down payment for upgrades

[macrea]

Just wondering what the minimum is that you have to put down for upgrades, if I was getting $30,000 worth of upgrades how much would they need upfront?


Do they take post dated cheques and any other forms of payment?



Thanx,


John

[Greg]

I think it was 20% back when I was doing it but it may have gone up since then.

[justmed]

we had to pay 25% for our upgrades... spread it out over 6 months (I think)

and I know our friends who close in September have to pay 30%

[K.C.]

It's a good idea to select all of your structural upgrades at the time of your initial house purchase because you don't have to pay 25% upfront ... you can lump that in with your mortgage. Also you might get a promotional incentive for doing that like we did. We did about $20K in structural upgrades during the initial purchase and we received an additional $5K to spend on upgrades later. I don't know if they still have this incentive but they probably do.

We purchased in May and spread out our additional upgrades payments over about a 4 month period. The last payment was cashed early this month and our closing is April 1st. I think most people will have made the last payment much sooner but our situation was a little different because there was about a 2 1/2 month gap between our first design appointment and the second.

They'll give you a payment schedule after you finalize the upgrades at the second appointment. We made the initial payment with a credit card and did post dated cheques for the rest.

[jrb]

Actually,

My design book says 35% downpayment on upgrades.........

Jason

[Style]

Depends on who you have! if you have a line of credit and are ready to pay up front they may tell you to post date the cheque for a later date!

We had Coretta and she was awesome!

[K.C.]

So far on this board there has been a spread of 20% to 35% upfront for upgrades. I wondered why such a huge difference so I checked every poster's closing date. The sooner you close the smaller your percentage required upfront for upgrades. That's interesting that you have to pay so much more upfront if your closing date is further away. They must think the market has a lot more downside.

[JFiolek]

The book says 35%, but when we went to the Orientation they told us 25%. Which they said they would honor because they made that mistake.