How much does it cost to live in Pemaquid Villas Cooperative?
Community members decide whether to increase the rent and by how much.
- Each Member household pays three charges. The first is the lot rent that is collected monthly to pay for operating expenses like taxes, insurance, trash collection and the Corporation’s mortgage payments.
- The second charge is the one-time Membership Fee of $100. And, Members get their Membership Fee back if they sell their homes.
- The third charge is a security deposit in the amount of $285, or one month's rent.
- Once a Member has paid the Membership Fee and security deposit, he or she only pays lot rent, currently $285 per month.
- Before the homeowners bought Pemaquid Villas, we had monthly rent increases of $25 almost every year. We now have control over when and why our rent changes.
- The one-time membership fee is $100.
- Pemaquid Villas charges new Members a non-refundable $50 application fee for each adult in the household. Find out more about the application process here.