Here are our top 3 Things To Consider When Buying A New Construction Home In CaryHave you fallen in love with one of those perfect, model homes in a new construction neighborhood? They're always
Top 3 Things To Consider When Buying A New Construction Home In Cary, NC - ★★★★★
Dated: October 27 2021
Here are our top 3 Things To Consider When Buying A New Construction Home In Cary
Have you fallen in love with one of those perfect, model homes in a new construction neighborhood? They're always presented in a way that just makes you feel like you can move right in.
Buying a resale house versus new construction in Cary, NC is a very different process. As a certified new construction co-broker, I want to provide you with a few essential things to think about when purchasing new construction in and around Cary.
Probably the most important thing to know when purchasing new construction is the importance of working with a realtor. Yes, real estate agents represent buyers all of the time on new construction purchases. In fact, about 76% of new construction purchases, do have representation of a buyer's agent.
It can be confusing when you go to a model home and the sales rep starts throwing a bunch of plans, upgrade options, incentives, and a lot more information at you. Understand that they work for the builder and have a fiduciary responsibility to them. You should want someone representing your best interest, as well. Many realtors, like myself, are familiar and specialize in new construction, and our input can be invaluable. Having someone on your side, representing your best interests, is vitally important.
In most cases, it doesn't cost you any money, your agent's fees are typically paid for by the builder. Now, I know what you're thinking. "If you don't have a realtor, can you get a lower price?" That's just not the case. You see, reducing the price for unrepresented buyers would hurt the potential sales price for future homes built in that community. So you will not save any money if you don't have an agent. And, in fact, you'll most likely end up paying more without representation because of what you don't know.
#2. Understanding the different costs of new construction. You may be driving around Cary and see a roadside sign that says houses start in the low-500s. Then when you go into the model home, everything available is priced closer to 600,000, maybe 700,000. That's because the advertised price is for the base model with no upgrades or lot premiums.
Let's talk about construction options. Does your builder offer a bonus room option, or the option to change a living room to a den, or maybe extend the master bathroom? If so, these options typically almost always cost more money and will greatly increase the price of your home.
Cosmetic options. Now, these are the fun ones. Going to that design center to pick out your floors and the cabinets can be the highlight of the building process, but you can also get a big dose of sticker shock. So compare what their costs will be in comparison to having a third party do the upgrades. And don't forget, you're paying the interest for the lifetime of the loan on all those fancy upgrades.
Now, check out the next video with a few more things you need to know when purchasing new construction in and around Cary, North Carolina. I hope this information helps all of you out there thinking about buying a new construction home.
Justin Hemker is a Triangle Area Real Estate sales and marketing expert. You will have a hard time finding a Realtor who truly cares for and works harder for his clients, has more passion for his job,....