New Construction Home Buying Tips

Hello Hampton Roads,

Have you ever dreamed of buying a new-construction home?  There's nothing quite like the feeling of being the first owner and experiencing brand-new everything from top to bottom!  One of the biggest attractions to buying new is the worry free living that comes with a well-built home.  The builder's one year home warranty and 5 year structural warranty to put your mind at ease and with everything brand new, such as the HVAC, roof, windows, water heater and appliances-it will be a while before you need to replace these items any time soon!

Buying a new-construction home is different than buying a regular resale home so there are some things you need to consider to get the most out of your home buying experience.

Here are some tips to help you when buying a new-construction home:

New construction is generally priced higher than re-sale homes but that doesn't mean that it isn't affordable.  New construction comes in all price points depending on location and type of home.  In South Hampton Roads, there are a wide variety of new constructions homes, attached and detached, ranging from under $200K to almost $3M so there is bound to be one that fits your budget.

Negotiation on Price:
Typically new construction prices tend to remain stable, especially with the larger builders in bigger communities.  Sometimes a builder may offer a  reduced-price incentive for older inventory or a seasonal special, but it is generally easier to negotiate closing costs or upgrades than price.  Reducing the price sets the precedence for lower prices in the future and builders will preserve prices in their developments.  For smaller builders or infill homes, new homes that are built in existing neighborhoods--think re-vitalizing areas, there is more flexibility to negotiate on price.

Home Inspection:
Just because everyhing is new and under warranty doesn't mean it's a good idea to skip the home inspection!  A new-construction home inspection will let you know if anything was inadvertantly missed or not properly done.

The markup for upgrades can be huge and builders usually ask for part of the cost up front. Find out how much the builder is charging and do your reseach to see if it might be cheaper for you to have upgrades done by an outside contractor after you close.

Buy in the Off Season:
If your time frame will allow it you'll save more money by buying at the end of the year.  As most people put off their home buying during the holidays, there is less competition and builders may be more inclined to negotiate.

I hope you found this information useful--if you are looking for a new-construction home, I'd love to help!  Feel free to visit my website for an online search or feel free to contact me.

Thanks for Reading,


Serving your Hampton Roads and Virginia Beach Real Estate needs. Liz Schuyler on Google+



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