Most of them never sat flat straight from the store.
Maybe buy decent cookware that doesn’t warp?
What up all! I’m hoping to get some insight in a bit decision from the smart folks here.
My wife and I are planning on working with a local home builder for our first house. They already own the land and are currently working on specs / permits to break ground in May. The builder does fantastic work and builds 15 houses a year. The question comes in around the financing choices. I can either take the construction loan in my responsibility prior to start of construction to lock in rates or the builder will assume responsibility of it and let me purchase the house via a traditional mortgage at the end. The price will be a little higher on the latter due to interest payments being passed on to me.
I’m having a really hard time deciding which is the better option. The down payment would be the same for both, but I would need the funds about 6 months sooner if I assume the construction loan. I could probably put another $30k down if I just bought it outright. It also seems like less of a hassle to just let them handle it. I would lose some control and raise the risk of getting screwed, but that doesn’t seem likely. I also don’t see interest rates rising over the next 7-9 months.
Anyone have experience or opinions on this?
Appreciate it.
Whats the property tax situation? Do they calculate your taxes based on the land transfer price? If so, it would be way less (possibly forever if it’s like california).
I would hope the interest would be tax deductible in either case, but I’d ask just to be sure.
This didn’t even cross my mind. I’ll try and find out as that could be a huge factor.
The mortgage broker I talked to today said that it would be so it’s probably a wash on that front.
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You’re able to count a home under construction as your home for tax deduction purposes for up to 24 months.
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The construction-period interest won’t be deductible if the builder pays it, it will end up as part of the purchase price of the house.
How does the contract work with regard to @Tilted 's obligation to purchase if the builder funds the construction? I’m sure there have to be some conditions under which he’d be released from the obligation/option.
I’m generally a fan of pay money later vs. pay money now, if the cost of the former is tolerable.
The 6% commission, a standard in home purchase transactions, is no more.
In a sweeping move expected to dramatically reduce the cost of buying and selling a home, the National Association of Realtors announced Friday a settlement with groups of homesellers, agreeing to end landmark antitrust lawsuits by paying $418 million in damages and eliminating rules on commissions.
The NAR, which represents more than 1 million Realtors, also agreed to put in place a set of new rules. One prohibits agents’ compensation from being included on listings placed on local centralized listing portals known as multiple listing services, which critics say led brokers to push more expensive properties on customers. Another ends requirements that brokers subscribe to multiple listing services — many of which are owned by NAR subsidiaries — where homes are given a wide viewing in a local market. Another new rule will require buyers’ brokers to enter into written agreements with their buyers.
The agreement effectively will destroy the current homebuying and selling business model, in which sellers pay both their broker and a buyer’s broker, which critics say have driven housing prices artificially higher.
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I was planning on putting my house on the market here in Vegas in the next month or two. I Wonder what this means for me if anything?
If it drops housing prices I’m all for it
Know someone that sold a house a month ago and they got the commission down from 6% total to 5% without any pushback so that is a start. Not sure if it was 2.5% for each agent or 3% for seller and 2% for buyer.
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I am going to offer the broker a choice between 6% or whatever is in the mystery box
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There are lots of seller agents doing 3% (1% for themselves, 2% for buyer agent). In my area, when they were still showing the splits on zillow, lots of normal name brand brokers were doing 4%.
If it was me, i would look at 4% on the average home cost in my area and basically try to not pay more than that but I have no clue really.
Realtor fees not being flat rate across the board for regular single family homes makes no sense at all to me.
I dont think it moves the needle much. The one thing that would cause home prices to get rekt would be the unemployment rate - which has no where to go but up.
And then make the box the Gom Jabbar.
Edit: Looks like the Gom Jabbar is the needle. What the fuck is the box called?
It’s called a “box”.
I feel cheated. Needed a cool sci fi name for the box. Herbert done fucked up.