It will cost approximately $125 dollars per square foot for a new home at Jewish Village. Jewish Village Inc. will take care of all construction work. By pooling our resources and buying in quantity, we will keep our costs low. To figure out the price of your home estimate how big your home will be (in square feet) and multiply that by $125, the amount for one square foot (i.e - a 2000 sq foot home will cost $250,000).
Townhouses/Condos: $20,000 per bedroom plus $125.00 per square foot.
In case you decide to move out of Jewish Village, we will buy your home or Condo back from you.
Payment
We will need to have at least a 10% down payment if you would like a home built. You can create an account at Jewish Village Inc. and pay any amount you so wish so long as the payment reaches the 10% minimum. If your down payment is 25%, the price of your house will be considered locked. Since construction costs increase every year, locking in the price of your new home will keep the price lower, especially if locked in years in advance. At the current rate, building costs are increasing at approximately 5%/year. This does not include the cost of the lot.
Multi-Generational Program
For a donation of $1 million dollars we will build a 5000 sq foot home for you or a member of your family.
All utilities including insurances, taxes, association fees and Shul membership will be considered paid for all generations of your family in that home. The cost of food would be the only regular variable monthly expense not covered.
All costs are for our standard homes. Custom homes will incur extra charges. Other Costs Association fees: $1200/year (mowing, snow removal, common area cleaning, up keep of sidewalks and roofs of common areas) Taxes: We will be asking to be tax-exempt from property taxes. In today's greed by gov't this does not seem likely. We will pursue all legal exemptions. Private Jewish Schools: $6,000/year for one child or $12,000/year for two or more children (property tax exemption will help pay for your schools). Insurance: Required. All homes must maintain a homeowner's insurance policy. Utilities: Will be around $300 to $500 per month. This includes unlimited phone use (both local and long distance charges), high speed internet access, and water/sewer/trash/electricity/gas. Electricity/Gas will be individually metered but a fixed fee will be set for water/sewer/trash/internet/phone. Building fund: We will be developing and maintaining a building fund for those families who want to live at Jewish Village but do not presently possess the resources for it. What we want to do is reach out to the Jewish Community around the world and ask for a donation of $18 a year so we can offer full paid scholarships to young families who want to start a new life with us. Senior Life: We will have both Assisted Living and Full-care senior homes for the parents and grandparents of the community. Visitor housing: A complex of apartments just for visiting immediate family members will be available. Vacationers: A complex of apartments and homes for rent for individuals on vacation will be available. Here is an example cost mock-up for a 5-bedroom 6,000 sq foot house: $750,000 dollars for the home plus 10% down with a 6.9% mortgage for 30 years should sum to $4,446 dollars per month Home: $4,446.00/month (with $75,000 down = $675,000 balance) Utilities: 500.00/month Insurance: 200.00/month Assoc.fees 100.00/month Taxes: 500.00/month (or 1 child in School) Shul: 100/month Food: 600/month (family of four) Misc. 300/month (clothes/personal items) Grand total: $7,000/month ($2,520,000 in 30 years) Keep in mind these are the prices for a $750,000 house located at a resort! Here are some estimated costs for the following sq foot homes: Mortgage criteria: 0% down/6.9%/30yrs - with $2300 living costs/1 child in school, add $500 per month extra for 2 or more children in school. 2000sq ft = $250,000k = $1,647/mortgage = Total Village costs: $3,600/month 3000sq ft = $375,000k = $2,470/mortgage = Total Village costs: $4,770/month 4000sq ft = $500,000k = $3,293/mortgage = Total Village costs: $5,593/month 5000sq ft = $625,000k = $4,117/mortgage = Total Village costs: $6,417/month 6000sq ft = $750,000k = $4,939/mortgage = Total Village costs: $7,239/month 7000sq ft = $875,000k= $5,763/mortgage = Total Village costs: $8,063/month Go to "Pictures" to see sketches of the standard homes we can build.
