Reply
Contributor
Posts: 78
Registered: ‎12-22-2009
0

options for new construction homes

All,

 

I am trying to get an understanding on how much options can play into the mortgage price on new construction homes.

 

I am interested in a few homes in New Jersey, anywhere from 2,500 to 3,500 square feet, from between $450,000 and $550,000.  The homes are still in the design phase, so there is no options list yet.  The website mentions options like, granite, stainless stell, audio center, etc..., just trying to get my head around how much these options could set me back.

 

Thanks!


Starting Score: (2009) EQ = 626 | TU = 664
Current Score: (03-18-2014) EQ = 737 | TU = 703 | EX = 723
Goal Score: 740


Take the myFICO Fitness Challenge
Regular Contributor
Posts: 208
Registered: ‎04-15-2009
0

Re: options for new construction homes

The builder should be able to give you the prices for certain packages.  


Starting Score: EX 575/TU 534/EQ 570
Current Scores per Myfico: (As of 12-14-13) EX 690/EQ 685/TU 679
Goal Score: 720


Take the myFICO Fitness Challenge

Frequent Contributor
Posts: 311
Registered: ‎07-08-2012
0

Re: options for new construction homes

The amounts can vary WILDLY. I just signed a contract for a house with a base price of $210k and about 2,250 square feet. Stainless steel appliances started around $3.500, granite in the kitchen was about $3,000 to $6,000, granite in the bathroom was about $300 to $600 for each bathroom, home audio wiring had a bunch of options ranging from several hundred up to a few thousand, central air $3,800, etc. There were options for everything from lights to extra outlets, extra windows, different types of flooring, you name it. They add up FAST!

Scores:
07/29/12: EX FICO (Amex) 684 | EQ MyFICO 631 | TU Walmart 695
Current: EX FICO (MyFICO) 733 | EQ (MyFICO) 683 | TU (Walmart) 745

First Goal: 700+ across the board - Got it on EX & TU!!!
Contributor
Posts: 78
Registered: ‎12-22-2009
0

Re: options for new construction homes


playboy wrote:

The builder should be able to give you the prices for certain packages.  


Cool, I will ask them for a rundown.


Starting Score: (2009) EQ = 626 | TU = 664
Current Score: (03-18-2014) EQ = 737 | TU = 703 | EX = 723
Goal Score: 740


Take the myFICO Fitness Challenge
Contributor
Posts: 78
Registered: ‎12-22-2009
0

Re: options for new construction homes


Autumnslight wrote:

The amounts can vary WILDLY. I just signed a contract for a house with a base price of $210k and about 2,250 square feet. Stainless steel appliances started around $3.500, granite in the kitchen was about $3,000 to $6,000, granite in the bathroom was about $300 to $600 for each bathroom, home audio wiring had a bunch of options ranging from several hundred up to a few thousand, central air $3,800, etc. There were options for everything from lights to extra outlets, extra windows, different types of flooring, you name it. They add up FAST!


Thanks, this is very helpful.

 

For me, granite and stainless steel in the kitchen is a top priority.


Starting Score: (2009) EQ = 626 | TU = 664
Current Score: (03-18-2014) EQ = 737 | TU = 703 | EX = 723
Goal Score: 740


Take the myFICO Fitness Challenge
Frequent Contributor
Posts: 311
Registered: ‎07-08-2012
0

Re: options for new construction homes

Just make sure you compare the price they're asking to how much it would cost you to buy/have done otherwise. If you do it through the builder, you're going to be paying interest on those appliances and that countertop for 30 years, long after they're probably in a landfill! Plus, the total purchase price is normally what determines your property taxes, so you'll be paying more in taxes every month thanks to the appliances and countertop. If it's a good deal through the builder, by all means, go for it. But sometimes you can do it after closing a LOT cheaper.

Scores:
07/29/12: EX FICO (Amex) 684 | EQ MyFICO 631 | TU Walmart 695
Current: EX FICO (MyFICO) 733 | EQ (MyFICO) 683 | TU (Walmart) 745

First Goal: 700+ across the board - Got it on EX & TU!!!
Valued Contributor
Posts: 2,300
Registered: ‎08-25-2011
0

Re: options for new construction homes

My builder those options were standard.

Established Contributor
Posts: 852
Registered: ‎09-18-2007
0

Re: options for new construction homes

[ Edited ]

When I bought my house, my rule was only pay for stuff that would cost more or be difficult to do later on...gas line for barbeque, upgraded stair case rails, etc.  To me it would be a waste to rip out perfectly good counters and put in granite a year from now.  I thought I was very practical, minor upgrade on carpeting (but no so much that I would mind tearing it out to put in hardwood down the line) but not hardwood, they wanted a ridiculous amount for hardwood flooring, so high I think they just didn't want to do it.  I was very practical, ended up getting granite thrown in instead of an upgrade (wish I had corian, would have paid for that),  minor tile work in bathrooms, very reasonable....until I went for 9000 in shutters.  I don't regret it, probably would not have been able to do it otherwise (although I seriously doubt it would have cost that much).  Oh well, been almost 5 years, and I love everything I did.

 

One thing I didn't do and regret now, painting.  For 1,500 could have had the whole house painted one color.  Thought that was crazy.  Now I look at my still white walls and wonder why I didn't do it.


Starting Score: EQ 679, TU 697
Current Score: EQ 680, TU 672
Goal Score: EQ 720, TU 720


Take the FICO Fitness Challenge

Contributor
Posts: 78
Registered: ‎12-22-2009
0

Re: options for new construction homes

Wow, 9K in shutters!

Starting Score: (2009) EQ = 626 | TU = 664
Current Score: (03-18-2014) EQ = 737 | TU = 703 | EX = 723
Goal Score: 740


Take the myFICO Fitness Challenge
Established Contributor
Posts: 852
Registered: ‎09-18-2007
0

Re: options for new construction homes

Plantation. What drove up the price was the sliding glass door shutters. Expensive, but will last forever.

Starting Score: EQ 679, TU 697
Current Score: EQ 680, TU 672
Goal Score: EQ 720, TU 720


Take the FICO Fitness Challenge

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.