Purchasing new construction

While touring newer neighborhoods looking for new construction, having an experienced Realtor with you is vital. will help you navigate the seeming infinite number of new homes today to locate one that's a match for your family.

In real estate, negotiation is always an option. However, with new construction, it depends on the builder and the length of time that the home has been available. Developers in new additions avoid bending on price because buyers already in the area expect new construction to be comparably priced to what they already purchased. (You'll appreciate that same courtesy if there are undeveloped lots near the home you eventually purchase!) But, depending on how far along the project is and the local market, developers have been known to allow a few concessions.

For example, if a property has been on the market a long time and the builder has a lot sunk into it, then you have some room. The same goes for show or model homes that have been sitting for a while. However, if a home was recently finished, it's unlikely you'll get a deal.

In situations where a builder won't budge, try getting a break in other areas. Ask for help with the closing costs, or more amenities, like an allowance for window treatments, a garage door opener, a sprinkler system or landscaping, or an extended home warranty. Or take the contrary route. If a home is nearing completion, you can often save money by passing on suggested upgrades from the builder and installing things yourself.

Realize that just because a home is brand new, it can still have its share of flaws. Be sure to get a home inspection before purchase so that issues are handled and also negotiate a home warranty. Then, about 10 or 11 months after purchase it's worth it to pay for an inspection and get anything else repaired before the warranty expires.