As part of the process of becoming a wait pool member, we want to be sure you have information about the process and requirements for purchasing a home here in the community.
All of the units in the Cherry Hill Cohousing are sold to buyers as condominium units. The sale price is regulated by a restriction in each homeowner’s deed, but essentially the homes sell for market rate compared to other similar sized units in Amherst.
As of August 2023, prices have ranged recently from $370,000 for the smaller units, to $450,000 for the larger units. This range is not a predictor of future sale prices. Future sale prices could be up or down from this range, depending on what happens in the overall housing market in the Amherst area.
When you become a member of the wait pool, we assume that you have taken into account your ability to purchase a home in this price range. Usually, when you sign a purchase and sale agreement with the seller of the home, you would make a 5% good-faith deposit to secure the agreement. Later, at closing of the sale, depending on your mortgage lender, you would be expected to invest an additional 15 – 20% of the cost of your home in cash to the seller. Typically the mortgage lender would pay the rest of the money to the seller, and give you a mortgage that you would repay the lender over time.
You must be able to qualify for the amount that you wish to borrow to purchase a home here. Generally the bank or mortgage lender looks at your assets, income, and debt to determine how much money you are able to borrow. You should determine with a mortgage lender how much you are qualified to borrow prior to finalizing your membership in the wait pool. This can be done relatively informally. Most banks are happy to meet with you as a potential customer to help you figure out the maximum that you could borrow.
In addition to the monthly mortgage payment, we all pay condominium fees to support the community. These fees cover replacement reserves for siding and roofing of the homes as well as utilities and upkeep on the common house, insurance, snow removal, landscaping, and the many other costs of living together in community. These fees currently range from approximately $215 a month to $350 a month.
We ask that you sign copy of this explanation and bring it with you to your orientation session.
I have read and understand the above information: _________________
Approved: November 2023