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Portrait of a Young Man as The Artist
abmann
abmann
Ghosting
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abmann From: abmann Date: April 7th, 2008 12:44 pm (UTC) (Link)
Given the calculators I've been playing with, they include taxes and PMI (as applicable). So I think the prices they quote include all recurring mortgage costs. I think Fox and I will have to visit their design studio this week and ask them, "What's the catch."

Also, I wouldn't be surprised about the easier wear on certain aspects of a home. I don't think that worries me as it's just me, lady_fox and the cats. I don't expect we're especially hard on a place - though Poe very well could mangle stair carpet if we're not paying attention.

I guess it's all hard wood floors for us. Darn. :)

Yay property tax... The calculator at the site includes estimated property tax and rolls that into the mortgage estimation so I think 1400 as stated above is fully recurring fees. Crazy.

Edited at 2008-04-07 12:50 pm (UTC)
medeine From: medeine Date: April 7th, 2008 05:07 pm (UTC) (Link)
Just make sure you research the property taxes in the area you're looking to build - the $2000 that their calculator defaults to is NOT realistic anywhere in this area, especially on a $275K house, nor is the hazard insurance of $200 (which is different than PMI - private mortgage insurance, which means you're paying insurance to 'prove' that you're going to pay your mortgage!).

I live in a rural town outside Madison (but in Dane County) with a house valued at about $190,000, and our yearly property tax is $3800, which is cheaper than someplace like DeForest, where it would be closer to $4200. If your house is $275K, you're probably looking at at around $5200 a year. That's more than 2 1/2 times what their default calculator gives you, and $260 more a month than the $1400 they estimate for you!

Sorry - you're a smart person, and can do this math on your own - I just know how exciting it can be to look for a house, and how 'easy' everyone makes it look, from the builder to the mortgage company. You're a nice person, too, so I don't want you to find a catch AFTER you buy! :D
abmann From: abmann Date: April 7th, 2008 05:11 pm (UTC) (Link)
I entered property tax as 4k with a loan of 200k. Average property tax in Madison is currently 4300. :) So, sure I'm being a touch optimistic but I think the Veridian homes run a little lower than average in price.

I wish I could afford the 275 house. Realistically, I can't go much higher than 250 with 20% down. So maybe a better estimate of property tax is 4750.

Or a box. I could go live in a very nice box just off the square.
medeine From: medeine Date: April 7th, 2008 05:23 pm (UTC) (Link)
But boxes don't have hardwood floors (and no - OSB plywood doesn't count!)....

:D

Seriously - good luck - I really do hope everything works out for you - I LOVE owning our home (we bought our first one a little less than 2 years ago). It's challenging, and costs a crapload, but it really was fun last year using hand trowels for 7 hours to dig out the grass for my perennial bed. ::smile::

And every time I walk in the door, I smile, because, well, it's *our* home!
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