Thursday, October 10, 2013

Ryan Homes: Experience So Far

I am currently in the process of buying a new home. I am not sure if I could be any more confused about all the things needed, all the terms, and all the technicalities. I stumbled across a blog that basically went through their experience, and thought to share my experience so far and hopefully continue in the future. I am kind of saddened that there hasn't been any updates since 2010 in the blog but it did go through 2 years after they moved in.

Up to this point, I have "signed" the contract. I am not exactly sure if it is official because most of it seemed to be that I have reviewed it.

First Deposit

After signing, I had to pay $10k for some good-faith payment. There are a bunch of conditions to how I get this money back if financing does not work out. I am not completely clear on this.

Flooring

During this time, I also picked out the flooring with Advanced Flooring & Design. I went with the ceramic tiles in the kitchen and wood flooring. The vendor lady was helpful and kind. I could tell she was getting a little impatient with me though but remained professional and courteous.

Low-Voltage and Security Options

Low-voltage was with Guardian Security. The "representative" claims that he is only there as a consultant and not as a sales-person but the meeting still felt very sales-like to me. I felt pressured into the different options. Also, I was not familiar with all the options so I did not get a lot of time to think where I wanted all the ports for phone, internet, and cable. The mood seemed to have gotten worse after I declined the security option. The security option sounded very tempting where they offered no installation fee if you bought a 5-year service. He also threw in a tidbit that new homes are more likely to be broken into. The "consultation" seemed very much like a sales-pitch to me even if that was not his intention.

Questions

A lot of this is moving way to fast for me due to pressures from my parents so I have not put as much research as I would like to put into such a huge investment. I still believe renting is not much more expensive than buying a home. Although, I admit once you pay off the mortgage it is worth it. It is also probably worth the price after 10 years. But, I haven't stayed in a single place for over 3 years even changing states 4 times during that span.

  • How do I shop for mortgages?
    • Each bank seem to assume that I will be signing on with them so I'm not sure at what point I should tell them to wait for me to see what I get from other mortgage loaners.
  • How do I shop for attorneys?
    • I have only spoken to one so far and it seems that she already assumes I am going with her even before telling me what her rate was.
  • How accurate are the reviews online?
    • Unfortunately, I did not bother to research and just trusted my father that this was a good company. After doing my own research (today), I found a ton of negative reviews and no positive reviews. I specifically did a search on "happy with Ryan Homes" to find any positive reviews. Since I'm already somewhat invested (although very uncomfortably), I hope that a townhouse would not be too terrible since there would be multiple owners. Also, there are plans for 4 more lots so my lot has to at least last till those are sold.
  • Why do mortgage loaners ask for so much information?

Overall

Overall, buying a new home takes up a lot of time. I have not been able to spend a lot of time on it because of work and all the research needed (and the lack of time to research). I have also had to take time off from work to deal with different vendors to make certain options. Currently, I am feeling very uncomfortable which is rather normal considering how many unknowns I am dealing with so far.



Reference

http://www.buildingwithryan.blogspot.com