Equity Residential and Builder Credits

Re: Equity Residential and Builder Credits

• perkypicklepants member

  

  March 2012

  I can answer this for you since I work for Equity. Good choice in apartments by the way! 

  Make sure when you go to the builder you don't take a real estate agent. They won't accept the credits then. My suggestion is to go in and not tell them you have your credits and try to get them to agree to the best price possible. Then after they agree tell them you have the credits. The certificate you receive after you move out will show how many points you have earned and that you are eligible for the full 3%.

  From my understanding you aren't able to put one percent towards closing, one percent towards upgrades and so on. I believe you actually have to use the whole three percent towards one category. Who are the builders in your state you can use?

  Typically builders will cover closing costs if you use their lender so if I were you I would lean towards getting those upgrades!

  Let me know if you have other questions. (sorry if formatting is weird. Typing on iPad) 

  

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• VIPRoss

  

  March 2012

  The builders we can use are Ryland, Beazer and KB.  Ryland and Beazer are building in the areas we would like to move to.  We already looked at a "townhome style condominium" by Ryland that is in our price range, but I'm concerned we'd grow out of it too quickly.  The Beazer home is beautiful, but it's just over our price range.  Ryland has another community that should have a model up by the summer, very close to the Beazer community and they will be actual townhomes as opposed to the "townhome style" condo. 

  The rub is that we have to decide in July about our lease renewal.  We had originally hoped we would not have to renvew, but having to likely leave builder credits on the table becasue of the cap, it looks like we'll have to renew for at least 6 months.  The new Ryland community currently says it should have a model open in July, but the townhome style condos were supposed to have a model open in Ocotber, but that didn't actually happen until December.

  The Beazer rep did tell us that they would pay the closing costs if we go with their lender.  Ryland did not specify, but we can ask whenever the new community is ready and we go to see it.

  I wasn't aware of the 3% cap until the Beazer rep mentioned it.  I guess I'm just having a hard time getting over the feeling that we're leaving money on the table in the form of unused credits.

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• perkypicklepants member

  

  March 2012

  Build. Builder Credits offer

  • Residents cannot use the services of a real estate agent when using their rent credits with a participating builder.
  • Rent credits can be used with any participating builder nationwide.
  • Credits on the Rent with Equity^? Rewards Certificate translate into discounts given from the builder to the buyer.
  • Rent credits can be used in conjunction with most any other published participating builder offers. Exceptions apply. Credits used with KB Home can be combined with other KB incentives up to a maximum 3% total discount.
  • Certificate must be presented to the participating builder at the time the purchase agreement is signed.
  • Once a purchase agreement is signed no additional rent credits can be applied to the purchase.
  • Roommates earn credits independently based on the total rent for the apartment.
  • Rent credits transfer with the resident and continue to accrue if they move to any other Equity Residential property nationwide.
  • Credits cannot be transferred to another individual. Only the person who has accrued them can use them.
  • Rent credits are valid for 120 days from the date that a resident moves out of an Equity community.
  • If Equity Residential sells a property, residents of that property have one year from the date of sale to use their rent credits with a participating builder.
  • Credits cannot be used for a down payment.
  • The participating builder determines how credits are applied to the purchase of the new home, but they must honor all credits up to the maximum percentage allowed.
  • If a resident has credits valued at more than the maximum percentage of the purchase price, the discount stops at the maximum.
  • Program start dates vary by market.

  So I pulled this off of our policies sheet about the program. I can see your frustration with only being able to use up to 3% but what I can tell you is the fact that you guys even earned up to 3% is pretty awesome. You guys have been loyal customers to Equity, and you are one of a handful of people who actually utilize this perk.

   

  I wouldn't look at it as unused credits, but a huge chunk of money that you have earned by renting instead of just throwing away your money. By using these credits, even just the 3%, you are saving yourself at least a couple thousand dollars that you don't have to put towards upgrades or the purchase price. It is an awesome perk and I am jealous that even as an employee I wasn't able to utilize because the builders in my state aren't where I wanted to live. 

   

  I hope you guys are able to find an awesome home with one of these builders! 

  

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• perkypicklepants member

  

  March 2012

  Oh and one last thing that is really important. In order for your credits to apply make sure when you move out of your apartment you don't owe them any money. Double check when you turn in keys that you won't be charged for damages and that you have paid all your final bills (water). If you owe them any money at all I am pretty sure the credits go away. So as long as you don't have a balance with them you will be good to go!

  

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• aokon

  April 2012

  Edited by moderator.

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• mem8585

  July 2012

  If a resident has credits valued at more than the maximum percentage of the purchase price, the discount stops at the maximum.

  Can you explain the above rule?  I do not understand it. 

  What is the maximum? I have 3100 credits now.  

  Confused. 

  Thanks, 

   

   

   

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