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0:00 What you’ll learn
0:28 New vs Existing
2:09 CalmMoment
3:07 Representation
5:20 Customization
8:12 Deposit
9:59 Financing
13:08 Sponsor
14:18 General Contractor
15:16 Tax Assessment
17:04 Expectations
17:47 Real buyer’s experience
Hey, Kyle here with winthehouseyoulove.com today. We’re talking about the ins and outs of purchasing a new construction home. So you’re going to learn three things in this video. Number one, we’re going to talk through the process. So what’s the order of everything that’s going to happen. Number two, we’re going to talk about the numbers.
So what kind of down payment, earnest money, and rate are you going to expect in new construction? And then finally, we’re going to talk about incentives of purchasing with new construction over an existing home. So let’s go ahead and dive into this. We first need to talk about the difference between new and existing and specifically what we’re talking about here in this video is we’re talking about a home with a builder who already has a home built.
It’s a prefabrication and normally what you do is you go, you talk to them and you customize the home and then they build it and then you buy it. Okay. This is not for custom built homes. Okay. So, what do you need to first consider is looking around and exploring if building a home might be a very similar price to purchasing, especially in this market when home values are continuing to grow and grow building might actually be very similar. I have a video that I’m going to link at the end with Scott Smith, sharing his experience of purchasing a new construction home. And he actually talks about how building was actually the same cost as purchasing a home for the exact same specs that they were looking for in their area.
So consider as an option building might not be as far out as you expect, especially if you’re not going with a custom build routes. Okay. Now, what you also want to do, is you want to talk to an agent about how a build might have a resale value. Okay. And this is all going to depend on your market. It’s impossible to say as a blanket statement, all builds are better than existing homes or all existing homes are better than builds in terms of the resale value. It’s just not a fair comparison to do that. So talk with a real estate agency, see if that market is expanding and growing to make sure that if you purchase a new home, and you’re going to be in there for a couple of years that you’ll see that value come back.
All right. So before we dive into the next one, what I want to do is jump into a quick CalmMoment. And the reason why is because if you’re looking at a new build, you’re probably feeling the pressure of the really low inventory happening right now. We are in a crazy sellers market nationally. And this is where sellers have the control, home prices are continuing to increase and there aren’t a lot of houses available. So if you’re putting in offers, you’re probably seeing multiple offer situations, you might be getting beat out by other buyers. And if so, I don’t want you to look at construction or new construction just as this last ditch effort to try to get the ball rolling.
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Kyle Seagraves
NMLS# 1701021
Motto Mortgage Alliance
8900 N. Dixie Dr.
Dayton, OH 45414
Equal Housing Opportunity