ALDER HILL TOWNHOMES
Frequently Asked Questions
How many condominiums are you building?
Alder Hill consists of eighteen condominium units in seven buildings. Each townhome will have three levels, two bedrooms, one bonus room, 2 ½ baths and an attached garage.
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What do I have to do to secure a townhome?
Please read the contract included in our marketing packet. Details of the purchase and sale process are located in it. The initial deposit is $5,000, this amount may be flexible depending on the buyer's financing program. This money is refundable in the event that the purchaser cannot obtain financing or Homestead Design cannot provide you with a clear title to the property or the property is destroyed, as in a fire, and you decide to void the sale. Buyer will provide Seller with a letter of preliminary financing approval within five days of contract date. Buyer shall submit a formal application for financing within seven days of contract date. There is an additional non-refundable deposit due of 50% of any options that you choose. For example, if you elect to have a through–wall air conditioner installed the price of this option is $995, there would be an additional non-refundable deposit due of $498. This additional deposit is due when you have completed making your selections, which typically occurs within one to two weeks from your contract date. All deposit monies are applied to purchase price or returned at closing, depending on financing. Deposit amounts may vary depending on financing conditions.
For our Buyer’s convenience, Homestead Design is currently working with Mark Chaffee from Mortgage Financial Services for our Buyer’s mortgage financing needs, although you are free to obtain financing wherever you wish. Mark’s phone number is 802-658-5599 and his email is MChaffee@mfsinc.com.
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What do you estimate taxes to be?
Based on discussions with the City of South Burlington tax department, the formula for determining the property taxes at Alder Hill is the following: Purchase Price ______/100 x $1.7450 (2010-2011 residential tax rate) = estimated 2010-2011 taxes. Therefore, a home with a value of $270,000 would have approximate annual property taxes of $4,800. We strongly recommend that any prospective buyer contact the South Burlington tax department at 802-846-4109 for more information.
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How much are the association fees?
The current monthly association fee payable to Alder Hill Owner’s Association, Inc. is to be $194. This fee includes:
- Removal of trash and recyclables
- Hazard insurance on the condominium
- Exterior maintenance
- Snow removal from driveways and walkways
- Lawn mowing and landscaping maintenance (excluding the maintenance of plantings installed by Buyer).
- Maintenance of the storm water run-off system
- Maintenance of the waste water pumping station
A one time fee of $200 shall also be due from each Buyer at closing and shall go towards the cash reserve fund only. This amount is an Association start-up fee and is not a monthly dues payment.
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Are pets allowed?
Yes, two domestic pets are allowed. Please see the Rules and Regulations for the neighborhood that is included in the marketing packet.
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Do you offer any options?
Yes. We have information on all the options we offer and the prices. Only options offered by Homestead Design will be allowed.
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Can I do any work on my own in the townhome while it is under construction?
Custom interior work may be done after the closing. No such work will be permitted prior to closing.
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Why is the hot water heater rented?
The tanks are initially leased for a three year period and the homeowner will have the option of buying the water tank/heater in their home at any point, but they will not have the option of replacing it and having VT Gas take the leased tank back until the 3 year commitment is fulfilled. The domestic hot waters are extremely efficient and therefore costly. By renting from Vermont Gas, if there is ever a problem, they will be repaired or replaced by Vermont Gas. The rental fee is $29/month.
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Who controls the Association?
Homestead Design, Inc. controls the Association at this time and will throughout most of the building phase. There is a legal process to turn over the Association that includes contacting homeowners about a willingness to serve on the board as elected interim directors. Homestead then schedules a series of meetings with the interim board of directors to explain the Association, its responsibilities, and the turnover of the association to the homeowners. Homestead Design has been through this process many times before.
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Can I rent my condominium?
Only six (6) of the eighteen (18) Units may be leased at any given time. In order to insure that the number of leased Units does not exceed six (6), any Unit Owner intending to lease a unit shall notify the Declarant or Association of said intent to lease the unit. The Declarant or Association shall determine the number of Units then currently leased and shall, within five (5) business days of receipt of notice from the Unit Owner, notify the Unit Owner as to whether the Unit Owner shall be entitled to lease the Unit. If six (6) Units are then currently leased, the Unit Owner shall not be entitled to lease the Unit until such time as there are less then six (6) Units leased. No portion of a Unit, other than the entire Unit, may be rented, and no commercial transient tenants may be accommodated therein.
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Is there a bicycle or recreation path nearby?
Yes, there is a paved recreation path connecting Alder Hill and Heatherfield to the South Burlington recreation path system. For more details see the City of South Burlington Recreation Department web site at http://www.sburlrecdept.com/ or you can call them at 802-846-4108.
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Do you have any information concerning the South Burlington school system?
The internet is a great source of information on schools. The South Burlington school district has its own web site at http://www.sbschools.net. Another great independent site is Great Schools. Their web address is http://www.greatschools.net/modperl/browse_school/vt/353. You can also call the South Burlington school district at 802-652-7273
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Any information on the City of South Burlington?
South Burlington is the 3rd largest community in the state with a population of 17,550. The following web sites provide some great info on the city: http://www.sburl.com/, http://www.virtualvermont.com/towns/southburlington.html.
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Is there any warranty on our new townhome?
Yes, there is a warranty on your new home. You will receive a detailed copy in your new home packet but the basics are as follows: Homestead Design, Inc. covers for one year problems with excavating and backfilling, site drainage, leaks in basement or roof, foundation walls, basement floors, garage floors, interior floors, interior walls, interior trim, exterior siding, exterior trim, roof, doors, windows, cabinets, countertops, plumbing, heating, water, septic, appliances, fireplace, electrical. Please review the actual warranty for more detail.
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What if I have a house to sell?
Homestead Design will not hold an Alder Hill townhome off the market while you attempt to sell a home. If you have a home to sell, we would be happy to recommend a number of qualified area real estate brokers that could assist you.
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What is the relationship between Alder Hill and the Vermont National Country Club?
Vermont National Country Club is offering a Free Social Membership to Heatherfield and Alder Hill homeowners. When you purchase at Alder Hill, Vermont National Country Club will waive the $2,700 social membership initiation fee. You are still responsible for the annual dues. This initiation fee may be applied to a full golf membership as well. Social Membership includes:
- Use of the tennis, swimming pool and clubhouse facilities
- Participation in "members only" tennis, swimming and social events
- Up to six rounds of golf at the member/guest rate
- Limited use of the practice facilities – driving range, pitching and putting greens
For more information contact the Vermont National Country Club at 802-864-7770.
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How do I know my new townhome will be totally finished before I actually close?
A week before your closing you will have a “walk-through” with Homestead's customer service representative. He will explain many of the features of your new home and together you will inspect the property. Homestead will then take care of most punch list items before closing. There are also follow-up punch list items that may be submitted and corrected by Homestead Design at two and eleven months.
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Information contained herein is believed to be accurate but is not warranted.
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