Buying a New Home
 

   
     
 

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Home Buying Guide $11.95

Contents:

Where do you want to live ?
  New homes
  Pre-owned
homes
  Relative prices
  Buy to sell
at a profit
  Selecting a
real estate
agent
  Hire a home
inspector
  Viewing 
homes
  Working with
agents

   
How much house can
you afford ?


Getting pre-approved for a mortgage.


Selecting a
home


Negotiating 
a price
 


Closing the 
deal

 
Calculators
     Closing costs
  Monthly mortgage payments
  Monthly cost of increasing  loan amounts
  Pre-Qualification
of loan amounts
  After tax cost of owning a home
  Lender's view of monthly mortgage payments
 
Home Buyer's check list
Real Estate Contracts & Forms $12.10
Contact Home Buying Tips
  
Useful
real estate
web sites
How to sell
a house

After Buying

 

 

 
  New homes are more expensive than pre-owned homes of similar size, but they can be as light and bright as you wish and generally come with a more open layout. Here are some other good reasons to prefer new homes:  
 
No asbestos, lead-based paints, formaldehyde or other common building products recently found to be hazardous.
Cheaper to maintain due to the latest in energy efficient heating, cooling and insulation technology.
Zero first-year maintenance for roofing, heating, cooling and major appliances.
Sufficient wall and floor outlets to accommodate all the high tech goodies: from DVDs and espresso machines to microwaves and  treadmills.
 
      
  Key considerations for a new home:   
 
  • Choosing a reliable builder and 
  • Making sure the house is inspected during several stages of the building process.
 
 
Before making an offer on a new house built by ABC Homes:
 
  • Visit an older development built by ABC Homes.  Ask owners if they would buy from ABC Homes again.
     
  • Okay, you're shy, but your home is the biggest investment of your life!  Drive slow and stop where someone appears to be home. 
     
  • You'll be surprised at how helpful strangers can be.
    If ABC Homes had to be sued and forced by courts to keep their promises, owners will gladly tell.
A new home should be inspected before the walls are closed up, while structural problems are out in the open. 
 
       
  Down side of new homes:  
 
The model home that you see is not what you get.  Aside from the decorator  furniture your home is without the landscaping and appliances that are "extras" not included in the price.
Prices are less negotiable.  The developer can't give you a deal because that would undercut appraisals on other homes in the development.  Negotiations are effectively limited to "upgrades" on things like flooring and appliances.
Hidden operating costs: Homeowners are usually charged for maintenance of amenities such as pools, tennis courts and health clubs.
Lost leader: Bare bones home is priced attractively low, but basic "upgrades:" good carpets, wood floors,  and ceramic tiles are more expensive than if purchased from Home Depot or Lowes
Price per square foot is relatively high. For the same money you can get a bigger pre-owned home.

 

 
     
 

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