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Home page | Description | Site Plan | Floor Plans and Prices | Frequently Asked Questions | Ownership Agreement
| Spear
Hollow Frequently Asked Questions How
many Townhomes are you building? What
if I have a house to sell?
How many Townhomes are you building? Spear Hollow consists of six townhomes in three buildings. Each townhome will have 1,736 square feet on three levels, with two bedrooms, 2 1/2 baths and an attached garage. Spear Hollow is part of a larger townhome neighborhood, Heatherfield, which consists of 83 townhomes.
What
do I have to do to secure a townhome? Please read the contract that we include in our marketing packet. The details of the purchase and sale process are there. Generally: The initial deposit is $5,000, though 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 5 days from contract date. Buyer shall submit a formal application for financing within 7 days of contract date. For our Buyer's convenience, Homestead Design is currently working with Mark Severance for Summit Financial for our Buyers' mortgage financing needs, although you are free to obtain financing wherever you wish. Mark's phone number is 802-863-0403 x202. 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. All deposit monies are applied to purchase price or returned at closing, depending on financing. Deposit amounts may vary depending on financing conditions. 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 Heatherfield is the following: Purchase Price ___/ 100 x $1.7051 (2007-2008 tax rate) = estimated 2007-2008 taxes. Therefore, a home with a value of $264,000 would have annual property taxes of $4,500. We strongly recommend that any prospective buyer contact the South Burlington tax department at 802-846-4109 for more information. How
much are the association fees? The current monthly association fee payable to Spear Hollow Owner's Association, Inc. is estimated to be $195. This fee includes: 1. The removal of trash and recyclables 2. Hazard insurance on the condominium 3. Exterior maintenance 4. Snow removal from driveways and walkways 5. Lawn mowing and landscaping maintenance (excluding the maintenance of plantings installed by Buyer). 6. Maintenance of the storm water run-off system. The amount of $200 shall also be due from each Buyer at closing and shall go towards the cash reserve fund only. This amount is not an association dues payment. Yes, two domestic pets are allowed. Please see the Rules and Regulations for the neighborhood that is included in the marketing packet. Do you offer any options? Can
I choose options that you do not offer? Only options offered by Seller will be allowed. Can I make modifications to the floor plan? Unfortunately, modifications to the floor plans will not be allowed. Scheduling, among a myriad of reasons, ranks high as to why it is not permitted. 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. Exterior modifications must receive design approval from the Spear Hollow and Heatherfield Owner's Association. Why
is the hot water heater rented? The domestic hot waters are extremely efficient and therefore costly. By being rented from Vermont Gas, if there is ever a problem with them, they will be repaired or replaced by Vermont Gas. The rental fee is $14/month. 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 an association that includes contacting homeowners about a willingness to serve on the board as elected interim directors. Homestead then scheduled 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. Is
there a bicycle or recreation path nearby? Yes, there is a paved recreation path connecting Heatherfield to the South Burlington recreation path system. For more details see the City of South Burlington Recreation Department web site at http://www.south-burlington.com/recdept/rec_path.htm or you can call them at 802-846-4108.. 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/cgi-bin/showarticle/vt/93/improve. You can also call the South Burlington school district at 802-652-7273. Do
You have any information on the City of South Burlington? South
Burlington is the 5th largest community in the state with a population
of 15,814. The following web sites provide some great info on
the city: http://www.south-burlington.com/,
http://www.virtualvermont.com/towns/southburlington.html. HDI Real Estate is the marketing arm of Homestead Design, Inc. HDI Real Estate sells only Homestead Design, Inc. homes. Agents of Homestead Design and HDI Real Estate represent the interests of the Seller only. 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 see and be sure to thoroughly review the actual warranty for more detail. What
If I have a house to sell? Homestead Design will not hold a Spear Hollow 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. What
is the relationship between Heatherfield and the Vermont National
Country Club? Vermont National Country Club is offering a Free Social Membership to Spear Hollow and Heatherfield homeowners. When you purchase at Spear Hollow, 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 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 with you and together inspect
the home for items that may have been missed during the final
clean up. This one week period gives Homestead time to 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. Information contained herein is believed to be accurate but is not warranted. |
| Contact: Ron Bouchard, Director of Sales, (802) 878-3303 ext.208 email: ron@homestead-design.com |
| Valued
Customers: HDI strives for 100% accuracy but assumes no liability
for errors on this website. Plans, prices, regulations and availability subject to change. |