Tuesday, September 28, 2021 / by Capprice Kitchen
There is a reason buying a home pre-construction has a certain appeal to it.
They are typically cheaper than their resale or ready-built counterparts. Another benefit to buying brand new is that no one else has ever lived in the home. Because the home hasn’t been built yet, you’ll have the opportunity to customize it to your preferences.
If pre-construction is something you’ve been considering, here’s the 411 to help you decide if it really is for you.
- No bidding wars
Depending on where you’re shopping for your home, bidding wars can really knock up the price. When inventory is low, buyers are desperate, and the more attractive the home and neighborhood, the chances are you could end up paying an inflated price for a resale home.
- You can customize your home
You can choose the color of your exterior and trim even down to the placement of every light bulb and outlet.
- Time to save
Some buyers want the ability to lock in their home and then have months or years to save up for their full down payment.
You have a clean slate when it comes to a pre-construction property. While your home is being built, it is almost guaranteed to rise in value, and that means instant equity.
- Less room for negotiating
When buying a brand new home, what you see is what you pay for (plus upgrades). When purchasing a pre-owned home, it is set according to market value.
You may think you don’t need an agent when buying a pre-construction home but the fact is, yes you do. Your agent, me, will represent you and your best interest whereas a site agent works for the builder/seller. Having a real estate agent, me, to represent you during your pre-construction to close process cost you ZERO money for services provided. Just as with a sale of a pre-existing home, the Seller pays the Buyer’s agent’s commission. So remember, it’s better to have your own agent representing you other than the site agent who gets paid by the builder/seller.