As a new home buyer, you might have no idea about the incentives that you can get from buying different types of houses in your area. Here in the Treasure Valley, there are builders with brand new homes ready to sell with great offers that would benefit any new buyer. Low interest rates, covered closing costs, special offers, move-in-ready homes, and more may be enough to convince you to work with a builder instead of a previous home owner. You won’t want to do this, however, without taking on your own agent, or you will lack representation in your purchase.
Some other things you might see on an offer from a builder could be discounted upgrades on cosmetics such as flooring or counter tops, They may be able to offer to cover escrow closing costs, reduced mortgage rates, or different finance options that you might not be able to get buying an established home from a home owner. Builders put a lot of time, effort, and money into building their homes and want to sell at a profit, but if they don’t sell them at all then they won’t make a profit, so it’s worth it for them to offer benefits to their potential buyers.
Currently, new builds are outpacing resale homes in the Treasure Valley real estate market because resale can’t compete with $25,000 put down on your down payment or interest rate, or all the other benefits builders can offer. However, there are a few cons to buying new builds: you may have limited options for the cosmetic design of the home, you can be asked to use the builder’s affiliated lenders, or there may be other caveats to the benefits you are offered. Ultimately, it’s up to you to decide if the incentives are worth your money, and we at TVPM and RE are happy to answer any questions you might have on this topic!