New home upgrades and downpayment

[foxborough]

Any of the upgrades that you purchase from your builder will increase your sales price and this will increase the land transfer tax that you pay.

[Tara Wilkins]

Yes it will increase the Land Transfer Tax, but not your Property Taxes. Your property taxes are assessed by your LAND value...not whether you have granite in your home.

Tara

[gerapau]

Originally Posted by Tara Wilkins

Yes it will increase the Land Transfer Tax, but not your Property Taxes. Your property taxes are assessed by your LAND value...not whether you have granite in your home.

Tara

That depends on how much, and what type, of extras you get. if you buy a lot of extras (much more than the average) MPAC will see that in your purchase price and may assess your home higher. You won't pay higher taxes simply because you have granite installed but if you add $150k in extras to a $400k home they may assess you higher.

Also, some options, such as finished floor space in the basement, will raise your taxes.

[jeeva86]

Is 10% the typical total deposit structure for new homes?

[suezuki650]

Originally Posted by jeeva86

Is 10% the typical total deposit structure for new homes?

If you are rolling your upgrades into the mortgage then yes 10% is what seems to be the norm to put down on the upgrades.

[jeeva86]

Originally Posted by suezuki650

If you are rolling your upgrades into the mortgage then yes 10% is what seems to be the norm to put down on the upgrades.

Sorry I meant, what is the typical deposit structure for new homes, unrelated to upgrades.

[suezuki650]

Originally Posted by jeeva86

Sorry I meant, what is the typical deposit structure for new homes, unrelated to upgrades.

Most seem to be $20k in 4 instalments of $5000 each.

[gerapau]

Each builder is different. When we built is was $30K in 3x$10K installments. Some you pay a deposit on the home and then a certain percentage of any options. Best that you contact any builders that you are interested in and find out from them.

[jeeva86]

Anyone know how much % of upgrades cost you have to pay up front for Tartan? And I assume that % will get rolled into the purchase price + down payment.