Depending on the builder it will be another $35k to $50k for them to finish it. If you hire a contractor(s) to finish it down the road, you’re looking at $20k to $50k depending on how by the book and fancy you want to go. If you’re one of those lucky souls that can finish the basement yourself or you have a family member who can, you will save a substantial amount of money.
When buying a new construction home in Georgia, 99.9% of them come unfinished. One SUPER alternative to an unfinished basement is a REVERSE BASEMENT aka a basement on top. The #1 reason is because a reverse basement comes finished! For the same price of an unfinished basement, buyers can have a fully finished space and it’s pretty impressive.
Things to know:
Not all builders offer reverse basements.
Reverse basements can be added on different floor plans.
Not all cities allow reverse basements because of height restrictions.
If you plan to use your reverse basement for a children’s play room AND you’re noise sensitive, you may want to give it special consideration.
Reverse basements may be called something else in your area.
How to identify a reverse basement – In the video below, the floor plan toured is a Turnberry. If it has a reverse basement, it will be a Turnberry III. Likewise, it would be a Jefferson III or Roosevelt III.
What do you think of the reverse basement? Do you think it’s a good alternative to an unfinished basement? If not, why?
The home toured in this video is the Turnberry in the Independence subdivision in Loganville, Georgia.
Are you looking to relocate to Loganville, Georgia? Check out…
If you’ve thought about selling your home without a REALTOR® and perhaps using one of these companies of “CONVENIENCE”, WATCH THIS BEFORE YOU DO!
The convenience these companies offer come at a price and as this example proves, it is a hefty one!
The seller left $30,000 on the table by selling to Offerpad. Is that something you would be okay with? I doubt it…
If you are ready to buy your 1st home or sell your starter home and buy your dream home, I’m the agent for you. Let’s create a game plan. You can reach me at info@soldbynat.com or call (404) 857-2508.
Not local? No problem! I will get you in contact with one of my colleagues in your area.
*FYI – The information shared in this video is public information. Aside from that I am very familiar with the neighborhood. I lived in the Park Place subdivision in Loganville, Georgia for 10 years and have sold & leased several homes in this particular subdivision and surrounding areas.
When is the right time to buy a home? Unless you have a crystal ball that actually works predicting the future, my answer is NOW!
Some people get hung up on waiting or anticipating that perfect time. Others get discouraged and put it off which is a huge mistake. Buying real estate is not one of those things you should wait to do.
4 Misconceptions we cover and debunk are:
1) I’m too young
2) I’m too old
3) It’s cheaper to rent than it is to buy
4) I have to live in the house for 30 years
If you are ready to buy a home, let’s talk and get you closer to your dream. (404) 857-2508.
I specialize in and around Gwinnett county, Georgia. You can reach me at info@soldbynat.com or call (404) 857-2508. Not local? No problem! I will get you in contact with one of my colleagues in your area.
When someone has to rent because they are not yet in a position to buy a home, BUT they know they want to own a home, LEASE PURCHASE is often an option they look into.
For years I advised my clients against doing a lease purchase. While it still isn’t my top recommendation depending on their situation, I have come across some companies that offer a lease purchase / lease with the option to buy alternative that are worth looking into.
In this blog post and video video, I share my finding on 4 companies.
Home Partners of America
TRIO
Divvy Homes
Dream America
*I am a preferred/registered agent with all of the companies listed. If you are interested in seeing if a lease purchase option is right for you or applying to one of the programs, CONTACT ME to get the process started (404) 857-2508.
DISCLAIMER – These are my opinions based on my research on paper. Information is subject to change at any time. Verify information directly with the companies mentioned.
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What is a LEASE PURCHASE?
Basically a lease purchase is an agreement that allows someone to rent a house with the intention of buying it at some point.
For many years I would advise against doing a lease purchase because of how most are structured aka the fine print. A lot of the times one will end up putting a large amount of money down upfront and if they decide not to buy that property or things don’t work out, they lose their money.
I have come across a few companies that offer a lease purchase option and I feel comfortable enough to present this as an option to my clients.
I have two disclaimers for you:
#1 – The information that I’m going to share is based upon my research on paper. I have not personally purchased a home through lease purchase okay. Some of these companies I am more familiar with than others but again these are my opinions and I urge you to do your own research. Do your own due diligence and then you have to apply it to your particular situation and what’s going to work out best for you. That leads me to my second disclaimer.
#2 – Any time someone asks me about a lease or lease purchase I first talk to them about getting approved to just buy outright. It’s gonna be in your best interest and cheaper in the long run for you to just go ahead and buy outright. There are some people who cannot for various reasons buy outright within the next 12 months. Those people may want to look at these programs to see if that’s an option for them.
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Home Partners of America allows you to find a home that you want to rent from us initially, but you may also like to buy any time within the next three to five years okay.
They are available in several states. If you go to their website, you click on Communities. You can see all of the states that they are listed in. In my opinion this program would be good for a person that needs a couple of years to qualify to buy a home but they want to get into that home now okay.
Trio. If you are in the state of Georgia like I am, at the time of my research, Trio is on hold. Per their website…
Important announcement. Please read carefully. Due to a delay with the Department of Housing and Urban Development, Trio is temporarily not accepting any new purchase and sale agreements in Georgia we are continuing to process applications and have a few move-in ready homes available in the Atlanta market. We ask that you wait to submit any offers on a home as we’re not accepting any purchase of sale agreements in Georgia at this time and then it goes on to say basically for all other markets as we continue with normal operations. For updates and announcements please sign up for our newsletter okay.
So they are currently on hold and not accepting any new applications, but I’m still gonna go ahead and review them because when they do start accepting new applications this is definitely one to look into. Trio offers a new path to homeownership that’s affordable realistic sustainable and secure for American households. It allows the renter to assume the mortgage when they qualify. They are available in several states as well and if you go to their website you click on Locations and you’ll where they’re available.
Next up is Divvy Homes. Divvy allows you to choose the home you want to live in now while saving up for a down-payment. Divvy is available in the metro areas of Georgia, Cleveland, Tennessee. If you’re one of those people that have been saving for a house for a very long time and it has not happened but you have the newest bags and shoes and, you want to take a look at this program.
Last but not least is Dream America. Dream America offers a 12-month lease with the option to buy program. It’s offered exclusively to aspiring homeowners. It is for individuals and families that want to pick a home from any available from their community within an approved budget, lease it from Dream America and then buy as soon as they qualify for a mortgage. They are available in metro areas of Florida, Georgia, Nevada, Tennessee, and Texas.
For additional information, my opinion and highlights of each of these programs, see the VIDEO below.
To APPLY with me as your agent, click on the link and/or give my name & email – info@soldbynat.com
Home Partners of America – https://www.homepartners.com/?utm_agent=Natasha%20Bazile&utm_agentemail=info%40soldbynat.com&utm_agentid=E42746F0B8EF98EA&utm_brokerage=Virtual%20Properties%20-%20GA
TRIO – Contact me for application tips and info needed
Divvy – divvyhomes.com/a/agentnatashabazile
Dream America – https://www.dreamamerica.com/home/applyNow/Natasha-Bazile
While I primarily work with sellers & buyers; I have learned and become very effective in helping people secure rental properties.
Finding a rental property can be very frustrating. Agents not calling you back and you can’t understand why? You’re probably going about it the wrong way! Understand why and what you can do differently. Taking this advice will save you a lot of wasted time & aggravation.
My TIPS…
See if you can get Pre-Approved for a Mortgage. If not now, find out what you need to work on. Renting should not be your long-term strategy.
Decide how you’ll search and find the property. Will you do it yourself or use an agent? Pick 1. Don’t do both!
Be forthcoming. Disclose everything upfront. Especially pertaining to Credit Score, Evictions, Bankruptcies, Judgments and Pets.
Know what you’re looking for in a rental property, BUT don’t be too picky.
Don’t start looking to soon. You need to be ready to apply immediately and move in within the next 2 to 4 weeks.
Make sure you’ll have all the money needed to proceed. You’ll need all funds by move-in. The reservation or security deposit may be due when your application is approved.
Act quickly when you find a good rental. While you’re thinking about it, someone else is actually submitting an application.
Each company/landlord varies, but they generally have these requirements. Please let me know NOW if you do not meet or have issue with any of the following.
Applicants – Everyone over age 18 must submit an application & fee. Everyone who will be staying in the home must be listed on the application.
Credit – Some may or may not have a specific credit score, but relatively good/responsible recent payment history is ideal.
Credit – No evictions (some may allow evictions if more than 2 years ago). No open bankruptcies. No judgments related to rental property.
Income is 3 times the monthly rent. (Ex: $1300 x 3 = $3900 monthly income)
Pets – May or may not be allowed. If allowed, an additional deposit or fee is common.
Criminal Background – Some don’t allow any felonies. Some will allow after a certain timeframe.
To apply – Application fee amount depends on company. Common Requested Documents – Photo id, Social Security Card, Pay stubs, Bank Statement, W2, other proof of income.*Condition of property – Assume the house is as-is. Note any requests, changes, or fixes on your application.
Once approved – 1) Reservation Deposit (a good faith deposit that will be credited) and/or Security Deposit (normally 1 month’s rent) and 2) First Month’s Rent due at move-in. If there are credit concerns, 2 month’s security deposit can be requested.
Move-In Date– If your move-in date is more than a month out, please let me know. Rentals go quickly and are move-in dates generally cannot be extended (Ex: YES – Apply in March, move-in in April. NO– Apply in March for move-in in June or later).
Check out this video for further information on these tips:
