Hi, I'd want to say everyone here give really great feedback. Ive been here for a couple of months and met some really nice populace. In all, our standard goal is to volunteer wisdom and suggestion for people that have never been through an experience.
As most of you know from my other post, I'm getting geared up to build a house. We're still awaiting for the plot review with the builder to step over structural changes(ex: add 3rd saloon garage etc etc). By the time we close in 6 months, we'll enjoy 30% to put down. My question is, should we income for the upgrades and structural changes upfront or simply add it to the mortgage and repay for it? IMO, I think paying for the upgrades upfront will collect us in the long run, nonetheless still retain the same monthly mortgage amount.
For example:
Method A
Total cost of home is $434,000
Down pay-out $130,000
Loan amount- $304,000, monthly payments(piti) around $2500
------or--------
Method B
Pay upfront Structural/upgrades- $40,000
Total Cost of home is $394,000
Down Payment- $90,000
Loan Amount- $304,000, monthly payments(piti) around $2500
So in idea, if people hold cash to put down on a house, why don't they do method b? It'll report a lower souk value(final sale price is lower) and the property toll will be lower. I just needed everyone's opinion as my purpose is to lower property tax and monthly payments.
Answers: Are you fooling around? You're paying $434,000 for a house, now? Within 5 years your monthly $2500 payments are going to become $5000 payments, and you will be screwed and lose your house.
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As most of you know from my other post, I'm getting geared up to build a house. We're still awaiting for the plot review with the builder to step over structural changes(ex: add 3rd saloon garage etc etc). By the time we close in 6 months, we'll enjoy 30% to put down. My question is, should we income for the upgrades and structural changes upfront or simply add it to the mortgage and repay for it? IMO, I think paying for the upgrades upfront will collect us in the long run, nonetheless still retain the same monthly mortgage amount.
For example:
Method A
Total cost of home is $434,000
Down pay-out $130,000
Loan amount- $304,000, monthly payments(piti) around $2500
------or--------
Method B
Pay upfront Structural/upgrades- $40,000
Total Cost of home is $394,000
Down Payment- $90,000
Loan Amount- $304,000, monthly payments(piti) around $2500
So in idea, if people hold cash to put down on a house, why don't they do method b? It'll report a lower souk value(final sale price is lower) and the property toll will be lower. I just needed everyone's opinion as my purpose is to lower property tax and monthly payments.
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Answers: Are you fooling around? You're paying $434,000 for a house, now? Within 5 years your monthly $2500 payments are going to become $5000 payments, and you will be screwed and lose your house.
IN B4 5000GET
Resolved Questions: