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What You Should Know About Buying New Construction

what to know about buying new construction

Buying a brand-new, untouched home can be an amazing move. You can customize it, break it in and make it 100% yours. But there are few key differences between buying a used house and buying new construction. Here are some things you should know:

  • The price is the price. You may be able to get the builder to landscape the backyard, add a refrigerator or something along those lines with no extra cost but lowering the asking price impacts the sale of additional homes. The builder will rarely do this, especially if the market is as strong as it is now.
  • If you’re buying it early on in the construction, the builder may require a “non refundable earnest money” released to him/her. This assures the builder tat the buyer will stay in contract, especially when customizing the home. If you end up not closing on the property, that money won’t be returned.
  • If some of the customization is an “upgrade” (i.e. more expensive or different than the original plan) most builders will expect immediate payment. It is also no refundable.
  • Until closing, the home belongs to the builder. You can’t go in and make changes after hours – this is considered trespassing. Usually, a builder will have set times when you can go view the progress etc.

It all depends on your builder and area but these are generally good things to keep in mind. Happy house hunting!

Check out new construction for sale around Newton.