Purchasing new construction

While scoping out newer neighborhoods hunting new construction, having a knowledgeable Realtor at your side is important. will be your guide when navigating the myriad of new homes today to pick one that's been built for you.

In real estate, negotiation is always an option. However, with new construction, it depends on the builder and how long the home has been available. Developers in new additions avoid bending on price because homeowners already in the area expect new construction to be comparably priced to what they already purchased. (You'll appreciate that same courtesy if there are undeveloped lots near the home you eventually purchase!) But, depending on how far along the project is and the local market, builders have been known to allow a few concessions.

Consider a home has been on the market a long time and the builder is deeply invested, then you have some room. The same goes for show or model homes that have been sitting for a while. However, if a home was recently completed, don't count on being able to get a deal.

In situations where a builder won't budge, ask for assistance in other areas. Ask for help with the closing costs, or additional amenities, like an allowance for window treatments, a garage door opener, a sprinkler system or landscaping, or an extended home warranty. Or take the contrary route. If a home is nearing completion, you can often save money by passing on suggested upgrades from the builder and installing things yourself.

Realize that just because a home is brand new, it doesn't mean that it is immune from needing repairs. Be sure to get a home inspection before purchase so that issues are handled and also negotiate a home warranty. Then, about 10 or 11 months after purchase it's worth it to pay for an inspection and get anything else repaired before the warranty expires.