Although most homes for sale are resales, one out of four homebuyers purchases a new home. Which is better: existing or new? The right answer, of course, is up to you. Both resales and new homes offer advantages. Existing homes are less expensive on average, and are generally closer to, and enjoy the warmth and surroundings of established neighborhoods, often with mature landscaping.
New homes, on the other hand, offer innovative use of space, greater energy efficiency and choices of options and upgrades. Everything is new and modern.
Most people consider both new and existing homes before they decide to purchase. A new, special insider report entitled "New Homes - 10 Tips to Save You Time and Money" has just been released which identifies 10 invaluable tips to save you time and money when purchasing a brand new home. Also revealed are little-known buyer advantages that most builders may not tell you.
1. Get in Touch with Your Agent. Before you visit your first model home, sit down with your agent and do your homework. You’ll want to be prepared so that you can determine a comfortable price range for your new home. Determine a Comfortable Price Range If you own a home, you’ll first need to know the net proceeds from its sale in order to determine how much cash you’ll have to work with. Don’t simply estimate this but carefully calculate every possible selling cost. If you’re a first time buyer, you’ll need to first qualify your income. Determine the size of your downpayment, then work out a monthly debt load so you can determine a comfortable price range.
2. Sellers’ Agents Versus Buyers’ Agents. Here’s a good point to remember. The sales agent in the model home represents the builder, not you. They are known as sellers’ agents. As a buyer you can work with a buyers’ agent at no additional cost. It’s his/her business to best represent your needs by being knowledgeable about home construction, warranties, financing, differences in pricing, quality, even lot selection so that you get the best value for your money.
3. A Builder For All Reasons. Like all tradesmen, builders vary in their fields of expertise. For example there are builders who specialize in craftsmanship, others who are known for their innovative use of space, and those who offer below-market financing or customer attention during construction and after move-in. Determine your own specific needs or preferences then shop around for a builder that will best address your requirements.
4. Get the Facts About Your Builder. Before making a final decision, it is wise to check out the reputation and financial strength of the builder. Get “spec sheets” on home features covering everything from floor plans to energy efficiency, including lot availability and delivery of your home.*
5. Check Out the Neighborhood. • Learn as much as you can about the community. • Discover what amenities it has to offer. • Investigate if financial reserves have been set aside to build or replace major amenities like schools or community roads • Find out from local land-use officials what else is planned or could be constructed in the area, especially where vacant land is applicable. • Review the rules for the homeowner’s association, or find out if one will be set up. • Think of how you will be affected by commuting routes and times.
To learn more about what you should be aware of before you visit your first model home act now for a free report today. Call Mike at 949-734-0828.