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Thinking
About Buying A Newly Constructed Home?
Terrific! But.....
WHO will be Representing YOU?
Hire an Experienced, Licensed Realtor. Our total fee will be paid by the builder!
1. WE WILL REPRESENT YOU AS A TRUE BUYER’S AGENT.
2. USE OUR KNOWLEDGE OF THE AREA AND ACCESS OUR COMPUTERS TO MATCH YOU WITH THE PERFECT
HOME FOR YOU AND YOURS.
3. ACCOMPANY YOU TO THE SUBDIVISION SALES OFFICE ON YOUR 1st VISIT.**
4. NEGOTIATE THE BEST POSSIBLE PRICE, OPTIONS & TERMS FOR YOU.
5. REVIEW ALL PAPERWORK
WITH YOU PRIOR TO YOU SIGNING.
**Note! Builder rules state that the agent must accompany you on your 1st
visit!
Things to think about when buying a newly built home.
Hire your own professional inspector who will visit the home 2 to 4 times during the
construction. Some inspectors have told me that they find more problems on new
construction than on resales. Sure, most builders (but not all) will fix it for you but
now you are in the house while they fix the problems. Do not rely on your friend or
relative who is or was a contractor to do the same quality inspection as a professional
who does this every day. You may want to ask them to join your inspector. The more eyes
the better. Be a perfectionist.
Go for the upgraded wiring, phone and communications packages. It is a much better job,
and cheaper, if done during construction. We are just at the beginning of the Information
Superhighway! And while on the computers, make sure the kids rooms are large enough for
the computer desk too.
Be prepared for “upgrades”. You can expect to pay 5% to 15% of the sales price
in upgrades, extras and landscaping. Check out what the builder is offering and what they
will give you in allowances then compare prices from outside contractors. Be aware that
all your upgrades increase the purchase price and therefore the assessed value and the
property taxes that you will have to pay till you sell. Your non builder upgrades that you
do or have done for you after the close that do not require a permit are not added to the
assessed value because the assessor does not know about them.
Keep in touch with the sales staff for any homes that fell out of escrow. Sometimes they
are from a previous phase and can be bought at the old phase price. Standing inventory can
be a good value too.
The builder will rarely negotiate on the price except at the very end of a project. They
need to protect their price so that the previous buyers do not become angry. In a hot
market they rarely give upgrade packages. They do not have to because they have a waiting
line but always ask anyway. Sometimes they will give you an incentive to use the in-house
financing. Usually OK, but shop that too with a local mortgage broker.
*Article by Dennis Smith, visit www.SanDiegoHomes4u.com for more original content like
this. Reprint (or reprint with your modifications) permitted if this footer is included.
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