Home-Related Questions:
Do I need a realtor to buy an MBK home?
You do not need a realtor to purchase an MBK Home. Our Sales Staff are all licensed California real estate agents and as such will disclose all information pertaining to the purchase of the home to you.
What is a homeowners association (HOA)?
This organization of homeowners oversees regulations and expenditures within a community. It is typically responsible for the development of an annual budget, the collection of assessments homeowners pay to maintain and repair "common areas," and the creation and enforcement of various rules and guidelines for community living. Most homeowners associations have a board of directors elected annually, ensuring efficient and democratic leadership. Each homeowner within the community is a member of the association with voting privileges.
What is the difference between hazard, homeowners and fire insurance?
Those terms are used interchangeably. Contact your insurance agent for a more detailed explanation.
What is Mello-Roos (or CFD, Community Facilities District)?
Created by the California State Legislature in 1982, Mello-Roos and Assessment Districts are special tax districts. These districts collect funds to pay for vital facilities needed by new home communities - streets, schools, water, drainage, parks, sidewalks, median landscaping, sewer systems - which otherwise might not be available to initial homeowners in the community. An assessment District or Mello-Roos District is formed by local government and can include the City Council, Board of Supervisors and school districts. They issue bonds (essentially loans) to fund community facilities. Homeowners pay assessments to repay the bonds, which are added to their annual property tax bills. Each community has its own rate, and assessments can increase or decrease. Depending on where your home is located, you might have the option of paying the assessment in one lump sum. Sometimes assessments are tax deductible. This explanation is a summary and not intended to take the place of more detailed explanations and legal disclosures, so you may need to consult a financial advisor. When you make your home purchase, you'll receive complete information on Mello-Roos and Assessment Districts.
Explain is the difference between Mello-Roos and an assessment?
The Mello-Roos Act of 1982 allows certain public entities, such as cities, counties, schools and local districts, to finance public infrastructure and certain governmental services. The public entity forms a community facilities district and, after a public hearing and approval of two-thirds of the district's electorate, may levy a special tax on the real property within its boundaries, which is subject to voter approval within the proposed district Assessment districts, on the other hand, have been used to finance infrastructure improvements such as streets, water, sewer and utilities. An assessment district can be formed by a city, county or other public entity after a public hearing, and levy an assessment on the real property in the district to finance public improvements, like streets or roads.
Can property taxes and Mello-Roos go up?
In Mello-Roos districts, rates can increase from year to year based on the charge formula or additional bonds being issued to pay for different improvement phases. Property taxes can also increase depending on the area you live.
What are the advantages of buying a new home instead of a resale home?
There are many reasons a new home is preferable to an older home. First and foremost are reasons like getting the fresh, modern design you're seeking for the way you live today, and the fact that there are fewer things to go wrong with a brand new home. Other good reasons include the opportunity to customize your home with the flooring, cabinets and countertops reflecting your taste and standard of quality, and that everything in your new home comes with a warranty. Special benefits of an MBK home include the latest in building innovations, materials and energy efficiency. There are also those advantages we take for granted that aren't always part of an older neighborhood, like sidewalks, attractive street landscaping and underground utilities.
What are CC&Rs and what purpose do they serve?
Covenants, conditions and restrictions (CC&Rs) are governing documents that dictate how homeowners associations operate, and what rules homeowners and their tenants and guests must obey. CC&Rs usually include restrictions on types of architectural changes allowed, recreation facilities rules, and other rules such as number of pets per household. They are legally enforceable by the homeowners association, unless a specific provision conflicts with federal, state or local laws. CC&Rs help maintain the value of both individual properties and the community as a whole by establishing standards with which owners must comply.
Explain the MBK method of home building.
After selecting the best land for building homes, we draw up plans and get city or county approval. Once we've purchased the land, we prepare the site for construction, trench and install plumbing, pour foundation and frame walls. Then we build the framework supporting the roof and install the heating, plumbing, electrical systems and any fireplaces. Next come roofing, lathing, insulation and drywall, as well as the installation of cabinets and countertops. Once all this is complete, application of the exterior surface, like stucco is done. Work then moves inside, including plumbing fixtures and door hardware, painting, appliance installation, as well as adding a roof. Finally, we put in the driveway landscaping, carpeting and tile, paint the exterior trim. And you're ready to move in!
When may I preview my home during construction?
You'll be invited to tour your new home at several key points during construction: the Scheduled Framing Tour, the Drywall Complete Tour and the Post Hard Surface Installation Tour. You'll also take a New Home Tour prior to closing. You'll be provided with a hard hat for safety during all tours and accompanied by an MBK Homes staff member. No one under age 18 may visit the site, and no one can take an unscheduled tour of their home for safety and insurance reasons.
May I have a home inspector look at my home?
MBK provides many opportunities for you to view your new home with a qualified MBK team player throughout the escrow process. You may have a home inspector look at your home only after escrow closes.
When will I receive my keys and move in?
Once your New Home Consultant receives confirmation from escrow that the grant deed has recorded in your name, and you are now the owner of the property, you will receive your keys. However, move-in may be delayed because of variables affecting construction, such as inclement weather, labor shortages or materials delays. So even though you've closed escrow, your move in date may be postponed until all work is completed.
How do I purchase MBK design options?
A host of personalization choices is available through our design options. Your time frame in which to select from these options depends on when you sign your purchase agreement and the point of construction of your home. Homes are built in phases with materials purchased months in advance of installation, so strict cut-off dates are applicable. Consult your New Home Consultant for option selection availability.
When should I turn on my utilities?
Once you've scheduled your New Home Tour, you should contact all utility providers (gas, electric, sewer, trash) and apply for new residential service in your name by this date. Your utilities can be turned on only after the city or county completes its final inspection. MBK Homes will ensure that the utility companies receive the final inspection notification, but it's your responsibility to coordinate with them directly.
What should I expect at the New Home Tour?
During this tour, you'll have a thorough walk-through/new home orientation to demonstrate your home's features, review care and maintenance information, and check for any items needing attention or adjustment before closing. This is the perfect opportunity to become familiar with your new home systems and location of all utilities. While MBK Homes strives to have your home in ideal condition at tour time, this is often not possible. Items that have not been completed prior to your move-in date due to delays in parts delivery or subcontractors scheduling will be fixed by MBK Homes within 30 days after close of escrow.
How much money should I budget for options and flooring?
Your investment in customizing your new MBK home w/options and flooring is a very personal choice and may vary based upon many factors such as how long you plan to live in the home, your budget and payment sensitivities, etc. An average guideline is planning to spend around 10% of the price of the home.
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