With these issues, we want to motivate community members to create a better future for themselves and their neighbours. Communality is a significant value that is seen to improve the quality of living, and we too want to make our contribution to make your life better.