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The problem with the "lot premiums" is that even the less desireable lots have premiums! However, when it comes time to sell, unless you are on water or have water view, your house with its $6,000 lot premium isn't going to get your $6,000 MORE than the house with the $2,000 lot premium, as appraisers don't give a value to those unless they are waterfront or water view. However, your house on its $6,000 lot may sell faster than the house on the $2,000 lot.
I tell my clients...its YOUR HOME. Buy what you want. Just understand that everything you do will not get you more money when its time to sell. However, its a HOME to most, not just an investment. Get what you want.
Hello, I just went under contract with Beazer at Umstead Reserve. I think they only have 3-4 lots left (.45 acres each). It is our first home. Sales Reps went out of their way to answer my questions and be very accomodating. They listened to our needs and made recommendations including telling us to re-consider some upgrades since we might be able to get a beter value after the house is built. All the fees were listed and they also provided the cost of design center upgrades before I signed on the line. Each lot had a premium (which I hated) but at least I was informed ahead of time.
At the Design Center, Diane was very helpful and after listening to our needs, recommended to take off some of the initial upgrades and spend the money where it might actually help with the value of the home (kitchen...).
So overall, I feel like everyone in this process was pretty open and willing to recommend things in order to take care of us. I ended up within my budget and on a lot that we really like. House will be done in June.
Granted, I am not to be a ref point in house shopping since we are first home buyers. I ended up looking at 30 to 40 homes with at least 10+ new construction developments. I also avoided Brightleaf in general as well as anything that KB did.
Thanks and good luck.
In my research, Beazer is not that great. Chief of the slap-stick built homes. I know many homes built by Beazer in the Cary area had huge problems with quality of materials used. Most all their homes built in the 90s lacked roof clips, so roofs are sagging, were built with masionite hardboard siding (compressed cardboard) and plastic pipes for plumbing. I'm not saying you can't get a decent home built from these guys, but you had best be on top of things and be aware of materials they are using. Also, hire your own independant inspector who could careless about Beazer. A lot of these outfits sleep together.
This is why if I ever build a home again, I'm the boss! It's my money, I call the shots, period! I would be the general contractor and accept bids for each phase of construction. This is called building your own house. Going under contract with a track home builder is not. Once that paper is signed, from that moment forward, IT BECOMES ALL ABOUT SQUEEZING EVERY LAST DOLLAR OUT OF YOU THEY CAN GET~! I speak from expereince on this.
Being a general contractor is easier then most folks think. On the average a $300,000 home, will save $80-$100,000 by being your own general! Not to mention the house it built how you want it to be. No kidding, all for sharpening a pencil, organizing schedules and taking bids. Figure on a few setbacks and issues you will have to deal with, but when it's all said and done, it is well worth it. You have to be well organized, informed and be a hard "ars" on occasion, but it can be done.
Here is the key to the whole operation............A hard nosed, non biased, compitent, experienced, inspector! He will inspect each phase of contruction, something is not done right, you go back and have whomever did not do their job right fix it, before moving on.
Do you have a contractor's license? If not, you may not be able to get a loan to build the home.
Congrats on your home Relja. You must have made a heck of a deal. There's been some great bargains available on that community. The house which sits back in the woods (Jessamine?) was first available for 630K but had 100K off for one weekend. I nearly took the plunge myself. Glad to know that you had a good all round experience.
Thanks. I also talked with one of the Home Inspectors recommended on this board and he had a pretty good experience (bought and inspected his own new construction). I guess it is still early in the process. My wife wanted half acre in town and this was what we were able to afford. I plan to hire inspectors and live in a rental not far away. Needless to say I'll be there often to keep an eye on things. That house that is in the cul de sac was a deal of the year. I am happy with what I got. We are going to pick all of our upgrades this Wednesday. Anyway, it is not over till it's over so I'll continue to research and watch every step...Thanks.
Do you have a contractor's license? If not, you may not be able to get a loan to build the home.
Cash is king baby! Who said anything about a loan? Mortgage, mortgage, mortgage, the most abused and overuased term in the English language= mortgage SLAVE!
Saturnfan - you are right. Beazer, Centex, Standard Pacific, Pulte, KB are all in trouble. Beazer Mortgage company got nailed due to unfair practices and they have exposure to subprime. We looked and looked. This was the only development we really liked in terms of location, size of the lot...If I did not get this one, we would have ended up with Centex at Weston Oaks or in another small development off Leesville. My wife really wanted .5 acres so it was slim picking in new construction. We looked at existing homes with .5 acres in the NW Raleigh area and they were not that cheaper (but 15 years old or so). There was one home in Cary that we liked but it went under contract 2 days before we were to see it. We realize that times are tough and there is downward pressure on prices, but we think we got into a home that was really what we were looking for. Thanks.
Mine was built by Beazer, and I was well aware of their reputation as an inspector, but the problems they had were not inherent to my price range. A lot of the issues they had are mimicked by all the tract builders in the starter home price range. Their mortgage company had rates as good as my credit union, and they really did a great job all the way around.
My house has steel girders, TJI engineered joists, insulated wall panel cladding, and high density LVL structural beams. Thats about as strong of bones as you can get without cutting down old growth forest
I hope they can turn around their rep, but it will take a while. If they keep building like they built mine it will help though.
Saturnfan - you are right. Beazer, Centex, Standard Pacific, Pulte, KB are all in trouble. Beazer Mortgage company got nailed due to unfair practices and they have exposure to subprime. We looked and looked. This was the only development we really liked in terms of location, size of the lot...If I did not get this one, we would have ended up with Centex at Weston Oaks or in another small development off Leesville. My wife really wanted .5 acres so it was slim picking in new construction. We looked at existing homes with .5 acres in the NW Raleigh area and they were not that cheaper (but 15 years old or so). There was one home in Cary that we liked but it went under contract 2 days before we were to see it. We realize that times are tough and there is downward pressure on prices, but we think we got into a home that was really what we were looking for. Thanks.
Congrats on your new HOME, relja. People can advise you and tell you what you did right and what you did wrong but they are not in your shoes. As long as you make an educated decision, based on your family, and you are happy in your new home, you did the right thing. Welcome to NC!
Vicki
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