It was really exciting to pull up to the house and see that the electricity had been turned on! For some odd reason I am obsessed with my down lights so seeing them illuminated, despite the fact that it was sunny, was awesome.
This midweek visit was important because there was an 'issue' that I really wanted to make sure was handled properly. I have mentioned the master bath and a possible water/fungus issue and my concerns were legitimate. When I went into the master bath, this is what I saw...
 |
Just as I thought. They had to remove the drywall.
|
 |
| Close up from below |
Obviously water was leaking from somewhere above the master bedroom which is surprising because the 'growth' was there before the plumber came.
Meanwhile I found this in the Jack & Jill bathroom upstairs...
 |
| Area above vanity with the insulation removed presumably to find the leak |
This situation is a mess and I will be in contact with the construction manager and making daily visits, if necessary, so that I know exactly what the issue is and what is being done to fix it. I am glad it happened when it did so they can make repairs before I move in but it makes me worry a bit. And, they better put the insulation back in its proper place. I do not want any hot spots as a result of insulation not being replaced properly.
On a happier note, here are pictures of the house with lights on!
 |
| Front lights and down lights on |
 |
| Foyer lights |
 |
| Back stair case chandelier |
Congrats on your new home. Your posts have been really useful, as I'm now in the process of looking into a Toll brother community up in Massachusetts. I was wondering if you could expand more on initial process. How does the 5% deposit + 20% lot premium + 20% finished options compare with the price initially advertised on the home? Most people talk about a 20% down payment, but when you add these costs, is it more like 30%? Also, I've read online how sometimes the appraised value at settlement would come below expectation, forcing some home buyers to fork out more money (see http://www.trulia.com/voices/Home_Buying/We_are_days_from_closing_on_a_new_construction_hom-227796). Have you discussed this with TB agent? If so, what are your impressions on this risk? Again, thanks for the blog, very helpful.
ReplyDeleteI too find this blog to be very helpful as I currently building a TB home in Maryland. I may be able to shed some light on your initial question of the earnest money deposit. When you break down TB deposit requirements, it is a lot less than putting down 20% (which most builders to not require upfront) and even putting down 10% (which is typical of most builders). For example, lets say the base price of the house was 600k, the lot premium was 10k, and the options were 100k. That is a total of 710k. Using TB earnest money depost requirement, that would amount to a 52k down payment (5% of 600k; 20% of 20k; 20% of 100k). If the requirement was 20% or 10% of the overall cost, then you would have to kick out 142k or 71k respectfully for my 710k example which is far less than 52k.
ReplyDeleteThank you all so much for reading the blog and finding it helpful. I agree with JG's explanation. You have to add the deposits separately. I believe you were asking about the downpayment figures as well. The downpayment will be based on the final figures which include the base price, lot premium, structural options and design center choices. So, yes, the total will be more than if you were to pay the downpayment on the base price alone, however, all funds will be applied toward your downpayment at closing.
ReplyDeleteI have not yet gone through the appraisal process but I will surely ask the sales manager how appraisals have gone. I do know that the maximum amount the lender do the loan for is the appraisal amount - that leaves you to cover the difference.
Great, thank you both, I look forward to reading more blog posts.
ReplyDelete