Are you struggling to find a home for sale that fits your budget? With current high interest rates, plenty of would-be buyers are in your boat.
One solid solution to this is to buy off the plan. New construction homes tend to be cheaper while offering modern layouts and amenities. They also have far more customization potential than existing homes.
Not sure if buying off the plan is worth it in Corpus Christi, TX? Here are some facts about these homes that will help you reach a decision!
Negotiation Is an Option
New home listings often seem set in stone, but this isn't always the case. You may be able to negotiate several things, such as:
- Total price
- Loan fees
- Lot lines
If you're not confident in your negotiating ability, consider hiring a real estate agent. There's a good chance this won't cost you anything, as builders often pay the agent's commission from their own pocket.
Builder Warranties Matter
Building modern homes in Corpus Christi can involve two warranties: implied and express. Implied warranties cover defective workmanship, but they're often vaguely worded. Plus, they may have a short liability cutoff period.
The express warranty clearly spells out what the builder is responsible for. However, even this warranty doesn't cover all types of defects for a new home. Make sure to read the fine print of any warranty you get.
Budgeting Can Be Tricky
A good way to think of a new home is as a blank slate. For example, many new homes don't include a landscaped yard. And if the home is part of an HOA community, this may get you in trouble with the HOA board.
This is why budgeting is a key part of any new property search. Read your contract carefully to get ahead of any surprise expenses. Even if your home won't be finished soon, get estimates for the items you'll pay for.
Most Upgrades Aren't Worth It
When buying a new home, potential add-ons can seem limitless. Some things that are worth the investment include:
- High-end appliances
- Lighting upgrades
- Real hardwood floors
Most add-ons don't fall into this group. Before going on an upgrade spree, think about what will boost the home's value. Also, look at the cost difference between a builder upgrade and hiring a contractor for that work.
You Should Shop Around
The Corpus Christi real estate market isn't short on lenders. If your builder has an in-house lender or a company they work with, don't agree to them right away. Shop around for a bit to get a basis for comparison.
Start by looking at the incentives offered by different lenders. Focus on finding the lowest interest rates over the life of the loan. Keep in mind that you can keep shopping for rates throughout the build process.
New Construction Homes Made Easy
If there's a downside to new construction homes, it's that they require you to put in a lot of effort to get a good deal. If you're not careful, the costs (and expectations) can spiral out of control.
Interested in buying a new home in Corpus Christi, TX? At PMI Corpus Christi, we've helped buyers like you for 20+ years! Let's start by finding out how much home you can afford by using our mortgage calculator!
