What are some of the most common mistakes buyers make when buying new construction?
- Not Researching The Community Ahead Of Time.
- Not Vetting Your Builder or Developer.
- Not Protecting Yourself Throughout The Buying Process.
- Not Getting A Home Inspection.
What should you do to protect yourself when you buy a newly built home?
- Tip #1: Don't Use The Builder's Sales Agent – Hire Your Own.
- Tip #2: Find Your Own Lending Agency.
- Tip #3: Talk To A Real Estate Agent Or Lawyer.
- Tip #4: Decide What Options Or Upgrades You Want.
- Tip #5: Research The Builder.
What to ask a builder when getting a quote?
- What experience do you have with my kind of project?
- Are you accredited?
- Can I see some finished projects?
- Can I see a project in progress?
- Do you have references and reviews?
- Is your price a quote or estimate?
- Do you have insurance cover?
Can you negotiate land price with developers?
Developer's need to sell their product. If demand is high and supply is low you will have difficulty negotiating a better price. On the other hand, if demand is low and supply is high you can usually negotiate a 'better than advertised' price. This is actually the best time to buy and hold real estate.
Do new construction homes have good resale value?
If you're building a new home in an up-and-coming neighborhood, the resale value is likely to be higher than if you build in an already well-established area. However, just because you build in an older neighborhood doesn't mean your home's resale value will suffer.