New Home Buying?? (appraisals, prices, inspection, expensive)

[MortonR]

Originally Posted by reubenray

This is one of the reasons I don't want to get a house in a "planned development" along with the lots being smaller. These are more for young families with kids which we don't want to be close to. This is why Bella Vista, Arkansas is so appealing to us. The lots are bigger (1/3 acre) and the age demographics are closer to our ages.

1/3 acre is a "big lot"?

I live in a planned development and my lot is bigger than 1/3 acre.

RM

[anicon]

Originally Posted by davebarnes

In my opinion, the ideal age for a house is 3-7 years old.
1. The design is current.
2. Close to latest building codes.
3. The foundation cracks have happened or not.
4. The water leaks have happened or not.
5. The landscaping is probably better than the day it was brand new.
6. It has window coverings. Maybe not your style, but better than none at all.

Agreed. all the kinks are worked out. Plus you could get a ton of 'upgrades':

ceiling fans.
closet organizers.
generator.
garage shelving
washer/dryer
Cable/Internet already run
alarm system
fences
screens
water purifiers


If you're buying new construction in a PUD/Condo and control hasn't been turned over to the HOA yet- you never know what your budget (ie hoa fees) could balloon to in a few years. builders want to advertise low carrying charges- so much of the future maintenance isn't factored in. no reserves built up either in the beginning. if you have a hoa a few years old you can compare projected budgets with actual balance sheets. see what kind of reserves they have, and if there have been any assessments.

[anicon]

Originally Posted by MortonR

If you're talking tract homes, I don't think so, although the quality may vary depending on what part of the country you live in.

I have built houses in several parts of the country, most recently in the Midwest. The midwestern home has a far better "fit and finish" than several homes I built in the last 20 years in the southeast.

I think a lot has to do with work ethic and pride in craftsmanship.

RM

you never know. even if you buy from a national builder with a good reputation- it comes down to the crew that actually builds your home. In florida for example. You could go look at a DR Horton or Pulte community built 1-2 years ago, and buy the same exact model in another city in Florida, and there will be completely different quality control procedures and processes.

[reubenray]

I ended up putting in an offer and it was accepted for a new house. The quality of this one was much better than the previous one. It just happened to be listed by another agent in the same building as mine. The builder had four of these in different areas being built. The first one was listed and it sold the first day. My agent was able to get the addresses of the other three before they were listed. My wife and I looked at them and decided which one we wanted. It should be finished in about three weeks.

We looked at several used homes where they were doing the bidding option. They would look at all bids at a certain time and decide which one to take. Each one of the houses needed thousands of dollars of upgrades for the about the same price as what I got mine for.

[Sno0909]

Originally Posted by JakeinChina

I wonder if new homes today are built with the same quality of materials and craftsmanship compared to homes built in the past.

Many people like a brand new home, but you also pay for it in price compared to a second hand or used home.

I'm not sure how far back you mean when you say "past" but I can tell you the homes being built now are of much higher quality than the garbage being put up right before the recession. At least here in Arizona. Pre-recession, they were putting up houses as fast as possible using the cheapest labor and materials (Chinese drywall, etc) with absolutely zero build pride. And it showed.

Currently, the homes being built out here are absolutely beautiful and I've heard much less complaints from my customers - at all price points. Not to mention, a lot of the fly-by-night builders have went out of business and we are now left with what I would describe as more legitimate and respectable companies.

[reubenray]

I am in the appraisal stage of my loan and I was wondering how they would do it when the home will not be finished for three weeks. Will they wait and delay the closing?

[anicon]

Originally Posted by reubenray

I am in the appraisal stage of my loan and I was wondering how they would do it when the home will not be finished for three weeks. Will they wait and delay the closing?

the appraisal will most likely be "subject to" whatever still needs to be completed.
it's usually just finishes, landscaping, ect.

If the appraisal is done before major things are completed, like electrical or plumbing- the appraisal can be completed "subject to plans and specs"

in either case you'll need a compliance inspection prior to closing.

doubt either will slow your mortgage down. can't close until you have a certificate of occupancy anyway- which wont be issued until the build is complete.

[reubenray]

The appraisal was done and it was 3K over the price. The builder said he will be done by the closing date that was on the contract which is just over two weeks away. The lender has not said what date the closing will be yet. We have most of our furniture being held with deposits ready to be delivered shortly after we close. We plan on staying in our motorhome a week after closing to give us time to get everything in and put in place.

[reubenray]

The house is expected to close next week (Wednesday) if the rain will let up. With the rain every other day the sod/landscaping cannot be installed. I will have it inspected by a licensed home inspector on Monday.

[CarnivalGal]

How old of a house are you talking about? Just so you're aware, even brand spanking new houses fail inspection on major issues.