Purchasing new construction

If you're exploring newer neighborhoods seeking new construction, having an experienced Realtor with you is vital. will help you navigate the seeming infinite number of new homes today to pick one that's right for you.

In real estate, you can always negotiate. However, with new construction, it depends on the developer and the length of time that the home has been vacant. Developers in new additions don't like taking lower than their asking price because buyers 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 what the market is doing at that point in time, a builder will often allow a few concessions.

For example, if the home is pretty much move-in ready, you have little to no negotiating powers. But if the home has been sitting fully furnished, like a show or model home, and there haven't been many offers - then the builder might be willing to work with you. The longer the home has been on the market, the more the builder has invested.

In cases where a builder won't budge, ask for assistance in other areas. Ask for help with the closing costs, or more 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 house 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.