Las Vegas, Nevada -- Many people don't understand how important it is to have Realtor® representation when buying a brand new home from a builder. Failing to be represented by an experienced Real Estate Agent of YOUR choosing could be a very costly mistake. Remember, those smiling sales people in the model homes DO NOT represent you. They represent “the builder” and are paid by “the builder” to ensure “the builder” makes as much money as possible. Additionally, despite what they tell you...EVERYTHING may be negotiable.
Here are a few things you should know when buying a brand new home:
1) You have the right to be represented by a Real Estate Agent of your own choosing, and it doesn’t cost you a dime! Your agent’s commission is paid for by the builder.
2) If you choose NOT to be represented by your own Real Estate Agent, the builder will typically NOT reduce the sales price accordingly, even though they are saving money from not having to pay a Broker. (You might as well have your own representation)
3) Many people do not realize that almost EVERYTHING is negotiable! From the sales price, to the upgrades and closing costs, a Realtor® may be able to get you a much better deal. For example, some new home communities have HOA dues and SID fees (Special Improvement District.) When a home has a SID (like Summerlin) this can result in a bi-annual fee anywhere from $500-$1000 with a total payoff from $10,000 - $15,000 or more. Our team has successfully negotiated to have the builder pay off the SID in full, saving our clients up to $15,000. This is not something new home builders typically offer to pay.
4) Did you know that in addition to the closing costs and incentives offered by the builder, you can request the builder to “Buy Down Your Interest Rate?” Most people are unaware of this and it can save you tens of thousands of dollars over the term of a 30-year loan. The incentives offered by new home builders are usually applicable ONLY if you use the builders preferred lender. Why? Because the builder is typically making money off the loan too. Some builders will offer to buy down the rate, meaning if you qualify for a 4.2% interest rate, they may buy it down to a 3.2% fixed rate. This is not something builders typically offer, and must be negotiated.
5) When you walk through model homes, they are charming, gorgeous and professionally decorated. Everything in that model has been put there to get you excited about BUYING, however, if you look a little closer, you may see some things that don’t make sense. For example, sometimes the builder puts things in the wrong places. As you walk through the secondary bedrooms, you will sometimes see the outlet for cable TV is in a place where you would never put a TV. Sometimes the secondary bedrooms are small, and there’s only one logical place to put a bed, yet the cable outlet will be on the wall behind the bed. This simply makes no sense. The last thing you want is your cable company to run coaxial cord all over your baseboards or up and down your brand new walls. A Realtor® can help you see things you may have never noticed, and help you negotiate so that these items are corrected in your new home.
6) The walk-through. When your new home is complete, the builder will meet you at the house for what they sometimes refer to as, “A Congratulatory Walk-Through.” They will make it look like the home is ready, and sometimes give you a basket of gifts and goodies; however, the real reason for the walk-through is to ensure the home was completed to your standards before you sign off. Unfortunately, while the model homes look close to perfect, the walk-through in YOUR HOME may reveal imperfections, and it is your RIGHT to speak up to ensure these items get fixed BEFORE you close. For example, sometimes there are paint imperfections, stucco imperfections, crooked light fixtures, switches and askew electrical outlets. Sometimes there are small scratches on the cabinets, windows and even the fireplace. Sure, the builder warranty covers most of these items, but who wants to move into a house that isn’t 100% ready? Using a Realtor® experienced with the new home process provides you with an extra set of trained eyes, to help ensure your home is perfect, before you move in.
Myers Team owners, Bill and Francoise Myers with Simply Vegas Real Estate are Top Las Vegas Realtors®
Contact The Myers Team at 702-677-4343.
To Visit Their Website, please click the links below:
FOR TRADITIONAL SALES, CLICK: http://www.LasVegasList4Less.com
FOR SHORT SALES, CLICK: http://www.NevadaShortSaleInfo.com
*Past results do not guarantee future outcome.
Comments(0)