Buying a new home...what to expect?

[Seks]

Been a while since I bought a new house. Ignoring the purchase price of a new spec home, and the downpayment and the mortgage that goes with it, need to know initial breakdown cost of the following:

1. Hiring a real estate lawyer instead of utilizing the home builder's lawyer to do the transaction. I see that there's a thread "Realtor Lawyers"
2. House insurance
3. Independent inspector to come in to look over the house. Recommendations?
4. Doing the grading. And isn't there a timeline that the grading has to be done by?

No need to count appliances and blinds.

If I'm missing anything else, let me know because I want everything covered.

Once moved in, I'm trying to think if I'm missing anything for mandatory monthly bills:

Water
Electricity
Sewage
Gas
Insurance
Garbage disposal (???)

[roopi]

1. Real estate lawyer is anywhere from $800 to $1800. If you budget $1200 you are safe.

2. House insurance is dependent on coverage. based on an average home price you can budget $1000-$1200 for a year.

3. No idea about this but if you are buying a spec home I would make sure all issues àre taken care of before possession so you don't have to deal with trades coming and going to fix issues. It's a real pain making time for it imo.

4. We took possession in December so grading could not be done on possession. It was completed in the spring as soon as everything waS dry. Again it's a spec so have it part of your deal to be completed before possession. Also some builders use shit to grade with and you'll have weed in a week. Some builders will bring in screened to grade. Make it part of your purchase contract. Makes landscaping easier. buying a spec home right now you have the ability to ask for these things and get them.

[JudasJimmy]

Originally posted by Seks
Been a while since I bought a new house. Ignoring the purchase price of a new spec home, and the downpayment and the mortgage that goes with it, need to know initial breakdown cost of the following:

1. Hiring a real estate lawyer instead of utilizing the home builder's lawyer to do the transaction. I see that there's a thread "Realtor Lawyers"
(???)

I'll save you 800 to $1000. DO NOT hire a real estate lawyer. Use the builders lawyer and no cost. These lawyers are only there is sign papers and go over the paperwork with you. They are not representing you in a criminal case, and there is not any fine print builder scam you going to get caught in. It's not a negation anymore, commitment to purchase is already signed done.

I bought 3 new houses and never hired my own lawyer. total waste, the builder will also wonder why you are just throwing away money when you can just use the resource he proved....

Buying a used house, yes you need a lawyer and have to pay $800

[A790]

Originally posted by Seks
Been a while since I bought a new house. Ignoring the purchase price of a new spec home, and the downpayment and the mortgage that goes with it, need to know initial breakdown cost of the following:

1. Hiring a real estate lawyer instead of utilizing the home builder's lawyer to do the transaction. I see that there's a thread "Realtor Lawyers"
2. House insurance
3. Independent inspector to come in to look over the house. Recommendations?
4. Doing the grading. And isn't there a timeline that the grading has to be done by?

No need to count appliances and blinds.

If I'm missing anything else, let me know because I want everything covered.

Once moved in, I'm trying to think if I'm missing anything for mandatory monthly bills:

Water
Electricity
Sewage
Gas
Insurance
Garbage disposal (???)

Sod
Deck
Fence
Property Tax

Home insurance is around $1,200 - $1,500yr for a detached I believe. Maybe Bill (Masked Bandit) can chime in on that.

For inspectors, I used Stirling Davidson w/ Tanicor Inspections and really liked him. Highly recommend him.

[oz388]

Please consider the cost due to losing value of your new house for next few years.

[roopi]

Also the spec home next to me had the price lowered by 45k this week. Some builders are stuck with inventory so consider that when you are making Your offer.

[Seks]

Originally posted by roopi
Also the spec home next to me had the price lowered by 45k this week. Some builders are stuck with inventory so consider that when you are making Your offer.

the spec home i'm looking dropped 20k a wk ago

[Seks]

can i indicate on the conditions to get them to do it aftr possession?

Originally posted by roopi
1. Real estate lawyer is anywhere from $800 to $1800. If you budget $1200 you are safe.

2. House insurance is dependent on coverage. based on an average home price you can budget $1000-$1200 for a year.

3. No idea about this but if you are buying a spec home I would make sure all issues àre taken care of before possession so you don't have to deal with trades coming and going to fix issues. It's a real pain making time for it imo.

4. We took possession in December so grading could not be done on possession. It was completed in the spring as soon as everything waS dry. Again it's a spec so have it part of your deal to be completed before possession. Also some builders use shit to grade with and you'll have weed in a week. Some builders will bring in screened to grade. Make it part of your purchase contract. Makes landscaping easier. buying a spec home right now you have the ability to ask for these things and get them.

[roopi]

Originally posted by Seks
can i indicate on the conditions to get them to do it aftr possession?

To do what after possession?

Sure you can put it (whatever it is) to be done after possession but why not get everything done before signing off? This way it is their responsibility to have everything done with their supervisor watching over it.

Otherwise you take possession and you have to deal with trades coming in/out. From my experience some of these guys really don't want to be back there and get in and out quick only to come back again.

[Seks]

Originally posted by roopi


To do what after possession?

Sure you can put it (whatever it is) to be done after possession but why not get everything done before signing off? This way it is their responsibility to have everything done with their supervisor watching over it.

Otherwise you take possession and you have to deal with trades coming in/out. From my experience some of these guys really don't want to be back there and get in and out quick only to come back again.

oops left our specifics.

condition: get them to do the final grad and certificate after possession.

Does that include top soil?

Maybe im confused about grading

[ga16i]

Not mandatory, but:
Cable / Internet

[roopi]

Originally posted by Seks


oops left our specifics.

condition: get them to do the final grad and certificate after possession.

Does that include top soil?

Maybe im confused about grading

In regards to grading sure you can do it after possession since you really don't need to be around for it to be done. Once grading is done a survey company will come out to check it is correct and you will receive the certificate in the mail a couple of weeks later.

Like I said earlier most builders just grade with the same shit they dig out of foundations. So I would personally ask for the screened loam/top soil/whatever they call it. Someone more familiar with landscaping should probably be able to give you the correct term.

My builder Baywest used the crap. My neighbor built with Morrison and they brought trucks of nice dirt in. I had weeds in a week. He waited months before sodding and his yard looked perfect.