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WCLT has renovated this home with repaired siding, new or refinished floors, more insulation, new expanded kitchen, remodeled bathroom, a new half-bath upstairs, side porches, and so much more. Across the street is the city's Moor Street Playground and just a few steps down Moor Street is the South End Neighborhood Association's community garden.
This house is in a convenient location, just minutes from shopping and more recreational facilities, including boating access to the Kennebec River and picnic areas. And don't forget that this property includes a double city lot! Enough room for your own family's playground, garden, and the graveled 3-car parking area.
Land: 0.18 acre
Finished Square Feet: 1570
Market Value: $122,000 (Independent appraisal)
WCLT Investment: $24,400
Buyer’s Price: $97,600
WCLT has contributed $24,400 for this home to reduce the buyer's price. The market value is based on the value provided by an independent appraiser, as if it were sold in the traditional market.
This property is offered through our realtor, Jill Huard, at Century 21Surette Realty. Income limits and resale restrictions apply.
Banks that provide mortgages to WCLT homes include New Dimensions and Residential Mortgage Services.
Year Built: Between 1875 and 1887
Style: New England
Total Finished Sqft: 1,570
Basement: Unfinished; mostly cement floor
Heat: Hot Water-Oil
Water: Hot Water Furnace
Appliances Included: Refrigerator, Electric Stove, Dishwasher, Microwave, Washer and Dryer
Washer and Dryer Hook-ups: Yes
Estimated Monthly Costs
This estimate assumes a 30-year fixed rate loan for the buyer’s price at a 3.3% interest rate with no points. Actual payment may vary depending on the loan product for which the buyer or property qualify and bank requirements.
WCLT Emergency Repair Fund: $25
Land Lease Fee: $25
Total per month: $607
Why Would You Want to Purchase a CLT Home?
1. You are purchasing a renovated or new home at a lower price than its market value, typically 20% or lower.
2. You may need to put very little down or nothing on the house if your bank’s appraisal determines that the loan to value is 80% or less.
3. You are typically paying less for your mortgage, taxes, and insurance than you would a rental.
4. You are building wealth for your family by steadily paying your monthly mortgage; ie gaining equity in your home that can be used to purchase another home or help with important expenses such as tuition or training programs. You will share the appreciation so that the house will remain affordable for the next buyer.
5. Your children have a home, not moving from one rental to another.
6. You are purchasing a home with a 99-year lease on the land. You use the land as if you own it. You can put a garage on it, plant trees, put up fences, keep pets and install children’s playgrounds. The purpose of the lease is to retain affordability to all future buyers.
7. Under most circumstances, your heirs can inherit the property.
8. CLT home ownership provides people with increased stability and security.
9. You are joining a community of homeowners with the support of an organization that exists to help you become a successful homeowner.
10. As a CLT homebuyer you will receive our New Neighbor bundle of useful gifts for your new home.