For my opinions on the local real estate market and lots of helpful tips for home buyers and sellers, please visit my blog. I value your feedback and your input, so please feel free to comment on my blog posts.
How to save money when Buying A New Home--LIMITED TIME $75K OFF NEW HOMES LIMITED UNITS, Please scroll below
Buying a new home isn’t cheap. Home buying is one of the biggest, if not THE biggest – investments you’ll make. With the builders there are so many choices and upgrades to customize your home to your liking but things can add up fast. You are going to be spending a lot of money, but if you’re smart about it, you can stay on our even under budget.
Set a budget, and stick to it
Before you even start browsing, you should be checking in with a financial advisor to find out how much you can afford to spend. As with any new home purchase, it’s awfully easy to spend more than you intended to. That’s why it’s important to know how much you can spend not just how much you want to spend.
You won’t pay for your new construction home until it’s move-in ready (minus the down payment, which you’ll pay early on for your contract and permits), but you’ll still want to start working with a lender as early as possible to ensure you’ll be good to go when closing time comes along. Some builders offer special incentives if you work with their preferred lenders – say, a couple thousand dollars off of closing costs – so it may make sense for you to contact those lenders first, and if you get a fair mortgage deal through them, go that route.
It is common mistake for the consumer to go to sales office by themselves and buy off the plans and prices which are offered. Using an Realtor does not cost you anything but the savings a realtor can provide could be in the thousands. Its really a win situation for the buyer. When using a good Realtor, that realtor will want to provide some sort of value to the client for using them, which means value to you. That value could be tens of thousands of dollars to negotiated upgrades, better lot and more. Its a common misconceptions that the builder may pass on the values direct to the end user, what they may be willing to give to a Realtor. Many times the builders have already included the fees to the cooperating Realtors in their budgets, however will not give that to the buyer direct. Working with Realtors provides the builder opportunity to sell more than just one unit with the added bonus of the Realtors taking care of the purchasers.
Ask, Ask, Ask
If you must go without a realtor, ask. As I say to my husband it never hurts to ask, the worst that can happen is they may say no. Ask the salesperson if there is something extra they can do for you as you love a particular model but it may be a little over your budget. You’d be surprised how much you maybe able to save.
If you’re not dead set on living in a certain development, search around or ask a realtor. They normally know builders offering inventory homes at a discount. Inventory homes are homes which have been left while most of the development is sold. Some coulg have come up due to a cancelled sale etc. Normally good local Realtors know their market and may know which builders are offering incentives.
Do research on your appliances
The builder of your new construction home generally contracts with one or two appliance manufacturers, and then gives you a few options of base and upgraded appliances through that company. But that doesn’t mean you have to go with what’s offered. You have two options here if you want to cut costs on appliances: you can look for lower cost options from those manufacturers and then see if the builder can accommodate (they usually can), or you can close without your appliances and have lower cost ones installed afterwards. You can even do a bit of both. Don’t just take what’s offered at face value – there’s a lot of variance in appliance costs. With some research, you’ll be able to get what you want at a price that makes sense for your budget.
Not all upgrades are valued equally. You have to think in terms of not just what you want with the house, but what will get you a return on your investment later on. For example, it’s probably worth splurging a bit on taller cabinets rather than paying more for the exterior which may return less than the upgraded kitchen would. Of course, you’re building you are buying this home to live in, not purely as an investment property. But I always say you never know so just be mindful of resale as well. if you need to to make cuts to stay in your budget, start with the upgrades that are less likely to recoup their high price tags.
Saving money on a new home requires that you act as a conscious consumer. Find a balance between the things you need and the things you want, and look for creative ways to save money where you can. Buying a home is not a cheap venture, but you’d be surprised by how budget friendly you can make it with a little ingenuity. Pay attention to where your money is going, and don’t overspend for the sake of convenience. Do it right, and at the end of the day you’ll have a beautiful home and money left over for some new furniture.
AUGUST SPECIAL- 75,000 OFF WALK IN PRICE, LIMITED UNITS LEFT. FOR MORE INFORMATION ON THIS SPECIAL, PLEASE CONTACT ME DIRECTLY AT 416-992-9324 OR PLEASE FILL OUT THE CONTACT ME FORM HERE.