[Dom Cobb]

Originally Posted by movin1

I paid almost $16K a year on a $600K house in Illinois!

I hope the schools were the top in the state, yikes!

[movin1]

I paid almost $16K a year on a $600K house in Champaign, IL!

Here's the condo I owned in Chicago, taxes were about $8K when I bought it, now almost $12K.

https://www.zillow.com/homedetails/2...99357552_zpid/

Bought for $595K in 2013, sold it 9 months later for $620K. 28.4 % property tax increase in 2015 and another 16.1 % increase in 2018!

People are leaving Illinois in droves just like California.

[Dom Cobb]

Originally Posted by movin1

I paid almost $16K a year on a $600K house in Champaign, IL!

Here's the condo I owned in Chicago, taxes were about $8K when I bought it, now almost $12K.

https://www.zillow.com/homedetails/2...99357552_zpid/

You’d be paying 1,700 a month in property taxes & hoa for that condo now. That’s a premium for living close to work and amenities so close, which is not that bad when compared commuting in Chicago.

[movin1]

Originally Posted by Dom Cobb

I hope the schools were the top in the state, yikes!

The schools were very good. I graduated from the University of Illinois and worked there for 32 years. Only regret is I wish I had moved to Vegas when I retired in 2010. The moves to Chicago and Florida cost me a bundle.

[movin1]

Originally Posted by Dom Cobb

You’d be paying 1,700 a month in property taxes & hoa for that condo now. That’s a premium for living close to work and amenities so close, which is not that bad when compared commuting in Chicago.

High rise HOA's are insane. I have to say, I enjoyed living in downtown Chicago, it was an awesome experience. The architecture by the Chicago River near The Loop is incredible. I walked my dogs around Trump Tower every day (and I let them pee on it, lol).

[Dom Cobb]

Originally Posted by movin1

High rise HOA's are insane. I have to say, I enjoyed living in downtown Chicago, it was an awesome experience. The architecture by the Chicago River near The Loop is incredible. I walked my dogs around Trump Tower every day (and I let them pee on it, lol).

Chicago is a great city. The winters are just too brutal, and the tax burden is just too much to make sense for us at this stage of our lives. Considered moving there 10 years ago or so, but it’s not logical now.

[BBMW]

What did you get from the builder, and what did you contract yourself?

Originally Posted by movin1

I've had three custom/semi-custom homes built for me. Sky's the limit, lol.

You want to be careful to not do upgrades from the builder you can do after closing, but then those things aren't in the mortgage (if that's an issue). Here's a list I put together when I sold a house. Upgrades are from the builder, add-on's are after closing. Things that are expensive are landscaping, pool, window treatment, lighting fixtures, plumbing fixtures, and appliances.

Over $245,000 In Upgrades & Add-On’s.

• Custom Saltwater Pool with Outoddor Kitchen (grill, sink, fridge).
• Level 7 Gourmet Kitchen Cabinet Package, Quartz Countertops, Grohe Faucet & Glass Backsplash.
• GE Stainless Appliances Including Induction Cooktop, Double Oven, Vented Hood, Café Fridge.
• Exquisite Custom Drapery by Calico Corners & Motorized Roller Blinds By The Shade Store.
• Custom Master & Foyer Closets By Inspired Closets. Solid Core Master Closet Pocket Doors.
• 12x24 Bedrosians Runway Tile Flooring.
• Energy Efficient LED Lighting Throughout, Plus Custom Light Fixtures by Modern Forms, Hubbardton Forge and Casablanca Stealth Fans.
• Custom Built-In Office Desk and Cabinets.
• Upgraded Laundry Package With Sink, Cabinets, Washer/Dryer, Built in Custom Wine Storage Bins.


I do custom Home Theater Audio/Video and Whole House Audio Design. You want to pre-wire for all of that and make sure you get adequate electrical service, lighting fixture and power receptacle locations in the design plans.

[movin1]

Originally Posted by BBMW

What did you get from the builder, and what did you contract yourself?

I'll get back to you on that when I have more time, sorry but I'm too busy to do it now.

[lvmensch]

Had a deal for a million dollar new build collapse over builder options. The buyers were long time LV residents who own a very successful local business. They were willing to buy the home but were not willing to let the builder do any options. They had been around the NW housing market for a few decades and knew how they wanted to do it. Basically they wanted the house completed with minimum internal finish.

Builder refused and the deal crashed. We also had a couple of big issues about specific clauses in the Builder's contract. They likely would have sunk the deal if not for the options.

So I will tell clients that the builders are a bad deal. You will overpay and then go 3 or 4 years with no appreciation. I have no trouble with a custom built but that is generally more expensive than a tract home.
You gotta want it and be willing to pay the tab. The most cost effective way remains a conventional resale. But if you have to have a new place go for it. Understand it is going to cost you a least 15% over a resale.

[Dom Cobb]

Originally Posted by lvmensch

Had a deal for a million dollar new build collapse over builder options. The buyers were long time LV residents who own a very successful local business. They were willing to buy the home but were not willing to let the builder do any options. They had been around the NW housing market for a few decades and knew how they wanted to do it. Basically they wanted the house completed with minimum internal finish.

Builder refused and the deal crashed. We also had a couple of big issues about specific clauses in the Builder's contract. They likely would have sunk the deal if not for the options.

So I will tell clients that the builders are a bad deal. You will overpay and then go 3 or 4 years with no appreciation. I have no trouble with a custom built but that is generally more expensive than a tract home.
You gotta want it and be willing to pay the tab. The most cost effective way remains a conventional resale. But if you have to have a new place go for it. Understand it is going to cost you a least 15% over a resale.

I’ve seen new builds go for over sale price in less than a year of ownership, just in my area. Someone closed their new build for about 1mil on 12/20 and sold it within 2 days for over 200k more than they paid. Just doing nothing.

Agreed that builders charge way over for options, but I don’t think the logic of losing money on new builds seem to hold of you bought within the last two years.