Have you thought about buying a new construction home? If so, there are five points you need to be aware of:
1. New construction homes aren’t always listed on the MLS. Quite often, home builders have agents working as on-site salespeople in order to increase their control of the transaction while reducing total costs.
2. New construction homes are often sold before they’re built. Builders will generally line up financing and line up the construction and sales process before a property is even built.
3. The first buyers within a subdivision may get the greatest discounts. As the saying goes, “the early bird gets the worm.” Acting quickly when a new subdivision is being built could lead to financial rewards. These rewards also come with the risk of being committed to a process before much is known about how it will play out, however.
4. Builders put a lot of emphasis on numbers. Since a builder isn’t a traditional seller, they don’t have an emotional attachment to the home(s) they’re selling, and will therefore be more focused on making sure you’re qualified and ready to purchase than anything else.
5. Discounts may be available in the form of upgrades. If the property is close to the end of the sales cycle, builders may be willing to offer you an upgrade package that would reduce the overall cost of purchasing the home.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.