| Posted By |
Message |
julybride0706
LIF Adult
Member since 3/07 1376 total posts
Name:
kaitlyn
|
Advantages to new constructions?
i've heard that there are some advantages to buying a new construction? was it tax? anyone knows?
TIA!
|
Posted 2/7/08 1:51 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
|
Re: Advantages to new constructions?
Taxes are usually higher on new construction.
There are obvious advantages as in most of the homes now are Energy Star homes, so you'll save money on utlity bills and for us, our house has a warranty.
|
| Posted 2/7/08 1:53 PM |
| |
|
julybride0706
LIF Adult
Member since 3/07 1376 total posts
Name:
kaitlyn
|
Re: Advantages to new constructions?
Posted by bicosi
Taxes are usually higher on new construction.
really? i thought it was the opposite. my cousin in law bought a new construction a few years ago and i thought i heard that they were paying lower taxes for a few years and then it goes up to normal tax. maybe i've heard wrong 
|
| Posted 2/7/08 1:58 PM |
| |
|
bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
|
Re: Advantages to new constructions?
maybe they are waiting to be assessed?
I know that for my new construction (not in NY), this year's taxes were very low because I was only paying taxes on the land (there was no house there yet). Next year, I'll be taxed on the land and the house ! FUN! lol
|
| Posted 2/7/08 2:02 PM |
| |
|
GraciesMom
LIF Adult
Member since 7/05 1636 total posts
Name:
|
Re: Advantages to new constructions?
I just moved into new construction, no tax break here. We pay about $14K. (We're in NJ). Advantages are you get to pick out what you want, counters, cabinets, flooring, layout, colors, etc. Also, our house is energy star and we have really noticed it. One disadvantage is that we need to landscape and that is going to cost a fortune when we get around to it.
|
| Posted 2/7/08 2:09 PM |
| |
|
csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
|
Re: Advantages to new constructions?
Taxes are always higher on new construction. What your cousin might have been talking about was new construction in the city. The city offers incentives for new construction one is tax breaks for a certain amount of years and then they will gradually go up to full value. I only know of it in teh city...not on long island.
|
| Posted 2/7/08 2:22 PM |
| |
|
julybride0706
LIF Adult
Member since 3/07 1376 total posts
Name:
kaitlyn
|
Re: Advantages to new constructions?
Posted by csorisi
Taxes are always higher on new construction. What your cousin might have been talking about was new construction in the city. The city offers incentives for new construction one is tax breaks for a certain amount of years and then they will gradually go up to full value. I only know of it in teh city...not on long island.
yes, that's correct where they got tax breaks for certain # of years. it's not in the city. actually, it's in glen head. that was a couple of years back tho. might change now.
|
| Posted 2/7/08 3:35 PM |
| |
|
csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
|
Re: Advantages to new constructions?
Posted by julybride0706
Posted by csorisi
Taxes are always higher on new construction. What your cousin might have been talking about was new construction in the city. The city offers incentives for new construction one is tax breaks for a certain amount of years and then they will gradually go up to full value. I only know of it in teh city...not on long island.
yes, that's correct where they got tax breaks for certain # of years. it's not in the city. actually, it's in glen head. that was a couple of years back tho. might change now.
It is possible that certain towns or villages also give incentives to builders but it not a common practice on long island. In many cases takes are double what you woudl have paid if you bought someone elses home.
I represent alot of sellers in new construction and on some of the properties a condo's taxes (2 bedroom, 2 bath) in east meadow or plainview is over $10,000.
There are many advantages to buying new construction but there are alot of disadvantages. I find that they are usually overpriced and that you pay more for things then you would if you put them in yourself. I also find that alot of people aren't happy with the end result--they have a lot of issues and feel that they paid alot of money and it isn't perfect. The other downside is it can be a very long process. Some of the houses/condos we sell aren't ready to close for at least a year and a half to 2 years. I think the best way to buy new construction is to buy it when the house/condo you are buying is already built and you can see the final result before you sign the contracts.
Good luck
Message edited 2/7/2008 4:20:46 PM.
|
| Posted 2/7/08 4:16 PM |
| |
|
jana
LIF Adult
Member since 3/06 1134 total posts
Name:
|
Re: Advantages to new constructions?
I bought new construction in Queens.
10 yr tax abatement, thats where the tax goes up a bit every year and on the 10th yr it is about where it should be, for us...close to $9,000.
|
| Posted 2/7/08 10:06 PM |
| |
|
MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
|
Re: Advantages to new constructions?
I sold new construction in Brooklyn for a while and there were tax abatements passed on to the condo buyers for up to 10 yrs.
We are building new construction right now and so far the advantages are picking out what we want (floors, cabinets, countertops) and paying taxes so far only on the land. We are also coming out ahead in that the price to buy our house would be about 29% more than what we are paying to build. 39% if we believe the current appraisal of surrounding homes.
The disadvantages are dealing with contractors, dealing with subcontractors and dealing with landscapers. For some reason the construction industry & everyone connected with them thus far finds that it is acceptable to say they will do something, not do it, not respond to calls and then expect payment. The only people who have been responsive in a timely manner are the lenders.
Do I seem disgrunteld?
|
| Posted 2/7/08 10:23 PM |
| |
|
bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
|
Re: Advantages to new constructions?
Posted by MrsT
.
The disadvantages are dealing with contractors, dealing with subcontractors and dealing with landscapers. For some reason the construction industry & everyone connected with them thus far finds that it is acceptable to say they will do something, not do it, not respond to calls and then expect payment. The only people who have been responsive in a timely manner are the lenders.
Do I seem disgrunteld?
I'm so sorry to hear about that. Down here in the South, it was nothing but a pleasure! I was so afraid from knowing about the horrors of building in NY, but it was such an easy process down here.
Good luck!
|
| Posted 2/8/08 9:04 AM |
| |
|
MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
|
Re: Advantages to new constructions?
Posted by bicosi
Posted by MrsT
.
The disadvantages are dealing with contractors, dealing with subcontractors and dealing with landscapers. For some reason the construction industry & everyone connected with them thus far finds that it is acceptable to say they will do something, not do it, not respond to calls and then expect payment. The only people who have been responsive in a timely manner are the lenders.
Do I seem disgrunteld?
I'm so sorry to hear about that. Down here in the South, it was nothing but a pleasure! I was so afraid from knowing about the horrors of building in NY, but it was such an easy process down here.
Good luck!
We are building our house in Virginia and it's a nightmare. I deal with contractors daily for work (I have over 600 sites) and it's pretty much all the same in NY, NJ & CT and now I can add VA to the list. Friends in PA went through the same issues and they basically had to GC their own build but pay the GC anyway.
This is a site I use to research home building - http://ths.gardenweb.com/forums/build/
I'm glad that you had a better experience.
|
| Posted 2/8/08 12:09 PM |
| |
|
bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
|
Re: Advantages to new constructions?
Posted by MrsT
Posted by bicosi
Posted by MrsT
.
The disadvantages are dealing with contractors, dealing with subcontractors and dealing with landscapers. For some reason the construction industry & everyone connected with them thus far finds that it is acceptable to say they will do something, not do it, not respond to calls and then expect payment. The only people who have been responsive in a timely manner are the lenders.
Do I seem disgrunteld?
I'm so sorry to hear about that. Down here in the South, it was nothing but a pleasure! I was so afraid from knowing about the horrors of building in NY, but it was such an easy process down here.
Good luck!
We are building our house in Virginia and it's a nightmare. I deal with contractors daily for work (I have over 600 sites) and it's pretty much all the same in NY, NJ & CT and now I can add VA to the list. Friends in PA went through the same issues and they basically had to GC their own build but pay the GC anyway.
This is a site I use to research home building - http://ths.gardenweb.com/forums/build/
I'm glad that you had a better experience.
Oooooooooh, I hope it gets much easier for you!
I am a gardenweb.com wh0re! lol
|
| Posted 2/8/08 12:12 PM |
| |
|
|
|
Re: Advantages to new constructions?
Posted by jana
I bought new construction in Queens.
10 yr tax abatement, thats where the tax goes up a bit every year and on the 10th yr it is about where it should be, for us...close to $9,000.
That seems really high for Queens?!
|
| Posted 2/8/08 4:57 PM |
| |
|
snowprincess
My happy babies
Member since 3/06 3428 total posts
Name:
|
Re: Advantages to new constructions?
Posted by julybride0706
Posted by bicosi
Taxes are usually higher on new construction.
really? i thought it was the opposite. my cousin in law bought a new construction a few years ago and i thought i heard that they were paying lower taxes for a few years and then it goes up to normal tax. maybe i've heard wrong
yes that is true - it can take a few years to catch up - matters when things are turned over from the developer to the owner - but i think it matters what the project is - did they demolish old houses, what the land was used prior
we bought a condo and we are looking at 3 years or until the entire building sells of paying our taxes through the builder - we pay a 1/4 of what we should be paying - we pay at a higher percentage but the land was nothing before the buildign was built
i know a guy in woodbury who during the height of the market kept building new houises and selling before the taxes went up -would hold on for 2-3 years
Message edited 2/8/2008 5:03:19 PM.
|
| Posted 2/8/08 5:02 PM |
| |
|
jana
LIF Adult
Member since 3/06 1134 total posts
Name:
|
Re: Advantages to new constructions?
Posted by Seles81
Posted by jana
I bought new construction in Queens.
10 yr tax abatement, thats where the tax goes up a bit every year and on the 10th yr it is about where it should be, for us...close to $9,000.
That seems really high for Queens?!
My neighbor across the street pays $22,000( as per MLS)..the 3 houses next to his are considerably more 
& you guys all thought it was a bargain to live in Queens
|
| Posted 2/8/08 10:50 PM |
| |
|
MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
|
Re: Advantages to new constructions?
I think taxes are higher for a new construction, we left one wall up, so it wouldnt be considered a new construction, but it really is. So hopefully our taxes wont be as much as if we took all the walls down.
|
| Posted 2/9/08 12:04 PM |
| |
|
julybride0706
LIF Adult
Member since 3/07 1376 total posts
Name:
kaitlyn
|
Re: Advantages to new constructions?
Posted by jana
Posted by Seles81
Posted by jana
I bought new construction in Queens.
10 yr tax abatement, thats where the tax goes up a bit every year and on the 10th yr it is about where it should be, for us...close to $9,000.
That seems really high for Queens?!
My neighbor across the street pays $22,000( as per MLS)..the 3 houses next to his are considerably more
& you guys all thought it was a bargain to live in Queens
 what area is this? i've never heard taxes for queens is so high..
|
| Posted 2/11/08 12:55 PM |
| |
|
pharmcat2000
Mom of 2 + 1
Member since 10/05 7395 total posts
Name:
Catherine
|
Re: Advantages to new constructions?
I bought a new construction in 8/05 and my taxes weren't assessed until the following March and didn't kick in until 1/07, so we got almost a year and a half at "land-only" tax price (about $255 a year). When they did go up to "regular" price I thought they were too high, but not that much higher than other homes in my area. I ended up grieving them and won a reduction of $1800+ per year.
|
| Posted 2/12/08 8:10 AM |
| |
|
jana
LIF Adult
Member since 3/06 1134 total posts
Name:
|
Re: Advantages to new constructions?
On the Queens side of the Whitestone Bridge. Directly on the water.
|
| Posted 2/12/08 11:34 AM |
| |
|
julybride0706
LIF Adult
Member since 3/07 1376 total posts
Name:
kaitlyn
|
Re: Advantages to new constructions?
Posted by jana
On the Queens side of the Whitestone Bridge. Directly on the water.
ooohh...arent those houses in the millions anyway?
i certainly don't have the money to buy a million dollar house, nevermind, $22k per year in tax. and if i did, i rather l live in LI with more land
|
| Posted 2/12/08 2:28 PM |
| |
|
|
|
Re: Advantages to new constructions?
Posted by jana
On the Queens side of the Whitestone Bridge. Directly on the water.
I know where you are talking about and it is so nice there. I certainly didn't think the taxes were that high though.
|
| Posted 2/12/08 3:16 PM |
| |
|
