Buying New Construction

By: Jorge Lopez, May 13, 2016

If you’re planning on purchasing a brand new home, your options are aplenty. New home sales skyrocketed to their highest numbers last year and it’s estimated that construction of new single family homes will reach over 830,000 units this year, representing a nearly twenty percent increase over 2015.

Unfortunately new residential construction is coming with a higher asking price, but there are still a couple of ways you may be able to snag a great deal. You can for example begin by evaluating home builders using previous clients. Ask them about their responsiveness when addressing concerns or whether they would work with the builder again.

Remember that when you’re taking a tour of a model home, what you’re seeing is the “deluxe” version, not the standard home. Make sure to ask the builder which options are considered standard, which are upgrades, and how much these upgrades cost. You can potentially save big if you’re willing to move into a home without all the bells and whistles and then hire a contractor to do the work for you at a cheaper price, builders often charge a premium for these finishes.

Be aware of a community’s long term plans. If you plan on buying a home in a new community but there are plans to build additional homes, you might have to tolerate construction noise. There is also the risk of funding drying up which could mean a change in builders. If the builder is of lower quality, that may affect the value of your home.

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