The Members own The Cedars. The entire community, including the Health Center, is debt-free and operated on a not-for-profit basis. Each Member of The Cedars purchases his or her own residence, securing the economic benefits of individual home ownership. Included in the gross purchase price is a 10 percent, non-refundable club and community membership fee. Therefore, 90 percent of the gross purchase price or future resale value is true equity ownership. It becomes an asset for the Member, which can be sold.
To be a Member of The Cedars, you must be 60 years of age or have a spouse at least 60, possess income and resources sufficient to meet financial requirements, and be capable of independent living.
At the time you decide to purchase a home at The Cedars, we will have your physician complete a medical questionnaire confirming your independent health status. The Cedars is for independent, active retirement. You should consider The Cedars before a health problem arises that might affect your ability to qualify for membership. The Cedars offers the opportunity for a high quality of life in a friendly, social environment that includes health care and financial security.
Because the Cedars of Chapel Hill is an ownership model, you will pay property taxes on your home. The Cedars of Chapel Hill is located within Durham County and the town of Chapel Hill.
The Preferred Future Owner List at The Cedars is different from most Life Plan Communities because there is no priority list for moving to The Cedars. At The Cedars, Members own their homes so that when a home is no longer needed, the owners’ interest is to sell it as quickly as possible at the highest possible price. Accordingly, an owner is not interested in waiting for The Cedars to wade through a priority list. Sellers establish the asking price and may sell their homes to whomever they wish, so long as the Buyers meet the age, health and financial qualifications established by The Cedars.
Those who are on our Preferred Future Owner List are called first when a home that meets their preferences becomes available, before it is listed as being available to the general public. Time is generally of the essence, and Sellers have the right to sell to the first offer they find acceptable. Many like the opportunity to have the first look when homes of their desired floor plan become available and can do so by joining our wait list.