I worry about the roots getting in the basement after so many years, but I see people with them in thier flower gardens right next to thier house all the time. Do the roots grow vertically or downward?

Did you mean a dwarf cherry tree? If you were talking about the regular cherry tree, I wouldn't plant it next to the house. It will grow tall and wide, eventually, and you don't want that. My cherry tree in the backyard is very old, and its roots have stretched so far that I see the off-springs everywhere at least 10 to12 feet away from the tree. This tree is about 10 feet away from the house. I wouldn't plant any kind of trees right next against the house to be safe. You always want to give a tree some spaces to grow. Happy planting!