Should I Buy New?

Should I buy a new home? Simple question but complicated answer.  Here in Las Vegas there are as many new homes available as there are older homes.  With purchasing a brand new home from the builder, there are often "incentives" such as kitchen appliances, upgraded flooring and enticements of lower interest rates for your mortgage.  Typically, to receive these perks you must use the builders preferred lender which in many cases is the mortgage company that is owned by the builder.  The real advantage of a brand new home is getting the features and color selections that you choose.  Additionally most new homes also include a warranty, typically 1-10 years depending on for everything from the flooring to the roof.  


If you need to get out of your current residence and buying a new home it can often times require 2 moves because many times it will take 3-4 months to build a brand new house. The exception is when the builder has what is referred to as "standing inventory" which is when they have a finished or nearly finished home that is ready to move into within 30 days.  Often times, especially in the current market, builders will give additional discounts or incentives to get these homes off their books.  Usually these homes are ones that were built for a buyer and for whatever reason the buyer cancelled after the home had been started. 


Although it is not required, I strongly recommend that when buying a new home you have real estate agent represent you. Remember, the agent sitting in the office of the home site community ultimately works for the builder and is looking to make a sale.  Having a real estate agent does not cost the buyer anything and is there to guide you through the process and protect your interest.