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Advice to get deals on building new house

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New Contributor

Advice to get deals on building new house

Hi,  We are thinking to build a new home.  What kinds of deals would you ask of the builder?  What have you managed to get thrown into your deal? So far we have only got a base price and some of the upgrades but they havent given us any incentives to go with them.  

 

We have only built a brand new house once and it was a track home.  Its been a long time so dont remember if we had any deals thrown in or not.  

 

Thanks


Tara

Message 1 of 6
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Established Member

Re: Advice to get deals on building new house

I am in the same boat as far as jumping in on a new build home. As far as I know most of the incentives/deals come with using their preferred lender and getting a agent that can negotiate some things to be reduced, but that isn't guaranteed.

 

Message 2 of 6
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New Contributor

Re: Advice to get deals on building new house

Didnt think Id need a realtor to buy it? Im sure the buidling company has realtors within.  More confused. I read the other day others getting free upgrades but need to find thta post.

 

Thanks

 

Tara

Message 3 of 6
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Valued Contributor

Re: Advice to get deals on building new house

I've recently built a new home and also used a real estate agent, but I actually negotiated the deal for incentives myself. I told them I needed XYZ and there was no way I could buy the house without the incentives. They balked at first but I received a call from the sales rep about a month later with a deal that was very comparable to what I was looking for and the rest is history. My agent tried to negotiate a few extra things but my area is kind of hot so they wouldn't budge any further. But it's always best to have a pro on your side, especially when it doesn't cost you a thing. The sales agents from the builder work for the builder and will serve their best interests and needs and not yours.


FICO 8 Scores
TU 752- EQ 751- EX 745

Message 4 of 6
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Established Member

Re: Advice to get deals on building new house

You're right you don't need a realtor to buy it, but like it was mentioned earlier the sales agent at the homesite sales office is not there for your best interest if it conflicts with the builders interest. The more homes they are selling usually equals less flexibility on the builders part, so if the homes are selling well don't get your hopes up for the incentives. The builder I am looking at says 4K off closing or 4K towards points if you go with their preferred lender. When the mortgage bubble burst, even though I wasn't ready to buy, I remember seeing builders incentives including 10's of thousands in upgrades to free furnishings for a living room. YMMV, but I wouldn't bank on anything big as an incentive these days.

Message 5 of 6
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Frequent Contributor

Re: Advice to get deals on building new house

We are currently in the process 2 months in on a new build and the neighborhood is booming with only a few lots left...they really would not negotiate with us other than the upfront title fee if we went with thier lender so that where we are, their lender is at the bare.minimal not involved with us throughout this process so far and has only contacted me when docs are needed. Im maybe looking at seeing hiw things go the closer we get so i can decide if we need to bail. However good luck the process is definitely worth the wait

Current Ficos as of 01/2017 Equifax 640, Transunion 690 Experian 690 Mortgage middle score of 677
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