deposit requirements at the villages?

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kitten

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I would be really curious to hear from anyone who has built in any of the villages- what was the percentage you had to put down at signing to begin building? Was it % + options cost? I used to own a Standard Pacific home, up north, and we had to pay 10% + options. I'm trying to know what to anticipate for down here. Any info would be much appreciated!!  :)
 
OpenSky said:
kitten said:
I would be really curious to hear from anyone who has built in any of the villages- what was the percentage you had to put down at signing to begin building? Was it % + options cost? I used to own a Standard Pacific home, up north, and we had to pay 10% + options. I'm trying to know what to anticipate for down here. Any info would be much appreciated!!  :)
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Each builder has their own rules, but thus far the standard has been a fixed amount as earnest money the day you contract for a place (your name is called, and you're committing). These are the ones tagged "Sold" with that little red pin. I've seen $10k in $600k-800k villages, up to $50k with more substantial product. I've purchased two new homes, both times it was a fixed amount. The balance of your down is due at close.
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Wow, really? No paying for the options upfront? That's quite good!! Thank you for sharing!  :D
 
I believe the norm now is to pay a % of chosen upgrades. The builders need to recoup costs if the sale doesn't go through and they have to re-market a house with "pre-chosen" upgrades.

Builder were even doing this 5-10 years ago.
 
irvinehomeowner said:
I believe the norm now is to pay a % of chosen upgrades. The builders need to recoup costs if the sale doesn't go through and they have to re-market a house with "pre-chosen" upgrades.

Builder were even doing this 5-10 years ago.
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Yes, my thoughts exactly. We purchased two years ago, then had to re-locate to LA for business :'( But our StanPac home up there, they said the same thing. You must pay for all your options (esp. if you go ham) to protect them from the chance of you not pulling through. Makes sense.

I'm wondering if the upgrades here are more $$$ than they would be up there? Or do these homes come with more standard luxury? Wishful thinking, I suppose. How much does the average person spend on options around here? We spent $100k and practically got every tiny thing we were wanting. It was a dream. I feel like $100k won't do that down here.
 
From what I've seen, upgrade costs vary by region, city and even builder.

For example, the costs I've seen cited at PP were noticeable different than at Stonegate.
 
irvinehomeowner said:
From what I've seen, upgrade costs vary by region, city and even builder.

For example, the costs I've seen cited at PP were noticeable different than at Stonegate.
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Well, then I imagine they will be sky-high at OH. Oh joy! haha  :-[

Anyone with local purchase history, care to share?  ???
 
Bones-

My last place was 3200 sq ft, fairly basic upgrades (appliances, backsplash, wood floor, cabinets, built-in shelf, etc.) & we paid $100k. But I think they will be crazy here. I forget where I read it, but I read that you can get a pool/spa put in at OH during the building process! I had never heard of that before, but it's very cool... and I bet very $$$$. I would love to visit The New Home Company design center! I bet it's a dream! <3
 
kitten said:
irvinehomeowner said:
I believe the norm now is to pay a % of chosen upgrades. The builders need to recoup costs if the sale doesn't go through and they have to re-market a house with "pre-chosen" upgrades.

Builder were even doing this 5-10 years ago.
Click to expand...

Yes, my thoughts exactly. We purchased two years ago, then had to re-locate to LA for business :'( But our StanPac home up there, they said the same thing. You must pay for all your options (esp. if you go ham) to protect them from the chance of you not pulling through. Makes sense.

I'm wondering if the upgrades here are more $$$ than they would be up there? Or do these homes come with more standard luxury? Wishful thinking, I suppose. How much does the average person spend on options around here? We spent $100k and practically got every tiny thing we were wanting. It was a dream. I feel like $100k won't do that down here.
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It all depends - what people upgrade.
1. Some people don't upgrade (they are happy what the builder provide or cash flow situation - I don't know)

2. Some people upgrade things that are smart to do. such as recess lights, upgrading from tile to granite, leave carpet because I know I'm going to change it to hardwood, etc..

3. Some people upgrade everything with the builder. Change the paint color of the room, get the shutters with the builder. The gross margin is high for the builder when you upgrade with them.

I'm #2
 
It varies builder by builder but from what I have seen lately.....deposit to buy the lot has ranged from $20k to $30k and then you pay for 20-30% of the price of upgrades when you order them from the design center (both of these amounts are used as your downpayment).
 
For IP homes the initial deposit was around $20k.  All the structural upgrades like conservatory, California room, room options require a 100% deposit.  Options like cabinet upgrades, bathroom upgrades, counter tops, flooring etc require a 20% deposit.

 
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