Basements, like most things, have evolved over the years. A hundred years ago, having a coal bin in the basement was the norm. Coal was delivered through a chute into the basement and homeowners lifted shovelfuls of coal into the furnace to ensure their homes stayed comfortably warm. Let’s celebrate the fact that most of us no longer have to do that. Today, basements are used for everything, including additional living spaces for extended families, a home gym, housing memorabilia collections, and a home theater. The possibilities are endless. Read on to learn whether finishing your basement is the right option for you.

Empire Communities provides a variety of finished basement layouts. Most plans offer the following options:

1.   A large leisure room with an optional full bath or powder room
2.   An extended leisure room for an expansive space
3.   A leisure room plus a guest bedroom and full bath; some plans offer a comprehensive suite

Be sure to ask your Sales Consultant about our finished basement layouts — they’re happy to help you find the right layout to suit your family’s needs. Then, you can start enjoying your valuable basement space as soon as you move in. Similar to choosing upgrades for the main living area, you can personalize your finished basement during your Design Studio appointment.

If you are planning to finish your basement after closing, here’s what our unfinished basements include:

• Poured walls and concrete stoop
• Fully weather-stripped door between heated and non-heated space
• Insulated common vertical walls with heated space
• Stairs with a handrail plus unfinished treads and risers
• 400-amp electrical panel, white toggle switches, keyless light fixtures, a smoke detector, and a receptacle for future sewer pump and alarm installation

 Some floor plans also have:

• Water supply to the bath area
• Tub and toilet drain lines
• Holding tank for future finish

 *Not all floor plans have these extras — see your Sales Consultant for details.

Adding more space to your home may cost more, but did you know that turning the unheated area into a heated living space can actually lower the cost per square foot? Empire’s finished basement options can add up to or more than 24% of living space to your home. Plus, homes with finished basements increase in value quicker than those with unfinished ones.

You can save money on the purchase price now by finishing your basement after closing, but will it be worth it in the long run? Consider the hassle of a renovation later — screening contractors, juggling schedules for consultations, managing rising costs of labor and materials, and dealing with the mess. Opting to finish your basement at build time is hassle-free if you plan on having it completed in the future. It is a matter of personal choice and what works for your budget, so be sure to discuss your immediate and future plans for the basement with your Sales Consultant who will help guide you through the decision-making process. 

We are pleased to share that our River Reserve community in Greer, SC, offers numerous basement opportunities. This provides residents with the opportunity to customize their living spaces to meet their individual needs. Whether you desire a tranquil retreat, an expansive entertainment area, or simply more storage space, these basement options offer versatility.

For more details on these offerings, please visit our community page. These plans enable you to design a home that aligns with your vision right here in River Reserve.

Moving into a new home can be overwhelming, but we’re here to help.

Explore our guide on choosing the right lighting for your home and five clever ideas to maximize storage space in your garage.

When purchasing a new home, there are so many decisions to make that can feel overwhelming at times. The very first decision is how you plan to pay for your home. That is typically one of the easiest choices, and for most, the choice is to take out a mortgage. So now what? Where do you begin, what should you consider, and who do you trust? This is where things get a bit more complicated.

A good starting point would be to contact one of our Preferred Lenders who are familiar with our contracts and communities. They will be able to give you the most honest and accurate estimate and can walk you through their pre-approval process. Getting an accurate estimate is key. It tells you what you qualify for and how much you need for closing. Knowing how much you are approved for before you purchase will help protect your investment when it comes time to pay the earnest money deposit. It is important to determine how much you can afford before going to contract.  

Consider the following when choosing a lender:

1. Check Closing Fees: Make sure all fees are included.
2. Compare Estimates: Use our Preferred Lender’s estimate for comparison.
3. Know Your Contact: Ask who will handle your loan.
4. Avoid Repetition: Find out how often you’ll need to submit the same information.
5. Listen and Adapt: Make sure they listen to you and can work with your schedule.
6. Location and Time Zone: Check if they are in the same time zone for easy communication.
7. Smooth Closing: Ensure they can transfer funds efficiently on the closing day for a hassle-free experience.
8. Experience: Do they have experience with new construction loans? There are some subtle differences that the lender should be aware of and familiar with.

At Empire Communities, we’ve carefully chosen our Preferred Lenders. They are trusted, respected professionals with years of experience. We have a cooperative relationship with them to ensure an easy and smooth closing. Our Preferred Lenders provide competitive rates and tailored programs to suit your needs. They also strive to approve your loan quickly, handle any unexpected issues, and offer you peace of mind during the home-building process.

We work with specific Loan Officers, and seller-paid incentives are tied to both our Preferred Lenders and the Loan Officers. So, who are our Preferred Lenders?

Empire provides a comprehensive range of choices to meet your needs. Our Preferred Lenders have a 100% track record of closing on time. We encourage you to consider one of our Preferred Lenders for the best experience in your home buying journey.

Next, discover what you need to know about securing a mortgage, and the top reasons to buy a new home in the Carolinas with Empire.

Purchasing a new home is an exciting experience, filled with significant milestones and financial considerations. Before embarking on this venture, it’s essential to understand the nuances of deposits, down payments, and closing costs to make informed and confident decisions about your new home. To help, we break down these three terms below to make homebuying easier than ever.

When you purchase a home with Empire, your journey begins with a deposit, specifically the earnest money deposit. This initial deposit is required to secure the contract and is calculated as a percentage of the lot premium, base price of the house, and structural items. If you’re customizing your home from the ground up, additional deposit funds — a percentage of your Design Studio selections — is required after completing the design phase.

Our sales consultants can provide you with an estimated breakdown of the deposit and outline when they’re due. It’s important to note that 100% of the deposit provided at the contract and design stages is credited to you at closing, effectively reducing your down payment for the mortgage.

The mortgage down payment is a significant financial aspect of the homebuying process, representing your commitment to the investment. Typically based on the loan program, the down payment is paid at the time of closing. It can range from as low as 3% to as high as 20%, providing you with instant equity in your new home.

The deposit funds you’ve given to us are factored into the down payment calculation. The more you contribute upfront, the less you need to finance, resulting in lower monthly mortgage payments.

Closing costs are the final piece of the puzzle, involving a lump sum of money paid by the buyer at the scheduled closing date. This sum comprises the down payment plus the closing costs, minus any deposit or design funds given to us, and may also include closing cost incentives we offer.

To estimate your closing costs, plan for approximately 2% to 2.5% of the final purchase price of the home. Empire’s preferred lenders can provide accurate estimates for all mortgage-related costs, ensuring you’re well-prepared for this crucial step.

Example: You’re purchasing an Empire home with a final price of $500,000. Planning to make a 10% ($50,000) down payment, you’ve already paid a $23,000 deposit during the contract and design phases. Closing costs amount to $12,500, with Empire providing a $3,000* seller credit to help cover some of these costs.

In this scenario, your total amount due at closing would be roughly $36,500, calculated as follows: $50,000 (down payment) + $12,500 (closing costs) – $23,000 (deposit/design money) – $3,000 (Empire’s closing cost incentive).

*Amount varies by community.

Next, learn how to prepare for Empire’s new home releases, and discover why new homes are still the smarter long-term choice.

If you’re reading this article, you’ve probably purchased a home with Empire Communities, and will soon have a Pre-Construction and Interior Finishes appointment lined up with our team. One of the advantages of building a new home is the opportunity to make choices that reflect your unique style and needs, which are established during these two meetings. But exactly what do these appointments entail? If you’re unsure about the differences between the two, don’t stress. Continue reading to discover all you need to know about these appointments, including how to best prepare for them.

• Review the pre-construction and interior finishes wishlists of available upgrades.
• Come prepared with inspirational images to communicate your vision and intended use of the space.
• Create a list of appliances outside of the standard openings including built-in cooktops, wall ovens, built-in microwaves, etc. so these can be accounted for ahead of time. *Please note, electrical and gas requirements must be ordered at the Pre-Construction appointment to accommodate speciality appliances (if kitchen layout permits).
  
• Provide an updated bank letter if you anticipate total upgrades exceeding the threshold specified for your community.
• Review our policies and procedures, as well as which features come standard with our homes.

• Pre-Construction appointments can take up to two hours and are virtual meetings. Sign into Microsoft Teams using the link provided via email 15 minutes prior to your scheduled meeting.
• Interior Finishes appointments can take up to three hours and are held in-person at Empire’s Design Centre. Remember to arrive 15 minutes before your appointment.
• A maximum of two people, or those on title, can attend each appointment. For safety, children are not permitted at the Design Centre.

For more helpful insight on moving and design, check out our ultimate moving guide to help you navigate your big day, and learn how to curate the coastal retreat of your dreams.

From rate buydowns to design appointments and everything in between, we’ve compiled some of our most helpful homebuyer resources to make your experience of purchasing a new home seamless. Get ready to expand your knowledge and embark on one of the most exciting journeys of your life.

Looking for more resources to make the most of your homebuying experience? Check out our tips to prepare your finances when looking for a new home and learn what it means to buy a new home vs. resale in Charlotte.

As we bid farewell to summer, we marked the season’s end with a spectacular gathering at Empire Avalon in Caledonia. The occasion? Celebrating the release of Avalon’s latest phase and extending our heartfelt appreciation to our existing homeowners. With nearly 400 attendees comprising homeowners, real estate professionals, and prospective residents eager to plant roots, the event proved to be an overwhelming success. Read on to learn more about the event’s standout moments, including fun-filled activities, sizzling barbecue, and enticing incentives.

Exciting Activities For Families

Over the course of the event, attendees mingled, shared stories, and forged new friendships. On-site attractions, such as face painting, life-sized chess, mini golf, and inflatable castles, provided hours of entertainment for families. A live DJ kept spirits high, while the photo booth captured smiles and memories. A delectable spread of barbecue also added to the festive atmosphere.

Supporting Local Businesses

In addition to these exciting activities, local vendors were also on site offering a taste of Caledonia’s local neighbourhood. Local artisans and businesses set up shop, showcasing their unique offerings. Attendees browsed and shopped for goods, including custom tumblers, perfumes, and clothing for kids. It gave attendees a chance to support local and experience Caledonia’s thriving entrepreneurial spirit. A huge thanks to the following vendors for taking the time to come out.

• Accentuate You
• Drip Hot Yoga
• Feathered Designs
• First Blush
• Grand River
• Love n Vinyl
• Pro-Fit
• Scentsy Fragrances
• Young Reflections
• Caledonia Lightning

Incredible Incentives For New Homebuyers

Another highlight of the event was the announcement of incredible incentives for those looking to make Empire Avalon their home. Those who invest in one of the community’s new 20′ townhomes, or 27′ and 33’ homes stand to benefit from up to $50,000 in design dollars or $40,000 cashback, making it easier than ever to personalize their dream home.

Referral Bonus: Make a Friend a Neighbour at Empire Avalon

We understand that communities are built on relationships. With this in mind, we introduced a referral bonus that allows existing homeowners to spread the happiness of living at Empire Avalon with their loved ones. When their referral ends up purchasing a home, both the existing homeowner and new referral will receive $10,000 — a win-win situation for all.

Our event at Avalon celebrated the community’s new phase release, but its purpose was also to express gratitude to existing homeowners, and showcase the strong bonds that make Avalon so special. With modern on-site amenities and incredible incentives, it’s clear that Empire Avalon is not just a home, but a place where all of life’s best moments unfold.

Don’t miss the chance to own one of Avalon’s homes and benefit from the amazing incentives that come with them. Towns start from the mid $700’s and detached homes start from the low $900’s. Interested in making the move? Get in touch with one of our New Home Specialists at 647-372-0619 or homehunt@empirecommunities.com.

If exclusivity, personalization and luxury are what you seek for your private retreat, an estate-style home from Empire is sure to exceed your expectations. These spacious homes coupled with Greer’s tranquil yet modern lifestyle will provide you with a unique opportunity that’s hard to find elsewhere. Read on to learn about River Reserve’s sought-after executive homes, offering spacious layouts and luxurious amenities for a higher standard of living.

Room to Grow

With 4 – 6 bedroom floor plans ranging from 3,289 sq.ft. – 4,915 sq.ft., River Reserve’s estate-style homes offer an exceptional amount of living space in comparison to homes in its surrounding area, without compromising quality or modern conveniences.

An abundance of living space means the possibilities to transform your home are unlimited, with enough room to tailor each bedroom and flex area to your family’s needs at any stage of life. The community also offers walk-out basement homesites; these homes can have 4 different layouts in the basement, from unfinished to a large gathering area and guest bedroom & bath.

Homesites

River Reserve offers 90’-wide homesites, many of which are located along the stunning Enoree River. These homesites boast views of mature trees and the river, while increasing your property’s value and privacy. As for outdoor entertainment, all our homesites are equipped with a backyard retreat. So whether you’re barbecuing, plan to host a few outdoor parties this summer, or just want to relax and bask in the sun, you’ll have enough space to enjoy the fresh air and good company.

Personalized Home Design

These estate-style homes have an abundance of structural and interior design options to choose from. You’ll have the opportunity to curate a home that suits your needs and preferences in our 3,900 sq.ft. design studio — offering a level of personalization that’s unique to new-construction homes in this area. Some standout features include:

• Exteriors with either 4-sides painted siding or brick (per plan), with painted brick options
• 2-car side-entry garages, with 3 and 4-car options available
• Crawl space foundation with rear decks; covered porches available
• Beautiful kitchens with a large island, stainless steel appliances with split-cooking layout, plus granite or quartz countertops with backsplash tile
• Wellborn shaker-style cabinets in kitchen and baths
• Soaking tubs & separate walk-in showers in premier baths

River Reserve also fills an under-supplied price range of new construction homes in the $600’s – $1.1M bracket. Compared to older homes in the same price range and area, our community’s homes don’t require a lengthy or costly renovation, saving our homeowners time and money long-term.

Ready to elevate your lifestyle with an estate-style home at River Reserve? Check out our available floor plans, or schedule an appointment with our New Home Specialist at riverreserve@empirecommunities.com or phone today.

Next, discover the top reasons to live in Greer and these local-approved activities you’ll love.

You may have heard the term “rate buydown” on your new home search in the Carolinas, but what does it mean? We asked Flynn Harris of Atlantic Bay Mortgage Group to give us the details on how this financing arrangement works to help you understand its benefits.

What is a Rate Buydown?

A buydown is a way for a borrower to obtain a lower interest rate. When offered by one of our preferred lenders in the Carolinas, Empire will purchase discount points against the buyer’s mortgage loan or pay interest upfront at closing. It allows the buyer to make lower mortgage payments for the first few years of their loan, with payments increasing slightly in the third year.

How it Works

Depending on your overall goals, this is a great way to reduce your monthly mortgage payment without taking on additional risk with other loan options such as Adjustable-Rate Mortgages (ARMS) since buydowns are fixed-rate programs. They can also be used on almost all loan types such as VA, Conventional and FHA, and the prepaid interest required upfront is usually paid for by the seller.

“Mortgage interest rates have trended higher during the last year. A 2-1 buydown is a temporary interest rate buydown for the first 2 years of the loan, lowering the interest rate by 2% for the first year of monthly payments and then by 1% for the second year of monthly payments,” says Harris. “The interest rate then goes back to the original rate for years 3 through 30. Essentially, it allows homeowners to save money by reducing the principal and interest payments collected during the 2-year buydown period.”

Types of Rate Buydowns

While there are a few rate buydown structures to choose from, the most common is a 2-1 buydown. With a 2-1 program, monthly mortgage payments will be at their lowest in the first year and will increase slightly in the following year. The full interest rate will come into effect in the third year of the loan. In most cases, a 2-1 buydown will cost fewer points than other buydown programs, but the savings may also be less. Take a look at our example below illustrating how this rate buydown structure works.

The Benefits

Buydowns reduce your interest rate, making your dream home that much more attainable. In today’s market, they allow you to take advantage of low home prices and low payments, saving you money during the initial loan term and allowing you to qualify more easily for your mortgage.

If and when rates drop, you can refinance into a lower monthly payment for the remainder of the term. With your funds being held in an escrow account, the balance of the escrow fund will be applied to your principal balance. In other words, you won’t lose any of your incentives like a permanent rate buydown.

Is it Right For Me?

When it comes to finances, the best way to determine what’s right for you is to speak with a Mortgage Loan Officer. These industry experts can point you in the direction of the best financing options based on your individual scenarios, goals and needs.

Next, discover our preferred lenders, what you need to know about securing a mortgage, and the top reasons to buy a new home in the Carolinas with Empire.

You may have heard the term “rate buydown” on your new home search in Austin, Houston or San Antonio, but what does it mean? We asked Benito Solis of Interlinc Mortgage to give us the details on how this financing arrangement works to help you understand its benefits.

What is a Rate Buydown?

A buydown is a way for a borrower to obtain a lower interest rate by purchasing discount points against their mortgage loan or paying interest upfront at closing. It allows them to make lower mortgage payments during higher interest rate conditions either for the first few years of their loan or for its full life, depending on which structure is chosen.

How it Works

Depending on your overall goals, this is a great way to reduce your monthly mortgage payment without taking on additional risk with other loan options such as Adjustable-Rate Mortgages (ARMS) since buydowns are fixed-rate programs. They can also be used on almost all loan types such as VA, Conventional and FHA, and the prepaid interest required upfront is usually paid for by the seller.

“One of my favorite features of buydowns is that any upfront interest you paid or anyone paid on your behalf is never lost,” says Solis. “If you choose a 3-2-1 buydown and rates fall in year two, the remaining upfront interest that isn’t used will be deducted from your loan balance.”

Types of Rate Buydowns

While there are a few rate buydown structures to choose from, the most common are 3-2-1, 2-1, and permanent rate buydowns. With a 3-2-1 program, monthly mortgage payments will be at their lowest in the first year and will increase slightly in the following two years. The full interest rate will come into effect in the fourth year of the loan.

A 2-1 buydown is very similar in that it has the same permanent payment structure as a 3-2-1 buydown, but the full interest rate comes into effect in year three. In most cases, a 2-1 buydown will cost fewer points than a 3-2-1 buydown, but the savings will also be less.

While a 3-2-1 and 2-1 buydown will temporarily reduce your mortgage payments, a permanent buydown will lower the interest rate for the entire life of your loan. Take a look at our examples below illustrating how these rate buydown structures work.

The Benefits

Buydowns reduce your interest rate, making your dream home that much more attainable. In today’s market, they allow you to take advantage of low home prices and low payments, saving you money and allowing you to qualify more easily for your mortgage.

If you choose a 3-2-1 or 2-1 buydown structure and rates drop, you can refinance at any time with no pre-payment penalty. Any remaining funds being held in your escrow account will not be lost and will be applied to your principal balance.

Is it Right For Me?

When it comes to finances, the best way to determine what’s right for you is to speak with a Mortgage Loan Officer. These industry experts can point you in the direction of the best financing options based on your individual scenarios, goals and needs.

Next, discover the benefits of working with one of our preferred lenders, the 5 financing myths you should know and what to know about the homebuying process in Texas.

Empire is excited to introduce Village Towns, an all new collection of townhomes intentionally crafted with high functionality and smart design. These townhomes offer a low-maintenance and attainable opportunity to live in one of our most celebrated and established communities, with thoughtful elements like garage access, balconies, a covered porch and ground-floor laundry. Read on to hear how these new homes can complement your lifestyle.

Why Buy a Village Town?

If you’re currently renting or living with family, you might be thinking about taking the next steps towards homeownership. “What’s great about the Village Towns is that they’ve been specifically designed to make homeownership more attainable, especially for first-time buyers,” says Jason Shapardanis, Director of Product Architecture at Empire Communities. What’s more is if you don’t immediately plan to move in yourself, our Village Towns are an attractive investment option. You can’t go wrong with considering this townhome collection no matter which scenario pertains to you.

Our available floor plans range from 1,235 – 1,764 sq.ft., with some including a flex space in addition to an open-concept living room and kitchen. The big takeaway here is that every aspect of our new product line has been intentionally designed with lifestyle-driven features — some of which will even help reduce your energy bill. “Since the rear wall and side wall are adjoined to other units, loss of heat to the exterior is significantly reduced,” says Shapardanis.

Make More Time For What Matters

These days, we’re all pressed for time, whether you’re on the go with kids, working hard in your career or prioritizing your well-being and family time. A full life doesn’t leave much time for things like mowing the lawn. With a Village Town, you can bid farewell to the yard maintenance that you loathe so much and welcome a new style of living that allows you to focus on the things that are most important.

When asked about what makes these homes so unique, Shapardanis says, “the townhomes stand out from other homes because they’re virtually maintenance free.” There’s no backyard or front lawn to maintain which means there’s less for you to be responsible for, but there’s still opportunities to enjoy the outdoors in privacy on the home’s two balconies.

Enter the Market with Confidence

“If you’re looking to purchase a home, our new product line offers some of the lowest price points currently being offered in our communities with the goal of making homeownership more attainable,” says Shapardanis. While other homes in similar price points may come with condo fees, the Village Towns do not, making it easier to budget for your goals and expenses.

Our Village Towns are now selling at Avalon in Caledonia. Register now for more information about the release. If you’re interested in some of the other homeownership opportunities we have, explore our communities across Southwestern Ontario.