here are many mixed messages regarding COVID-19 and the housing market. It is unfortunate that this also happened to fall right during the spring market, which is usually the largest market of the year for buying and selling. One of the common misconceptions right now is the housing market is crashing and the price of homes will be significantly decreasing. I am happy to say that this is not true, especially in the Triangle area. With that being said there are a few things to keep in mind.
- Don’t skip negotiations
- While most builders may not be able to do much in the way of purchase price there is always room for negotiations in a new construction contract. Often they will offer design credits, closing incentives, appliance packages and more. This is another reason having your own agent who is skilled and experienced in negotiations is very beneficial.
- Verify your options
- Those beautiful model homes that lure you into the neighborhood are often NOT what you will be receiving. Ask the representative to spell out what exactly is standard and included in the base pricing and roughly the cost of the upgrade if you wanted to receive what it is your seeing before signing a contract.
- Verify what you are able to select, change or upgrade. Depending on the stage of the home when contract is signed or builder standards there may be certain elements you are not able to change.
- One of the perks of purchasing a new build is the home warranty. Before signing the contract and locking in a lot ask to view the contract and be clear on what exactly will be included.
- Hire Your Own Inspector
- New homes have problems too. Building a home is a complex process with lots of room for error. The municipality that governs the land your purchasing will require permits and inspection before the sale can be completed but hiring your own qualified inspector is always money well spent.
Have any questions regarding the process of new construction? Leave a comment below!