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Old 06-10-2008, 09:21 AM
 
Location: Durham, NC
1,354 posts, read 3,893,319 times
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dinalkulp - who is your builder, and if you don't mind, what community and area?

Thanks
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Old 06-10-2008, 09:48 AM
 
795 posts, read 1,592,682 times
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Quote:
Originally Posted by VickiR View Post
So this is my question...

If you took the price your home was at and you dropped it the $50,000 that they gave you in discount, would you be better off or would you be better off going with the new base price and no discount???

Vicki
I'm getting confused now. Base price before designer options? After dropping 50K off base price before they changed it and adding back our options, it is less than new base price, about 31K less than taking the new base price and adding back our options. I'm not sure I even understand what I just typed. Seems we are getting the best price by sticking to what we have unless I am more confused than I even realize. I would like to ask for a granite breakfast bar that they wanted to charge 3K for. Not sure if they'll even give us that.
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Old 06-10-2008, 10:19 AM
 
1,489 posts, read 3,674,557 times
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Quote:
Originally Posted by dinalkulp View Post
I'm getting confused now. Base price before designer options? After dropping 50K off base price before they changed it and adding back our options, it is less than new base price, about 31K less than taking the new base price and adding back our options. I'm not sure I even understand what I just typed. Seems we are getting the best price by sticking to what we have unless I am more confused than I even realize. I would like to ask for a granite breakfast bar that they wanted to charge 3K for. Not sure if they'll even give us that.
Yes, it sounds like you are still $31k ahead. Also, with the new base pricing, hopefully more people will buy, which will increase your home's value. No one buying will not help the value at all. A temporary decrease will eventually be offset. Just be patient.
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Old 06-10-2008, 10:26 AM
 
Location: Raleigh, NC
10,355 posts, read 17,433,883 times
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Quote:
Originally Posted by dinalkulp View Post
I'm getting confused now. Base price before designer options? After dropping 50K off base price before they changed it and adding back our options, it is less than new base price, about 31K less than taking the new base price and adding back our options. I'm not sure I even understand what I just typed. Seems we are getting the best price by sticking to what we have unless I am more confused than I even realize. I would like to ask for a granite breakfast bar that they wanted to charge 3K for. Not sure if they'll even give us that.
From one confused non mathematical person to another...

I'd make two columns...

Column one would be the base price you paid plus the options you added minus the incentives they gave you equals the price you paid.

Column two would be the new base price plus the options you added which would equal the new price you'd pay TODAY.

Now...are you better off with the price you have or the price TODAY?

Oh my. I CAN do math!!!

No, you don't have to tell US what those prices are but I wanted you to see if you are better off and if so, you can just feel better! Also, keep in mind that whatever options you are charged, they typically cost the builder about l/2 that price, so asking for the $3,000 breakfast bar is only $1500 to the builder. If you add the granite to the breakfast bar later, it sounds like it would cost you less but then it is not added to your mortgage but something to consider.

Vicki
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Old 06-10-2008, 03:52 PM
 
Location: Durham, NC
1,232 posts, read 2,599,433 times
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To add more to the mix, are the options you're receiving actually options that help improve the value of the home, or do they simply satisfy the values you expect in a home?

In some cases, although certain options are desirable, when it comes to resale or appraising a home for equity, those options you've chosen may not help improve the value there. However, having those options may indeed help you sell the home faster when or if it goes to market. Certainly, since you've chosen them, those options will improve your lifestyle and enjoyment of the property.

Just another set of variables to consider when building up on the columns Vicki outlined for you.

Last edited by CaliBoy; 06-10-2008 at 04:08 PM.. Reason: Forgot a punctuation mark. Eeeek. :)
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Old 06-11-2008, 07:39 AM
 
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The answer was no for the granite breakfast bar as well.
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Old 06-11-2008, 07:49 AM
 
Location: Raleigh, NC
10,355 posts, read 17,433,883 times
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Quote:
Originally Posted by dinalkulp View Post
The answer was no for the granite breakfast bar as well.

Bummer! How about if you offer them $1500 for the breakfast bar instead of $3,000? SOME $$$ to them is better than none!

Vicki
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Old 06-11-2008, 08:04 AM
 
Location: Durham, NC
1,354 posts, read 3,893,319 times
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Have you done the analysis that Vicki suggested and columnized the two scenarios? If you bought the same exact home with all the same options/features today as when you initially signed, would you pay less?



The community we bought in had a base price on my house of $335k - we waited and they "reduced" the base price to $303k but in reality, they had removed tons of standard features.

In the end, if we added all those features back in, pricing worked out about the same. Someone who bought the day before the price reduction might have felt screwed because they spent 335k on the base price, but they also didn't have to spend 5k on irrigation, 3k on upgraded crown, 1k per bathroom for tile instead of vinyl, etc.

So yes, someone could theoretically come in and buy a house for $305k, but for our purposes, the pricing would have been, in the end, the same before or after the price reduction - it's more an issue of the proportional breakdown of amounts between base and upgrades - the end number was the same.
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Old 06-11-2008, 08:05 AM
 
795 posts, read 1,592,682 times
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Quote:
Originally Posted by VickiR View Post
Bummer! How about if you offer them $1500 for the breakfast bar instead of $3,000? SOME $$$ to them is better than none!

Vicki
Our realtor has made it very clear that they are not going to give us anything further so no point. We either shut up and accept things as they are or walk I guess, in which case I'm sure we'd lose our deposit of 15K which we can't afford to do.
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Old 06-11-2008, 08:11 AM
 
795 posts, read 1,592,682 times
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Quote:
Originally Posted by sneezecake View Post
Have you done the analysis that Vicki suggested and columnized the two scenarios? If you bought the same exact home with all the same options/features today as when you initially signed, would you pay less?



The community we bought in had a base price on my house of $335k - we waited and they "reduced" the base price to $303k but in reality, they had removed tons of standard features.

In the end, if we added all those features back in, pricing worked out about the same. Someone who bought the day before the price reduction might have felt screwed because they spent 335k on the base price, but they also didn't have to spend 5k on irrigation, 3k on upgraded crown, 1k per bathroom for tile instead of vinyl, etc.

So yes, someone could theoretically come in and buy a house for $305k, but for our purposes, the pricing would have been, in the end, the same before or after the price reduction - it's more an issue of the proportional breakdown of amounts between base and upgrades - the end number was the same.
Yes, those incentives we received are gone so we most likely are doing better than someone coming in at the reduced base price.

According to our realtor, the starting price is for the simplest of the elevation for this home and they are only giving $5000.00 in incentives and have taken away some of the options that was with our offer. There is a different price for each elevation and our incentive package is gone. To get the lower price means giving up our incentives.
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