After the housing market hit a decline in mid-2006, home builders with incentives as a way to attract home buyers to their communities and to help differentiate itself from the competition. When you start looking for a new home be sure to compare the builder incentives, as well as their own communities.
To help you choose, I created a list of incentives top 7 new home purchase you should look out for:
Civilian or military Service Incentive – As a thank you to those who serve in the military or are veterans of the military police, and firefighters, paramedics and staff hospital, national home builder K. Hovnanian is offering $ 5000 off the asking price of their homes, for a limited time, for people in these areas. Other large builders also offer similar incentives to teachers and civil service positions.
Lower Asking Price on "Spec Homes" – Depending on your moving situation, this is the golden egg of builder incentives. Most new home builders will build a number of homes in your community as "spec" homes or homes built on speculation that people buy houses and move quickly.
Since these homes are completed the builder will not want to sit in a large stock of homes that can offer homes with pre-spec upgrades included at a lower price than asking if was to build a house from scratch and add these updates.
Incentives tied to Builder's Mortgage Company – Builders and on-site representatives sales to work with their established banking relationships because they feel it will make the mortgage process easier and less stressful for everyone if you were to use an outside lender. In this scenario I've seen builders offering to pay closing costs and up to one year of Homeowner's Association fees for buyers who purchase using your mortgage company.
Lot Premium Reductions – Like a rare platinum ring, highly desirable lots tend to come with a premium attached. Builders often place prizes ranging from a few thousand to about $ 100,000 more in the very desirable community. Lot premiums are not set in stone and under certain circumstances can be negotiated as well as everything else.
Reduced prices Option – With the average cost for new home buyers about 10% of its price purchase in updates that you should look for more bang for your buck with the limited budget you have set for options. In assessing the standard lists for the community to check the cost for all the options you want to see the site and see if the builder is offering special pricing on options choice.
Standard Features … and then some! – To make homes more attractive than the list of standard features enable the builders updates are now including home before options such as granite countertops, expanded suites, swimming pools and sun rooms as an incentive to buy in your community.
"Gifts" with Home Purchase – Sometimes it takes more than granite countertops and wood floors to make a home out. Some builders are going to miles and extra luxuries including home, as plasma televisions and offering rental cars to attract potential buyers. For soon to be commuters, a two – years on a new car can be the perfect way to help facilitate life in the suburbs.
When you're ready to start looking for a new house your best bet is to contact a real estate agent who specializes in new home communities. This agent should help you cross shop communities and serve as a third party to help advise on the best deal and the potential dangers of incentives. Because incentives vary greatly, you will have to weigh the pros and cons of each community before taking a final decision on the house that is right for you.
About the Author:
Joshua Ferris specializes in Orange County New York real estate including new home communities and townhouses. To discover more about the area, feel free to check out Josh’s Monroe New York real estate guide and locate homes for sale and for rent using his Orange County NY Real Estate search.
Article Source: ArticlesBase.com – Top 7 New Home Buying Incentives
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