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Monday, March 25, 2013

Purchasing New Construction

With the recent inventory shortage of homes in the Las Vegas and Henderson areas, many people are turning to new construction, where they won't sell to investors, so they can get a new home. New construction is a great option but it comes with pluses and minuses. 

 The biggest hurdle is your time frame that you need to move.  If you need to move in 30-60 days and you purchase new construction, it may not work.  Unless the home builder has what is called, "standing inventory" or "quick move-in" which is a home ready or almost ready to be moved into.  The other down side is typically the price you see is the price you get, new construction is usually not negotiable.  The home builder may also "dangle a carrot" such as pay some of your closing costs if you use their mortgage lender of choice.  Occasionally, they will offer other incentives such as including a refrigerator or washer and dryer.

On the plus side of getting a brand new house is it is brand new.  New carpet, new paint and the peace of mind of new plumbing, electrical and roof.  Plus, most new home builders offer a home warranty for 1-10 years depending on the builder and the component of the home. Getting to choose what you want in the home is also a plus but remember that is also adds to the cost of the home.  That beautiful model you tour with the Italian marble floor and granite counter looks different than what is included at the price on the sheet given to you.
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