new home upgrades

O

oceanmonkey

New member
is it worth it to add some new home upgrades?
will the cost counted as the final price of the property thus subject to property tax?
any recommendation on what options to pick would be helpful.

thanks
 
I'm going through the process now. I'm doing all electrical (including recessed lighting), my whole kitchen, insulation, and solar through the builder. All bathrooms and flooring outside after closing.
 
Yes you will pay property tax on your upgrades...and that orange bike....forever.
 
happytales said:
I'm going through the process now. I'm doing all electrical (including recessed lighting), my whole kitchen, insulation, and solar through the builder. All bathrooms and flooring outside after closing.
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thanks for the information.

i agree on all the electrical and structural upgrades, which will cost much more after closing. With all the kitchen upgrades, and paying 1.8% for the rest of the time i am owning the place... that's a pretty big price tag for me. i will probably go without upgrade kitchen.
 
oceanmonkey said:
happytales said:
I'm going through the process now. I'm doing all electrical (including recessed lighting), my whole kitchen, insulation, and solar through the builder. All bathrooms and flooring outside after closing.
Click to expand...

thanks for the information.

i agree on all the electrical and structural upgrades, which will cost much more after closing. With all the kitchen upgrades, and paying 1.8% for the rest of the time i am owning the place... that's a pretty big price tag for me. i will probably go without upgrade kitchen.
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You can always upgrade later in life when you get tired of the existing kitchen. It'll also make you love the house again once it becomes old. Also keep in mind, the area your buying. If everyone is opting for upgrades, then when it comes to resale you'll want to be in-line with the community.
 
Doesn't the city of Irviine reassess the value of your home every few years so ultimately in a few years it won't matter if you upgraded with builder or after COE. This is what we were told because home values as they appreciate more in Irvine the city wants to bank on that extra property tax
 
Paris said:
Doesn't the city of Irviine reassess the value of your home every few years so ultimately in a few years it won't matter if you upgraded with builder or after COE. This is what we were told because home values as they appreciate more in Irvine the city wants to bank on that extra property tax
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Prop 13 limits property tax increases to 2%. Unless you do some major addition to trigger a full reassessment your bill won't go up more than 2% per year regardless of how much the home increases
 
I thought the county gets the tax money.  If you appeal the assessment you have to appeal to the county not the city.
 
qwerty said:
Paris said:
Doesn't the city of Irviine reassess the value of your home every few years so ultimately in a few years it won't matter if you upgraded with builder or after COE. This is what we were told because home values as they appreciate more in Irvine the city wants to bank on that extra property tax
Click to expand...

Prop 13 limits property tax increases to 2%. Unless you do some major addition to trigger a full reassessment your bill won't go up more than 2% per year regardless of how much the home increases
Click to expand...

i think this is actually true when price is going up.
i have seen tax jumps more than 10% from previous year when house bought in 2005 got reassessed in 2009 and then when the price bounced back in 2013, the tax jumps right back breaking 2% limit.
 
oceanmonkey said:
qwerty said:
Paris said:
Doesn't the city of Irviine reassess the value of your home every few years so ultimately in a few years it won't matter if you upgraded with builder or after COE. This is what we were told because home values as they appreciate more in Irvine the city wants to bank on that extra property tax
Click to expand...

Prop 13 limits property tax increases to 2%. Unless you do some major addition to trigger a full reassessment your bill won't go up more than 2% per year regardless of how much the home increases
Click to expand...

i think this is actually true when price is going up.
i have seen tax jumps more than 10% from previous year when house bought in 2005 got reassessed in 2009 and then when the price bounced back in 2013, the tax jumps right back breaking 2% limit.
Click to expand...

you are correct, but that is not what Paris was referring to. if you bought a house today for 100,000 and next year the price dropped to 80,000 and was reassessed, your property tax would have gone down by 20%. lets say in year 3 the house value goes up to $120,000 and the county re-assesses.  In year three the taxable value can not go above $104,040 (100,000 x 1.02 x 1.02), however, the jump itself from year 2 to year three would be huge.
 
A few years ago, a friend of mine paid $600,000 for a model home with the furniture left behind.  It doesn't sit right with me to pay property tax on furniture....or orange bikes.
 
When I picked up my orange bike I told the lady this bike cost me a million dollars but at least they threw in the house for free. 

She didn't laugh.
 
aquabliss said:
When I picked up my orange bike I told the lady this bike cost me a million dollars but at least they threw in the house for free. 

She didn't laugh.
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I get it. But I tell you Asian Humor, they just don't get it.  ;)
 
aquabliss said:
When I picked up my orange bike I told the lady this bike cost me a million dollars but at least they threw in the house for free. 

She didn't laugh.
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Some people have no sense of humor. Imagine how fun she is at home with her husband. ;D
 
i saw a lot of builders are offering bi-folding doors as an options, normally they cost over 8k. anybody knows if this is a good deal or not? considering 8k + 88 tax every year after.
 
$8k is actually cheaper than some new builds that range from $11-$13k.  Check out NanaWall or LaCantina prices, pretty expensive.  Also depends on how many actually fold out (4-8).  Probably won't get in resale value unless your backyards opens ups and you have some depth of view.  Also, if you use the outdoors a lot and entertain, probably worth it.
 
FranchisePlr said:
$8k is actually cheaper than some new builds that range from $11-$13k.  Check out NanaWall or LaCantina prices, pretty expensive.  Also depends on how many actually fold out (4-8).  Probably won't get in resale value unless your backyards opens ups and you have some depth of view.  Also, if you use the outdoors a lot and entertain, probably worth it.
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thanks for the help.
do you think it would still be cheaper than adding the bi-folding door later? not sure how much a project like this will cost.
 
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