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Purchasing New Construction

A common misconception in the real estate market is for a buyer to think that they don't need a realtor representing them when they are purchasing a new home. The thought process seems to be that a better deal is to be had without a realtor involved. Well, that is certainly what the builder will be counting on you believing, and nothing could be further from the truth.

When a developer/builder plans a new subdivision, in order to obtain financing for the proposed development, a marketing plan will have been submitted. This will have taken into consideration the fact that a certain percentage of the buyers will have a realtor and some will not. There will also be an appraisal done for each model the builder is planning to construct in the development and this will be used to sell and finance the homes for their buyers. The builder can't and won't cut their pricing on these homes because it will be cutting their comparable sales for the rest of the subdivision as they continue to build it out. For this reason, they won't typically negotiate on their price.

If the builder has cut any pricing, it will have been either at the beginning of a new development when they are trying to get off the ground or at the end of the project when they are trying to get out.

By walking into a model home of a subdivision unrepresented, you will not be able to get representation included as part of the deal later.  If anything, this will end up costing you later by not having the advice of someone who will be looking out for your best interests. The builder will tell you everything they want you to know and hardly anything you need to know.

What should your realtor bring to the table when representing you in the new construction process? We know the true values of the new and resale homes and this will be especially valuable if you ever plan to sell.  Your realtor will be able to advise you on such topics as the value of a "premium" lot, what options will help your home sell later, what colors will help make your home more appealing, and what costs make more sense than others. If you are willing, we can even recommend things you should not include on the build and wait until after you move in and hire out on your own, thus saving much of the mark up the builder will include as part of the build.

As an added bonus to my clients who are buying a new home, I will pay a portion of the costs associated with having a home inspection! 


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