Buying a new construction property might sound appealing, but it could also wind up being very costly. The price of new builds is rising and this can make it tough for people who just want to live in a brand new home. Thankfully, there are a few things that you can do to save money on a new construction property. Keep reading to get the advice that will help you keep more money in your bank account when buying a new construction property.
Ask for Standard Finishes
Asking for standard finishes will help you to save money on your new construction property. When you’re touring properties to see what a construction company can do, you’re going to be looking at high-end finishes. Standard finishes should cost quite a bit less than the fancier finishes and going this route can save a bit of cash. It’s also smart to ask what comes with a standard finish because some companies will include more options such as air conditioners in a standard package.
See If Using a Preferred Lender and Title Company Can Help
Some construction companies have lenders and title companies that they prefer to work with. There are situations where you might be able to save cash on the house when you agree to use the preferred lender and title company. Some people have managed to save as much as $10,000 by going this route. It’s certainly worth asking about to see if they will lower the price somewhat.
Negotiate Based on Your Situation
Sometimes negotiating will work out in your favor if you look at things intelligently. If you’re buying a new home in a subdivision, then you might have good negotiating power. If many homes are still yet to be finished, then you’ll have to deal with construction noises for months if you decide to buy the home. Also, the company might need money to stay liquid so that they can complete the project and this will give you the ability to get a better price.
You can also do a bit of research about the construction company to see how they have done in the past. Some people even manage to speak to past clients to see how their homes turned out and if they encountered any problems. It’s possible to use all this information to negotiate a favorable deal. Even if you only get a small amount of money taken off the price of your home it’s going to be worth it.
