Expert advice on new construction purchases
Partnering with a knowledgeable agent is crucial when shopping for new construction, and is here to help you navigate through your options in the area.
In real estate, you can always negotiate. However, with new construction, it depends on the developer and the length of time that the home has been on the market. Developers in new additions like to keep prices near their asking point 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 what the market is doing at that point in time, builders have been known to allow a few concessions.
For example, if a property has been on the market a while 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 completed, it's unlikely you'll get a deal.
In situations where a builder won't budge, ask for assistance with other aspects of the transaction. 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 house is brand new, it doesn't mean that it is immune from needing repairs. 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.