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New Construction Buying Tips
Now is a great time to think about adding new construction to your new home search. Prices are extremely competitive with residential resale and the energy efficiency savings and new construction codes will allow you to be confident in your purchase decision.
- Get Pre-Approved and Know Your Budget: Know how much you can afford before you start negotiations. Also, keep in mind that energy efficient building practices may mean you can afford to spend a little more than you might think since you could be saving hundreds each month on heating, cooling, and electric bills.
- ALWAYS hire your own agent. NEVER tour a new construction property without an agent, or at least telling the builder that you have one. Builder salesman work FOR THE BUILDER, and may seem bubbly and friendly, but they aren't looking out for your best interests. You need representation that will help you navigate the buying process.
- When you decide to buy: research the builder. Google searches are great tools. Also ask for references. Ask for warranty statistics, too: how often are their current homeowners having to use their warranty? May give you a good idea of construction quality.
- Builders make a lot of money on upgrades. Consider if you are willing to role upgrade costs into your mortgage, or if you want to finish that basement a little further down the road. Some options are good to get initially: rough plumbing in basement if you are going to finish; recessed lighting is difficult to add after the fact, too. It may save you money in the long run to wait on other upgrades.
- Negotiate creatively. Yeah, sale prices aren't always that flexible, but ask for an upgraded appliance, some molding accents, maybe nicer tile or counter. Builders have more room to work with you on upgrades than they do price.
- Get your own home inspection. It's always important to have a third party inspect the home once construction is complete to be sure there are no major material defects.
- Down the road...Make sure this is a stable area to live and you foresee growth in the future.
Buying New Construction....
|Personalize your home||Longer escrow periods (5-6 months depending on weather)|
|Lower Utiltiy Costs||Construction Noise after purchase|
|Less Maintanance Expenses||Prices not as flexible|
|Warranties||Taxes slightly higher|