Home Buying in 21117>Question Details

Meredith, Home Buyer in

I live in Owings Mills, MD and I am looking to buy a new home. I have some questions about Ryan and Ryland homes, and the resale value of townhomes.

Asked by Meredith, Thu Jan 12, 2012

I want to know what people think of either builder, quality, etc? I am also concerned about the lenders as I read horrible reviews. I have spoken with banking lenders, and it appears as though Ryan homes can provide us with the best rate. She explained that their closing costs of 10,000 allow us to bring substantially less money to the table than if we chose another lender. If we did resale is it likely that most of the closing costs would be covered or are people not including that into much of the offer? We can only afford the 3.5% down for an FHA loan and do not have much else to provide, is the new construction deal better? If we did new construction what upgrades are important to invest in for resale? Is 236000 reasonable for a 1440 square foot (1900 with finished basement) new construction town home in Owings Mills, MD? It has the following upgrades: hardwood floors, granite counters, french doors, powder room in the basement. Thanks for any insight, we are first timers!

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Answers

6
Some good responses from the previous anwsers. You should be represented by any real estate agent as first time home buyers. There are many situations that come up when going through the process of purchasing a home. Let me know if I can help you with anything.

Paul Miller
Pinnacle Real Esate Company
Timonium, MD 21093
http://www.pinnacleresales.com
410-960-6820 cell
0 votes Thank Flag Link Wed Jan 25, 2012
My daughter's boyfriend purchased a home here in Harford County from Ryland. They quality is definitely better than what we saw with Ryan, even though my neighbors work for them. They paid all of his closing costs with a very competitive rate to boot. He received upgraded counter tops, cabinets and floors, a fireplace with a blower, brick front, upgraded master bath, a finished basement with a powder room. Oh and did I mention they threw in ALL of the appliances. We went into the sales office and asked for the moon and they gave it to him. Meredith, you need to work with an agent when dealing with them to make sure you are represented. You do not want to sit at the settlement table alone. Please call me at 443-417-6493 and I would be more than happy to help you in finding your new home.
0 votes Thank Flag Link Fri Jan 13, 2012
Hi Meredith, I agree with the agents, especially with regard to the fact that you might want your own professional representation. A good realtor will spend the time figuring out, among other things, whether you're paying a fair price. They can also tell you whether new is better than resale in that area or vice versa.

I'm a lender. It is true that builders can sometimes offer incentives with which we can't compete. Be wary of the actual interest rate they are giving you, though, because nothing is free. Call me if you have any financing questions at 410-960-3272.

My two cents with regard to upgrades is: finished square footage, bedroom and bath count, deck, fireplace, and hardwoods matter. Not much else does with regard to resale, except location. Make sure you pick a good lot.

That's my two cents. Best of luck!
0 votes Thank Flag Link Thu Jan 12, 2012
Meredith,

Ryan and Ryland homes are from same family, they are brothers. In my opinion the Ryland quality is better, but don't tell his brother. Just because the builder is paying the closing costs does not mean you are saving money. All builders contracts state, you the buyer have to pay all of the transfer taxes, most of the builders contribution to closing $$$ costs is to offset THEIR portion of the County/state recordation and transfer taxes tha would be paid by a seller if you bought a re-sale home.

The real estate taxes on new contruction is considerbly higher than a resale home. The real esate taxes have the second highest impact on your monthy payment after your principle. Sellers of resale homes will contribute to your closing costs to enable you to buy their home...FHA allows up to 6%.

Educate yourself, look at both resale homes and new contruction.....but use a real esate agent on both.
The builders sales people work for the builder......not you.

Give "Marney Kirk" a call who also responded to you question. Most agents who paricipate on these sites are experienced and can guide you to making the right decision.

Greg Myers
Re/max Realty Group
0 votes Thank Flag Link Thu Jan 12, 2012
Hi Meredith, you have very good questions. Have you sat down with the builders already? Have you spoken with an agent who can represent your best interests?
Your questions are ones that, without knowing your complete situation, are not easy to answer. Loan qualifications can change some of the questions and answers as well.
Your best bet is to speak with someone who can represent your interests after knowing more of your situation.
Please let me know if I can help you further.
Good luck!
Sincerely,
Marney Kirk
Keller Williams Excellence Realty
0 votes Thank Flag Link Thu Jan 12, 2012
Where is the townhome in Owings Mills? Did you compare it to any resales? I'd say the quality is the same for both builders. Your closing costs will most likely be higher with new construction. If you do build, sometimes you get the most bang for your buck by doing some of the upgrades yourself (usually you can build a deck for less per sq ft then the builder charges). But things like at least 3 beds, 2.5 bath, FP, fin basement, those are things you will need to do from the beginning. It's hard to guess at what will help with resale value in the current market, that's why so many people are getting good buys through foreclosures and resales.
0 votes Thank Flag Link Thu Jan 12, 2012
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