A common myth about new-construction homes is that they’re always more expensive than existing properties. But that’s just not true! There are ways to get an amazing deal on a new-construction home; you just need the right approach.
A recent article from realtor.com outlined strategies to get a bargain on a new-construction home in today’s market, including:
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Tap into builder incentives. Many builders look for ways to incentivize buyers, and those incentives can make the home purchase a much sweeter deal. For example, some builders will offer to cover closing costs or free upgrades on materials and finishes. Some builders even offer a mortgage rate buy-down, which can help you snag a lower interest rate, and help you save a ton of money over the life of your loan. As you’re looking at new-construction homes, explore what kind of builder incentives each builder offers, and then compare them to figure out which builder is going to ultimately give you the best deal.
- Buy at the right time. In the real estate market, timing is everything. And if you want to get a bargain, when you buy your new-construction home is super important. If you’re not in a rush to get into a home today, you can generally get a better deal by buying in a development that hasn’t been fully finished. You may also be able to score a deal by buying a home during the winter months when the market (like the weather) is generally cooler.
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Don’t get unnecessary upgrades. Buying a new-construction home often allows buyers the ability to pick all of the materials and finishes in their home. And while the option to customize is great, it’s easy to get caught up in upgrading everything, and all of those upgrades can add up quickly. If you want to feel like you got a bargain on your new-construction home, be intentional about your upgrades. Only upgrade things that feel truly important to you, and only opt for upgrades that align with your budget.
