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Hidden Cost of Buying New Construction home in Virginia
We all love model homes and the smell of new home just like a new car purchase. However, before you decide whether to buy a new construction home in Fairfax or Loudoun county of Northern Virginia over a resale home add up these cost to your home purchase price:
1. Grantor's Taxes: There are many home builders in Northern Virginia who requires the purchaser to pay for their share of taxes at closing. Grantee taxes are paid by the buyers. Seller irrespective of resale or new home are responsible for Grantor's tax in Virginia. Some builders will offer closing cost assistance which will partially offset the cost of taxes but reduced the NET credit you will receive as an incentive.
2. Higher Closing cost: When you purchase a new construction with a builder preferred lender and title company your closing cost will be significantly higher compared to a resale home purchase with a bank/direct lender and/or local title company. Compare the difference on the same home price purchase to understand the cost you will be incurring while purchasing a new construction home in Virginia.
3. Exterior construction: Builders offer decks and patio option at an insane cost. The reason behind is builders are not in the business to ... more

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