Increased demand for existing homes along with limited inventory has caused the price of homes to significantly increase. Therefore, a newly constructed home might be the better option. However, while these homes offer improved energy efficiency and amenities, the costs can quickly get out of control. So, if you want to avoid expensive mistakes when purchasing a new house consider negotiating prices and fees with the builder. Additionally, be prepared to budget for additional items that you may want, such as a landscaped yard. Furthermore, shop around for a lender that offers competitive rates.
- It’s a mistake to assume that a builder’s costs aren’t negotiable, so try to haggle where possible.
- The builder won’t always include everything that you need, so make sure that your budget can accommodate additional expenses.
- Look around before agreeing to a mortgage, that way you know you’re getting the best possible rate.
“Brand-new homes offer enhanced energy efficiency, amenities and layouts more suited to modern lifestyles, plus the potential to customize spaces that you don’t get with a resale.”