Frequently Asked Questions

 Who is the builder ?

Cornerstone Associates, Inc. is a developer/builder known for high value cluster home subdivisions and commercial office developments. Subdivisions include "High Grove", "Orchard Gate", and "Old Cabin Trace" in the Vinings area and "Wynmeade", "River Gate" and "Wyngrove" in the Johnson Ferry Road corridor of East Cobb County. Commercial office developments include "Providence Park", "Parkaire Commons" in East Cobb and "North Point Park" in Alpharetta. Tommy Sweet, President of Cornerstone Associates, invites you to take a Sunday afternoon drive to view any or all of these developments. You will see properties with high on-going appreciation, exceptional site development, landscaping and architecture that combine to create value in real estate. We believe you will be proud to own homes or offices in any of these quality developments. You can visit www.CornerstoneAssociates.net to learn more about the builder

. What will I own ?

Condominium ownership has two aspects. First, each owner is conveyed an undivided interest (based on square footage owned) in all the land, land improvements and buildings included in the condominium. Second, each owner is conveyed the interior of their particular unit. Generally, this is from the back of the sheetrock in and from the unfinished floor up.

 Will I own the land under my unit ?

You will own an undivided percentage interest in all the land under all the units in the condominium.

Can I have my unit interior designed to suit my specific needs ?

Yes. Custom floor plans are available depending on the construction progress of any particular building. Custom plans like interior finish upgrades have related design, construction and permitting expenses. You will decide which custom features, if any, that you want included in your unit purchase.

What about utilities ?

Each unit is all electric and has a separate meter. The water/sewer is on a master meter and is included in the unit association fee.

What about telephone service and internet access ?

Each unit is pre-wired for telephone and data network service. Lower cost phone lines, high speed T1 and DSL are available through a separate wired network installed and owned by the developer or you can secure service from any provider you choose.

What is included in the unit association fee ?

The quarterly association fee includes: water/sewer charges, exterior maintenance of the building and grounds including roof, windows, landscaping, parking lot maintenance and lighting, site dumpster service, certain hazard insurance, management and other administrative expenses.

What about property taxes ?

Each owner is billed directly by the municipality for the unit property taxes.

Who is responsible for maintenance ?

The Association contracts and pays for all exterior maintenance. Each unit owner is responsible for all interior maintenance.

What about signage ?

Each unit purchased includes a four foot standard sign over the door. The unit owner must submit any changes in signage for Association approval. Often the municipality restricts signage so each development is different.

What are all my occupancy expenses ?

You will have the following expenses: mortgage investment, real estate tax, electricity, telephone, association fee based on square footage and insurance on your contents and any improvements made to your unit.

Lease vs Purchase	Purchase	Lease	Purchase	Lease
Square Feet	1,188	1,188	1,640	1,640
Sales Price	$  219,900.00		$  319,900.00
15% Down Payment	$    32,985.00		$    47,985.00
Amount Financed	$  186,915.00		$  271,915.00
Monthly Mortgage Investment	$      1,619.43		$      2,355.87
Real Estate Tax	$         207.90		$         287.00
Condominium Fee	$         123.75		$         170.83
Monthly Occupancy Outlay	$      1,951.08	$1,831.50	$      2,813.70	$2,528.00
Annual per square foot	$           19.31	$     18.50	$           20.59	$     18.50
Benefits of ownership after 5 years
Down Payment	$    32,985.00		$  47,985.00
Loan Paydown	$    44,859.60		$  65,259.60
Appreciation	$    35,024.37	Rent Paid 1-5	$  50,951.78	Rent Paid 1-5
5 year equity position	$  112,868.97	$116,684.19	$ 164,196.38	$ 161,079.18
Benefits of ownership after 10 years
Down Payment	$    32,985.00		$   47,985.00
Loan Paydown	$  104,672.40		$ 152,272.40
Appreciation	$    75,627.21	Rent Paid 1-10	$ 110,018.85	Rent Paid 1-10
10 year equity position	$   213,284.61	$251,953.14	$ 310,276.25	$ 347,814.10
Benefits of ownership after 15 years
Down Payment	$     32,985.00		$   47,985.00
Loan Paydown	$   186,915.00		$ 271,915.00
Appreciation	$   122,697.03	Rent Paid 1-15	$ 178,493.78	Rent Paid 1-15
15 year equity position	$   342,597.03	$408,766.93	$ 498,393.78	$ 564,291.05
Summary:
Your net worth is this much better !	$ 309,612.03		$ 450,408.78
You spent this much less cash !	$ 129,169.93		$ 161,981.05
Assupmtions:
6.5% Interest Rate
15 year amortization
Real Estate Tax estimate $2.10 per foot
Condominium Fee $1.25 per foot
Loan Paydown from amortization table
Appreciation 3% per year
Lease escalation 3% per year