Buying a House...at an Impasse

[cookie_1978]

Based on interest rates, it may pay you to delay for 3-6 months. By that time 10yr treasury should be below 1%.

 

[Bsneed51]

As much as I despise renting, I would continue to do that until you find exactly what you are looking for that can satisfy you and the wife.

 

[Jamie76]

We pulled the trigger. We both agreed on the house so we got that out of the way. A little upset about the whole "upgrade" program however. We seen the model home which we both really liked. I asked the builder to price it out exactly as they had it set up. I knew we wouldn't be able to get everything, but it gave me a good idea as to what we were working with. When I got the figures back, I was surprised that I would still be able to swing 20% down minus a few non essential upgrades. Unfortunately, the builder only allows you to upgrade up to 15% of the base price so that at closing, the house appraises at value.

So although I could have afforded all the upgrades and would be able to get a loan approved for the full amount, I am not allowed to unless it comes out of pocket. Oh well. Some things will have to wait I guess. Will focus on the main things like tile, cabinets, etc.

 

[CMontoya79]

We pulled the trigger. We both agreed on the house so we got that out of the way. A little upset about the whole "upgrade" program however. We seen the model home which we both really liked. I asked the builder to price it out exactly as they had it set up. I knew we wouldn't be able to get everything, but it gave me a good idea as to what we were working with. When I got the figures back, I was surprised that I would still be able to swing 20% down minus a few non essential upgrades. Unfortunately, the builder only allows you to upgrade up to 15% of the base price so that at closing, the house appraises at value.

So although I could have afforded all the upgrades and would be able to get a loan approved for the full amount, I am not allowed to unless it comes out of pocket. Oh well. Some things will have to wait I guess. Will focus on the main things like tile, cabinets, etc.

They make you pay the full amount of upgrades out of pocket? That sucks, ours was only if we exceeded 18% of base price.

Good luck

C

 

[Jamie76]

They make you pay the full amount of upgrades out of pocket? That sucks, ours was only if we exceeded 18% of base price.

Good luck

C

Sorry, that is what I meant. We were allowed up to 15% of base price. When you do a few changes structurally, those dollars are eaten up pretty quick.

 

[CMontoya79]

Ya gotta prioritize, like you said.

 

[Not A Nice Person]

Will focus on the main things like tile, cabinets, etc.

Exactly. Hard surfacing is hard (and expensive) to go back and redo; fixtures are easy. I upgraded the kitchen surfaces but really wish I'd run the hardwood flooring into the front bedroom, which I use as my office/cigar room. Would've been nice but doing it now would be a bit of a PIA.

~Boar