Buying A New Construction Home
Posted on: 21 November 2014
If you are in the market to buy a new home and are interested in a home that is being newly constructed, you will have a somewhat different buying experience than someone who is buying a home that was pre-owned. You will be buying from the building instead of the previous homeowner, making the rules a bit different when it comes to the purchasing procedure. Here is some information that you can use to help you when you are in the process of looking at newly constructed homes.
Do I Need A Realtor?
When buying a newly constructed home, some people believe that you will not need to have a realtor. While this is true, it would be a mistake. Having a realtor on your side will back you up in case there are any problems with the sale proceedings. It is dangerous to go into a buying arrangement without someone there that can look over the paperwork and make sure that everything is happening up to code. A realtor will help to barter in your behalf on price, as well.
Do I Need To Have A Home Inspection?
You would think that since a home is brand new, that it would be safe enough to get through without hiring your own inspection. This is false. Even the best of contractors can make mistakes when constructing a new home. You will not know if there is anything that needs repairing if you didn't have an inspection done beforehand. Try to have an inspection done during the beginning phases of building, as this is when everything is still out in the open and readily visible. You can have another inspection done as it becomes closer to closing time.
How Can I Get A Lower Price On A Newly Constructed Home?
Builders will often give a better deal to people who commit to buying a new construction home from the beginning of the project. They want to be able to go back to the company they build for with positive news about the amount of money that can possibly be generated, so the first few commitments can get a discounted rate on the overall price. Other than that though, builders are pretty adamant about their pricing.
You may be able to wheel and deal for some upgrades at lower prices, as this is easier to incorporate into the paperwork without showing a loss on the overall pricing. The amount that a builder sells a house is what gets put into public record. They do not like to come far down from the asking price, otherwise everyone would be trying to get homes for less than the builder is willing to accept. This is why upgrades are often offered instead of a price reduction on the home. (For more information on realty services, contact a company such as The Gresham Group)
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