If you’re in the market for a home and you’ve been watching the news lately, surely you are wondering, “Am I getting the best deal I can get on my new home?” A “deal” can mean many different things to many different people.
So, what does a deal really mean? Is it a great price? A great location? A lot of the latest features included? Low-to-no maintenance and upkeep? For many people, a deal is related to money; however, some don’t realize that they are getting caught up in the monetary angle while ignoring other valuable aspects of acquiring a home. You really need to define for yourself what a deal means to you.
Keep in mind that there is no “perfect” home unless you create and build it, and even then it is only nearly perfect, at best. So, you should prioritize what you need in a home and neighborhood and then consider the items that you want. Basically determine what is your threshold of making or breaking the deal … and what is your bottom line.
A couple of things to consider as part of the deal: When buying a new home versus a used one, the new home will come with a warranty, along with a builder ready to respond to any warranty issues. A used home comes with nothing and, depending on the age of the home, may soon be in need expensive repairs — like a new roof, replacement of the old heating and air system, upgraded electrical and/or plumbing — you name it. Why are warranties important? Simply stated, they will save you time and money.
Are the features of the home considered part of the deal? In a new home, absolutely. Discussing with your builder what you need can result in choosing the right house plan for you, or adding features to a home under construction or already completed. Even if a feature is added to a newly constructed inventory home after the fact, it is still less expensive than trying to upgrade a used home, because upgrading a used home will mean additional dollars after closing. You will also be responsible for hiring your own contractor(s). These out-of-pocket expenses are not always known ahead, and are almost never included in the price of the home.
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