Buying a new construction home is slightly different from purchasing an already owned home. With a new construction, you will have to deal with the contractor in charge of building the property.
Builders have different interests and objectives when selling a property. Mostly, they focus on the bottom-line when selling homes. They won’t tolerate having a property sit on the market for long, as it makes them lose money. Based on this hindsight, let’s take a look at some of the tips that can help you buy a new construction property at the best price.
1. The Best Time of the Purchase
Most builders of newly constructed homes are public limited companies. They need to meet revenue targets for the quarter in order to satisfy the shareholders. As a result, the builders tend to be lax in negotiating the prices during the end of the quarter. That’s the best time to buy a new construction home.
2. Locating the Best Property
Another important consideration is to know where to look for the newly constructed home. Mostly you can know about the new property on sale by looking at the property listing in your local newspaper or online.
Moreover, buyers that hire a real estate agent can have access to thousands of properties that are not usually listed through the proper channels. When hiring the agent, make sure that it’s someone who has experience in selling new construction houses. Also, avoid hiring an agent that is affiliated with a construction company.
3. Know About the HOA Rules and Regulations
Keep in mind that different home owners associations (HOAs) have their own rules and conditions regarding the homes. Make sure that the newly constructed home fulfills the requirement of HOA before buying a property. The homeowners have imposed a fine for infractions or violation of any of the Covenants, Conditions, and Restrictions (CC&Rs) of the HOA. Some associations’ policies are more strict than others and don’t allow private fences, storage sheds or even solar panels.
Ask your real estate agent to assess whether the property meets the CC&Rs of the local HOA. Also, enquire whether you have to pay HOA dues after buying the property. Most builders pay the dues until at least half the homes in their portfolio are sold. After that, it is up to the property owner to clear the dues.
Unlike property owners who become emotionally attached to their properties, builders take a more cold-hearted approach to transactions. The above tips can help you to strike a deal for new construction home that is in your favor.
You should consider getting the help of a real estate professional when buying (or selling) a property. The real estate agent can help you pin down the best new construction homes saving you costs, time, and effort in the long run. When it comes to reliable property agents in Florida, you can trust on Elite Realty Agency. Call us today at 1-407-574-3962 to find out more information about new construction homes.
PS: When you’re ready to purchase your dream, please give us a ring and let us make it a reality.
PPS: We would be happy to entertain all comments, questions, and experiences here within our comment thread. We promise to get back to you!