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Old 2019-10-09, 01:04 PM
Tbaga Tbaga is offline
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Join Date: Aug 2019
Location: Ontario/Ottawa
Posts: 6
Default Buy more upgrades vs larger downpayment

What are the pros and cons of buying more upgrades and, in turn, having a higher mortgage payments, versus buy less (or not at all) upgrades and increase downpayment for lower mortgage payments? I rarely see discussion that logically contrast these two options. I realize that having some upgrades these days may be a must, depending on the house you buy. Upgrades that cannot be done after closing may be necessary, but the purchase of any other upgrades should be weighed against the financial impetus of doing so. Please give your opinion. This may help some prospective buyers to put things in perspective.
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Old 2019-10-09, 02:19 PM
suezuki650 suezuki650 is offline
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Join Date: Oct 2015
Location: Half Moon Bay
Posts: 428

Personally, it would depend on a number of things. For instance, if I'm planning to be there for awhile and I like the upgrades offered and they are priced reasonably, then having them done at once and rolled into the mortgage makes sense. If it's a starter home and I'm not planning to be there long term, then putting in fewer upgrades might be the best approach because a) you have less equity if it's your first home b) starter homes don't always have the same level of upgrades so the expectation might not be there on resell c) you don't always get the value back in resell.
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Old 2019-10-10, 04:48 PM
OttawaC OttawaC is offline
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Join Date: Sep 2018
Location: Orleans
Posts: 60

The pros of buying with the builder are the costs can be rolled into the purchase price, you don't have to live through renos on a new home, you know up front what the upgrades will cost so you have the peace of mind that no surprises will pop up, and your upgrades are covered by your new home warranty. The price from the builder is the complete install and finished price.

The cons? The upgrades can cost more, all builders have limited selections so you may not get what you want and the quality of the install may be suspect. You should ideally have an eye for design (some people should never be allowed in a design centre) and yes, it does increases the overall cost of your home. One real con is that it can be easy to over upgrade your home and select upgrades that add little value to your home.
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Old 2019-10-11, 07:08 AM
stittsville resident stittsville resident is offline
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Join Date: May 2018
Posts: 65

From my experience the only pros of dealing with the builder for upgrades is that the cost of them can be rolled up into the cost of the house.

The biggest con is that they will choose who they outsource the work too and you will have no control over the process. This can and usually does result in all other pros you thought existed from dealing with the builder vanishing.

I would never use the builder for any upgrades which can be done afterwards.
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Old 2019-10-11, 12:31 PM
Robin2 Robin2 is offline
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Join Date: Mar 2012
Location: Orleans
Posts: 97

i'd certainly concentrate on the structural upgrades that can't be done afterwards such as higher ceilings, larger doors, etc...

There's other upgrades it's doable afterwards but it's a makes for huge mess, that's it's a good to do with the builder such as smooth ceilings....

We did enough with the builder as long as the cost were reasonable and we dind't want to do the work afterwards.

One upgrade we did was the faux brick fireplace. We sourced out the materials and brick layer, and we ended with nicer finishes for 1/4 of the price. He installed it the next day after we received the keys.

I was glad to have deleted the builder lights, mirrors and bathroom hardware set (towel rack, etc). We upgraded those right away and easy to do.

BTW, without the builder lights in there, builder had to put in an acutal junction box with standaard 1 light. Much better than light bar they usually put in and no junction box as elect. wire simply goes into the light bar.
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