Post by Rocco on Jun 8, 2006 23:53:00 GMT -8
I have seen the floorplans for the Garnet Hill homes and I love them, especially Plan 1 (3,999 sq. ft.). Assuming that it would take all the equity in my current home, would it be wise to go in with a 25% down payment, have a $950,000 loan (assuming a $1.3 million sales price) and see my payments and taxes go up by about $5,000 per month. Although I am pretty sure I could swing the extra payment, we are talking about $60,000 per year difference.
I would go from what would be, possibly, a $900,000 home by, let's say 2008, to possibly a $1.6 million home. Is that $700,000 difference in value worth the extra $60,000 per year it will cost. Over 30 years we are talking about $1.8 million in extra payments and taxes ($60K times 30 years), but the chances are slim to none that I would be there in 30 years...more than likely it will be a great place to live for 5 - 10 years (although that is what I thought about Mountain Cove and after three years I already have happy feet).
I do have another property that has considerable equity so I would not completely be putting all of my eggs in one basket. However, the thought of an extra $60,000 per year is a bit daunting. The trade off, however, is a home that is 50% larger, a lot that is anywhere from 50% to 100% larger, city light views and being even closer to the mountain. The negatives would include not being in a gated community (although we see how useless it is without a guard), not being completely surrounded by mountains and not having that extra $5,000 per month.
Is this a slam dunk decision in either direction? I am on the fence, but always the risktaker, I am leaning towards going for it. This may be the only chance I get for awhile to have a brand new 4,000 sq. ft. home that I am able to customize from the beginning. My views from my bedroom right now are of a whole block worth of neighbors, while the view over there would be of city lights, both from the bedroom and from the main entertainment area downstairs. Plus, that courtyard, surrounded on all sides by the house, and wide open to the sky, will make the house feel even larger than 4,000 sq. ft. as well as offering another excellent entertainment area.
What are others thoughts on Garnet Hill? I mean I think the homes are just so far beyond anything in Mountain Cove that it is very hard to resist the urge to splurge.
I would go from what would be, possibly, a $900,000 home by, let's say 2008, to possibly a $1.6 million home. Is that $700,000 difference in value worth the extra $60,000 per year it will cost. Over 30 years we are talking about $1.8 million in extra payments and taxes ($60K times 30 years), but the chances are slim to none that I would be there in 30 years...more than likely it will be a great place to live for 5 - 10 years (although that is what I thought about Mountain Cove and after three years I already have happy feet).
I do have another property that has considerable equity so I would not completely be putting all of my eggs in one basket. However, the thought of an extra $60,000 per year is a bit daunting. The trade off, however, is a home that is 50% larger, a lot that is anywhere from 50% to 100% larger, city light views and being even closer to the mountain. The negatives would include not being in a gated community (although we see how useless it is without a guard), not being completely surrounded by mountains and not having that extra $5,000 per month.
Is this a slam dunk decision in either direction? I am on the fence, but always the risktaker, I am leaning towards going for it. This may be the only chance I get for awhile to have a brand new 4,000 sq. ft. home that I am able to customize from the beginning. My views from my bedroom right now are of a whole block worth of neighbors, while the view over there would be of city lights, both from the bedroom and from the main entertainment area downstairs. Plus, that courtyard, surrounded on all sides by the house, and wide open to the sky, will make the house feel even larger than 4,000 sq. ft. as well as offering another excellent entertainment area.
What are others thoughts on Garnet Hill? I mean I think the homes are just so far beyond anything in Mountain Cove that it is very hard to resist the urge to splurge.