馃攳
Realtor's Advice on Buying New Construction Homes 馃彔 | MELANIE 鉂わ笍 TAMPA BAY - YouTube
Channel: Melanie Loves Tampa Bay
[0]
have you fallen in love with that
perfect model home in a new-construction
[3]
neighborhood I love them too and on this
episode of Melanie Loves Tampa Bay I'm
[7]
gonna give you some tips so you can be
smart when purchasing that new
[11]
construction home I'm Melanie Atkinson
realtor with Smith & Associates in
[20]
beautiful Tampa Bay Florida as I've said
on previous episodes I love new
[25]
construction and I love representing
buyers on new construction purchases but
[29]
buying a resale house and buying a new
construction house is a very different
[33]
process so today I'm going to give you
some tips on how to make that new
[37]
construction purchase a successful one
the new construction process that I'm
[41]
gonna be talking about in this video is
referring to a larger builder who's
[45]
building out a neighborhood or building
out a big portion of a neighborhood this
[48]
is in contrast to a smaller builder who
might be building a single custom home
[53]
for you those are different processes
and I will talk about that in future
[57]
episodes tip number one use a realtor
yes US Realtors represent new
[66]
construction buyers all the time but
that can be confusing for buyers because
[71]
they go into a model home
they meet the sales rep and that sales
[75]
rep can answer all the questions that
they have in order to purchase the home
[78]
but those sales reps work for the
Builder and you should want a
[83]
representative working for you
especially if you find a realtor that's
[87]
familiar with the new construction
process their advice can be very very
[91]
valuable if it's possible pick your
realtor prior to going to model homes
[95]
why because if you register with a
builder at a model home you know you
[100]
fill out that little card that they give
you when you first walk in and you don't
[105]
indicate that you have a realtor then
they might not want to work with that
[109]
realtor later on in the process
now most builders are very happy to work
[113]
with real estate agents but it can be
very frustrating for a builder if you as
[119]
a buyer coming in three different times
and picking out floor plans and getting
[123]
close to writing a contract and then all
of a sudden you bring a realtor in at
[127]
the last minute and from your Realtors
perspective we
[131]
want to come in at the last minute
either our advice is valuable throughout
[135]
the whole process so let us start from
the very beginning so here's what I tell
[138]
my buyers if you happen to go to a model
home without me which happens all the
[143]
time because buyers will go out on
weekends and they have 30 minutes it's
[147]
kill so they run into a model home
just tell the sales rep that you're
[151]
working with a real estate agent if you
happen to have one of your Realtors
[154]
cards then give them that card if you
don't then just write down their name
[158]
and if you're on one of those house
hunting trips and you find a house that
[161]
you really love call your real estate
agent right away and talk about the next
[165]
steps
the sales rep may make you feel like you
[169]
have to act now or sign a contract
because another buyers coming in an hour
[173]
to put down a deposit take a breath
call your agent that's what they're
[178]
there for tip number two is
understanding the different costs and a
[184]
new construction purchase you may see
that sign at the end of a busy road that
[189]
says home start at $200,000 then you go
into that model home and everything that
[195]
is available is closer to 300,000 why
does that happen that's because the
[200]
advertised price is at the lowest price
base model with no upgrades and no lot
[206]
premium so let's break down the
different costs you may have in a new
[210]
construction home first you have the
base price of the house that's the cost
[216]
of the floor plan you choose with no
upgrades at all the next cost you may
[221]
have is the lot premium now this isn't
on every lot in a neighborhood this is
[226]
only four Lots that the Builder
considers better than other Lots so say
[232]
the neighborhood that you're buying in
has a pond those Lots that are located
[236]
on the pond are probably going to have a
lot premium the better the lot the
[240]
higher the premium if the lot that you
pick doesn't have a premium that's
[245]
because it probably isn't as desirable
as the other Lots maybe it backs up to
[249]
another home maybe a backs up to a road
so as you're talking to builders make
[254]
sure you ask them about the lot premium
for the lot that you like construction
[258]
options does your builder offer a bonus
room option or
[263]
extended master bathroom or turning a
living room into a den these would be
[268]
examples of construction options these
are not to be confused with cosmetic
[273]
options which are picking out the color
of your cabinets and we'll talk about
[277]
that next every builder has different
construction options and these costs can
[281]
really add up however adding some of
these construction options during
[285]
construction is typically the least
expensive time to do it so you may not
[290]
need that fourth bedroom right now but
if you decide to have that second baby
[294]
adding that bedroom on during
construction will be a lot cheaper than
[297]
doing an addition five years down the
road
[300]
cosmetic options now these are the fun
ones going to that design Center can be
[305]
the highlight of the building process
but you can also get a big dose of
[309]
sticker shock these costs add up quickly
so my advice to buyers is to set a
[315]
budget and stick to it
there are a lot of things offered by the
[319]
Builder that can be done later at a
cheaper price the two things that I tell
[323]
my buyers to focus on are flooring in
the kitchen those things are very
[328]
expensive and inconvenient to remodel so
it's best to have those costs rolled
[333]
into the mortgage as long as it doesn't
put you over your monthly budget so all
[337]
of these costs together will determine
the final price of your home so tip
[344]
number three is negotiating with
builders builders don't like to
[348]
negotiate their base prices they have to
keep these prices similar because
[352]
they're selling a whole bunch of the
same model as long as people are buying
[357]
their homes they have no reason to
negotiate the prices however builders
[362]
are more receptive to negotiating things
or credits so instead of asking for a
[368]
$10,000 reduction in the house price
have your agent ask for $10,000 in
[374]
credits towards the design center or
towards closing costs not every builder
[379]
is going to give you credits they might
not want to negotiate it completely
[383]
depends on how popular their product is
but it doesn't hurt to ask now if you
[387]
happen to be interested in an inventory
home this is a home that's already built
[392]
by the Builder or mostly built by the
Builder then that might
[396]
give you a better chance at negotiating
price because that house is almost ready
[400]
to go and the Builder doesn't want to
have to pay for the holding costs of
[403]
that house again they may not be willing
to go down too much in price but you may
[408]
have better luck negotiating with a
builder on an inventory home than on a
[412]
pre-construction one tip number four
closing costs on new construction homes
[419]
I'll start this segment off by saying
every builder is different but no matter
[424]
which builder you're using make sure you
pay very close attention to the closing
[428]
costs most large builders in the state
of Florida push all the closing costs
[433]
except for the real estate fees and some
other fees over to the buyer side this
[439]
can be several thousand dollars that you
wouldn't be paying in closing cost if
[443]
you were buying a resale home now before
you get annoyed or discouraged about
[448]
that a lot of builders offer a monetary
incentive a rebate if you use their
[453]
preferred lender and this rebate will
often cover the increase in closing
[458]
costs but be smart about it and
understand that builders will use this
[462]
rebate as a big incentive when in
actuality it's really just covering the
[467]
cost that you wouldn't have had to pay
if you bought a resale house so what
[471]
about that preferred lender that they
want you to use should you use them most
[476]
of my buyers do actually use the
preferred lender because they want that
[480]
rebate that rebate can be very
significant however make sure you do
[484]
your due diligence and talk to other
lenders and make sure the interest rate
[488]
that they're offering you is a fair one
an outside lender may be able to rebate
[492]
you an amount similar to what the
builders offering and give you lower
[496]
interest rate it never hurts to ask so
do your homework when it comes to
[500]
lenders number five inspections yes you
can do home inspections on new
[508]
construction homes if you're building a
house from scratch
[512]
I recommend two different inspections
the first inspection is your pre drywall
[518]
inspection this is when an inspector
comes in and looks at everything on the
[522]
inside of your house you don't get to
see that stuff once the drywall gets up
[527]
that's the most important inspection
during the building process I also
[531]
recommend an inspection just before
closing to check and make sure
[535]
everything is functioning correctly this
would function just like a regular home
[539]
inspection functions where you get a
report you pass that report on to the
[543]
Builder so they can add that to the
punch list so everything is perfect when
[547]
you close on your home so a lot of
people don't do inspections prior to
[551]
closing because the Builder will offer a
wonderful warranty that will cover
[554]
anything that happens after you move in
that's a great feature in new home
[558]
construction but it's a lot easier to
deal with issues prior to closing than
[563]
it is to deal with them after closing so
get that home inspection number six is
[570]
construction time expectations say your
builder says that it will take four
[575]
months to build your house that is their
goal but in reality they never know
[581]
exactly how long it's going to take to
finish that build builders have to deal
[586]
with so many things they have to deal
with weather issues they have to deal
[589]
with materials being supplied on time
they have to do with contractors doing
[593]
their job right inspections permits and
so much more it's a lot to manage for
[598]
them and doesn't always go smoothly
trust me no builder wants to take longer
[603]
to close on a house than it absolutely
needs to take they don't make money
[607]
until they close on the house they want
to close as much as you do there are
[612]
just some things that are out of their
control
[614]
so what that means is if you're selling
your current house or you have a lease
[618]
that's going to expire close to the time
that your house is supposed to close
[622]
make sure you look into a back-up plan
just in case there's a delay for example
[628]
if you're renting talk to the landlord
about possibly going month-to-month if
[633]
you need to if you're selling your house
see if the buyer will be willing to
[638]
extend closing or lease the house back
to you if neither of those things are an
[642]
option then check into corporate housing
and put all your stuff in storage I know
[646]
it's a giant pain to do this but closing
delays and new construction happen so
[651]
frequently that you really need to have
a plan so if you absolutely can't have a
[656]
delay in your move-in date then look for
an inventory home it
[660]
is gonna be a lot easier to pinpoint a
closed date on a house that's almost
[664]
done I hope this information helps
anybody out there who's looking to buy a
[667]
new construction home if you are looking
to buy a new construction in the Tampa
[671]
Bay area give me a call I'd love to help
ya thank you for joining me on this
[675]
episode of Melanie loves Tampa Bay if
you like this video go ahead and click
[678]
that like button or consider subscribing
to this channel Melanie loves Tampa Bay
[683]
you can also follow me on Instagram
Facebook or Twitter or check out my
[687]
website Melanie loves Tampa Bay com
I'll see you next time with love Melanie
[702]
you
Most Recent Videos:
You can go back to the homepage right here: Homepage