What Is Springton’s organizational structure?
Springton is structured as a Cooperative Retirement Community and is a not-for-profit Pennsylvania Corporation. The Cooperative Corporation will hold title to the homes and the owner/members will hold a Membership Certificate. This ownership structure, like traditional home ownership, offers you financial advantages that are not available in Entrance Fee Communities. These advantages include real estate tax deductions and the opportunity to resell your Membership and benefit from potential appreciation on the sale.
Who owns Springton?
Springton is a resident-owned, resident-governed, and internally managed community.
How is Springton governed?
Springton is governed by an all resident, nine-member Board of Directors, Finance Committee, Building Committee, Marketing Committee, House Committee, Activities Committee, Grounds Committee, Long Range Planning Committee, and Nominating Committee.
Will I be expected to serve on a committee?
Commitment to community and involvement are a couple of the major differences between cooperatives and other housing types. Members come together to act collectively to achieve goals – one of which is to control everyday costs, and another of which is to provide plenty of activities and opportunities for socializing. Although participation on committees is voluntary, it is strongly encouraged. With multiple committees available, there is sure to be one that suits your unique expertise or interests and which you would enjoy volunteering. It is also fun and rewarding.
Is Springton Financially stable?
Yes, Springton is financially stable. Springton’s Finance Committee and Board of Directors review the financial reports monthly and engage an annual review of the financials by an outside CPA firm. Springton controls all costs to run the community through contract negotiations, the annual budgeting process and approval of the budget by the Membership. In addition, Springton collects funds for future capital expenditures to continually improve assets. Finally, all members of the Association are financially qualified to accept the responsibility of paying for the services and reserves needed to maintain the financial stability of Springton.
Is Springton affordable?
Yes, Springton is competitively priced with similar communities when all included services are taken into consideration.
Is there an entrance fee?
There is no entrance fee at Springton.
How do I finance my purchase?
Buyers must be financially qualified for the membership purchase and the cost of the lifestyle. Most buyers use the proceeds of their current home to purchase. Other buyers liquidate assets.
What are the Criteria for Joining the Springton Lake Village community?
As with most age restricted and retirement communities, there are some financial and physical health and wellness requirements when applying for membership in Springton Lake Village. These include but are not limited to:
- Age 55 or older
- The ability to live independently and perform ordinary daily living activities.
- The absence of life-threatening illnesses.
- Meet certain financial criteria regarding net worth and annual income.
- Willingness to provide specific health and financial documentation during the application process.
Please contact our staff for specifics.
What if I want to purchase before my current home sells and/or I do not want to liquidate assets? What financing is available?
Your purchase at Springton does not qualify for a typical home mortgage since you are buying shares in a cooperative housing association. Check with your banker for lending options or to establish a line of credit borrowing.
How large is Springton Lake Village?
With only 40 homes plus a clubhouse and fitness center on a 44-acre waterfront site, Springton offers a level of intimacy and exclusivity never before available in a retirement community.
What size are the residences at Springton?
Springton offers the most generous sized and well-designed residences in the Philadelphia region. The smallest two-bedroom, two bath townhouses will offer about 1,950 square feet of living space on one floor. The Two-bedroom two bath country homes offer 2000 square feet of living space, on one floor. But, that is just half the story. All homes have a full walk-out lower level of finished and/or unfinished space.
Are there other assessments or fees?
Residents can be assessed if the snow removal budget is not adequate to cover the seasons’ costs. Within the monthly fee, $417 is collected to fund the Capital Fund, and $150 is collected for the Operating Contingency Fund. In addition, there are variable costs, taxes and utilities, which a resident is responsible for paying. Taxes are escrowed monthly based on Membership ownership percentage times the projected amount payable to the taxing authorities. Utilities are billed on the monthly invoice based on actual metered usage.
Are there tax advantages?
Residents can deduct their share of real estate taxes as reflected in their fees as well as mortgage interest paid on the Association’s debt as allowed by the IRS. Springton provides each resident with a tax statement documenting these expenses by January each year.
How will a cooperative preserve my financial resources?
Cooperative living is affordable living in a not-for-profit community. Members act collectively to achieve goals, one of which is to reduce costs of everyday management, maintenance and repair. The monthly fee includes fund reserves to cover repairs, renovations and replacement – and that means you won’t be surprised with large assessments.
What if I wish to sell my home at Springton?
You may sell your Membership Certificate at any time. The Association will announce the sale to the current Membership first, then the Wait List and Futures Club, and finally a more comprehensive listing of homeowners in the geographic area. We also prepare a sales flyer detailing the home and include the home on our website and through social media. The Association handles all the efforts to sell the home.
Who sets the price of and markets the re-sales?
The re-sale asking price of each unit is decided by the resident/seller or the estate. This number is guided by the Springton re-sale formula and the general market conditions of real estate.
Are there fees to sell my membership?
The selling member pays a 15% fee to the Association that is allocated to the capital fund and covers the costs to market and sell the Membership. Additionally, the seller and buyer pay 1% each for the realty transfer fee.
If I leave Springton before my membership sells, will I continue to pay the monthly fee?
Yes, the Member, or the Member’s estate, still owns the Membership share and the monthly fee continues to be payable until the unit is sold. This is no different than owning a single-family home, condominium or townhome.
What services will Springton provide within the monthly fee?
Maintenance free living (including landscaping and snow removal), restaurant style dining in the clubhouse or take-out and delivery of meals, Fitness Center and weekly exercise classes, weekly housekeeping, full-time facility teams and our on-site Wellness Coordinator. Full details of the service package are available in the Cooperative Services Agreement.
What if I need handyman services or wellness coordination ?
Who wouldn’t like to have a friendly team in place ready to meet household or health needs that might arise? Our personnel are on staff and can be relied upon to respond quickly and efficiently to requests for home maintenance, housekeeping, and health and wellness coordination. All SLV resident are entitled to these services as part of their monthly fee.
What if I am away or do not use some of the services provided within the monthly fee? Do I receive a credit towards my fee?
All the Members of the Association enter into a Cooperative Services Agreement when they purchase their Membership. The Cooperative Services Agreement details the services provided to the Membership. By signing the Cooperative Services Agreement, you agree to be responsible for your portion of the services provided. Credits are not given since the annual budget details the costs to provide these services and the costs are divided over the number of Members. If the Membership wants to change services provided, the Cooperative Services Agreement can be amended and the annual budget would reflect the cost difference to the Members.
But what about the dining program? Do you have a monthly minimum of meals that I must consume and/or pay for?
Residents at Springton only pay for the meals they consume. Each week, a new menu is prepared and a point value is assigned to the selections. You only pay for the raw food cost of the meal. The fixed overhead to run the dining program is shared equally.
Does Springton have a contract with a local Continuing Care Retirement Community (CCRC) to provide services and health care?
Yes, the Association’s Cooperative Services Agreement requires a contract with a CCRC. Currently, Springton has a care contract with two local CCRC’s, White Horse Village (WHV) and Dunwoody Village (DWV).
What healthcare services are provided with the CCRC contracts at WHV and DWV?
As accredited full-service retirement communities they offer the continuum of healthcare services to which Springton residents have space-available full access. This includes the wellness centers; exercise programs; pools; preventive care; rehabilitative care; assisted living and skilled nursing.
If one Member of a couple should need assisted or skilled nursing, does the remaining Member stay in the residence at Springton?
Yes. You would continue to live at Springton, with minimal disruption, secure in the knowledge that your partner was receiving the best available care in personal or skilled nursing at WHV or DWV.
Can my family visit freely?
Yes, your family is free to visit whenever you want. Your guests are also welcome for dinner and are also welcome to join in on our wonderful activities and entertainment.
Can I bring my pets?
Yes, Springton is a pet friendly community. Residents must be able to care for their pets, keep pets under control, clean up pet waste and abide by all controlling authority laws.
What are the security arrangements?
At Springton the safety of residents is of paramount importance. Each unit is equipped with a fire and burglary audible system that is remotely monitored. Additionally, there are two motion activated security cameras at both the entrance and the exit of the community as well as cameras at both clubhouse entrances.
What is the technology situation?
Springton residents can choose between Comcast or Verizon as their internet and cable television provider.
Is Springton close to stores, churches, recreational activities, and things to do?
Yes. Springton is located in the south of the Main Line and just a few short miles from Center City Philadelphia, major highways and the Philadelphia Airport. We are centrally located between Newtown Square and Media. A huge array of religious, cultural, recreational, restaurant, and shopping opportunities are locally available- including parks, tennis, golf, and pool clubs. Our residents also love to take advantage our private walking path along our beautiful nature-filled lakeside property.