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Contributor
rehr22
Posts: 78
Registered: ‎12-22-2009
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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
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Regular Contributor
playboy
Posts: 208
Registered: ‎04-15-2009
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Re: options for new construction homes

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


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Autumnslight
Posts: 311
Registered: ‎07-08-2012
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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!

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Contributor
rehr22
Posts: 78
Registered: ‎12-22-2009
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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


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Contributor
rehr22
Posts: 78
Registered: ‎12-22-2009
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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


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Frequent Contributor
Autumnslight
Posts: 311
Registered: ‎07-08-2012
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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
tooleman694
Posts: 2,297
Registered: ‎08-25-2011
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Re: options for new construction homes

My builder those options were standard.

Established Contributor
demi
Posts: 852
Registered: ‎09-18-2007
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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.


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Contributor
rehr22
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
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Established Contributor
demi
Posts: 852
Registered: ‎09-18-2007
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Re: options for new construction homes

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

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