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New vs. Resale
When shopping for a home you'll discover that most homes on the market are resales. Statistically one of four homebuyers purchases a new home. Both types of homes offer advantages. Let's look at a few:
New Homes
- Better use of space and style
- Greater energy efficiency
- A choice of upgrades and options
- Everything is new and modern
Re-Sale Homes
- About 20% less expensive then New Construction when comparing apples to apples
- Often in established neighborhoods with mature landscaping
- Already settled, limiting the number of problems that can arise after the purchase of a home
Should you consider buying new construction, here are some points you should consider before you visit your first model home:
- Do Your Homework
Sit down with your real estate agent and do your homework. If you own a home, you will need to know the net proceeds from its sale in order to determine how much of a downpayment you'll have to work with. If you're a first time homebuyer, you'll need to qualify your income, determine how much money you have for a downpayment and figure out a monthly debt load that you can handle.
- Seller's vs. Buyer's Agents
Remember the sales agent in the model home represents the builder and not you. This is what's commonly referred to as a seller's agent. As a buyer, you have a legal rights to work with a buyer's agent who represents you and has your best interests in mind AT NO COST TO YOU. It is their job to protect you and get you the best value for your money and make sure the transaction proceeds as smoothly as possible.
- Check Out Your Builder
Before making a final decision it is a good idea to check out the reputation and financial strength of the builder. Request "spec sheets" on homes featuring everything from floor plans to lot availability, delivery of your home and lot premiums.
For more information and our FREE "Tips To Buying a New Home" brochure, fill out the form below.
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