KB Home in Mt. Dora (mortgage, credit, apartment)

[bankrobber]

Can anybody help me with advice about Lancaster at Loch Leven it is a KB Home community. I am looking at a 1,930 sq ft home that starts at 166k and with upgrades about 180K. I am not sure what to do. I am a first time buyer. I have 20% down payment and decent credit. Currently renting apartment. I see KB is cheaper than any other new builder. I was thinking to buy this house or, save money and wait one more year, but I am afraid the price may go up as fast as I save. Honest advice thanks.

[AaronS]

You don't have to worry about prices shooting back up. When the market bottoms, which by most accounts is well over a year away, prices will remain stagnant.

From looking at communities around the area here, KB Home tends to be on the lower end of the scale when it comes to fit and finish. On top of that, nearly everything is an option. So pay close attention to what comes standard on the model you are considering.

Unless you are dead set on buying a house, I would consider extending your lease for another six months to a year. The market is only getting worse right now, and if you think there are some great buying opportunities right now, just sit back and wait.

[alex_lilit]

Good day,

about KB Home, look at this link

Construction Defect Help - Homeowner Websites - Homeowners Against Deficient Dwellings

Ciao

Alessandro

[GregTraub]

KB is not one of my favorite builders that's for sure. Like AaronS said, nearly EVERYTHING on a KB home is an option, down to light switches, door knobs, paneled doors, etc. Are you sure you factored in all the costs of your upgrades? Are you employing the help of a licensed agent to help you through your very first purchase?

As far as home prices shooting up, I wouldn't worry to much about that, prices are likely to be relatively stagnant for a while. I'd be more concerned over mortgage rates as you will be financing 80% of the purchase. Just in the past few months interest rates have gone up over 1/2%, which is the monthly payment equivalent of a purchase going up to $190,000 with your 20% downpayment. So for every .5% increase in rate, it's like buying a 5% higher priced home on your monthly payment.

[BILLDEESE]

If your looking for a new home in this area I would consider MI/Homes in a community called Etowah. They are offering new homes at great prices with 3.5% for 30 year financing! You can't beat it and they are a quality home builder.

I would stay away from KB Homes! There are many other quality new home builders in the area that have very good prices. Showcase Homes is another good builder. Good Luck in your search for a new home. Lake County is a great place to live.