No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
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!
The builder should be able to give you the prices for certain packages.
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!
@playboy wrote:The builder should be able to give you the prices for certain packages.
Cool, I will ask them for a rundown.
@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.
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.
My builder those options were standard.
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.