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Realtor's Advice on Buying New Construction Homes 🏠 | MELANIE ❤️ TAMPA BAY
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- Опубліковано 12 сер 2024
- Have you fallen in love with one of those perfect model homes in a new construction neighborhood? I love them, too. In this edition of Melanie Loves Tampa Bay, I'm sharing tips on how to be a smart buyer for new houses. Buying a resale house versus new construction are very different processes.
#1 - WORK WITH A REALTOR
Yes, real estate agents represent buyers all the time on new construction purchases. It can be confusing for you when you go into a model home and sales representatives provide all of the information and answer your questions, but they work for the builder and you should want someone representing you. Many Realtors like myself are familiar and specialize in new construction, and our input is valuable.
#2 - UNDERSTANDING THE DIFFERENT COSTS OF NEW CONSTRUCTION
You may see that roadside sign that says "Houses Start in the 200s!" Then when you go into the model home, everything available is priced closer to $300,000? That's because the advertised price is for the cheapest model, with no upgrades or lot premium.
CONSTRUCTION OPTIONS - Does your builder offer a bonus room option or the option to change a living room to a den, or that extended master bathroom?
COSMETIC OPTIONS - These are the fun ones! Going to that design center to pick out your floors and cabinets can be the highlight of the building process, but you can also get a big dose of sticker shock.
#3 - NEGOTIATING WITH BUILDERS
Builders don't like to negotiate their base prices, they have to keep them similar because they are selling lots of the same models. As long as people are buying their homes, they have no reason to negotiate the price. However, builders are more receptive to negotiating "things" or "credits." Instead of asking for a $10,000 reduction in the price of the house, have your agent ask for a $10,000 credit at the design center that you can use for picking out that gorgeous kitchen. You can also ask for a closing cost contribution. Not every builder is going to give you credits. It depends on how popular their product is, but it certainly doesn't hurt to ask.
#4 - CLOSING COSTS
Every builder is different, but no matter which one you go with - pay very close attention to the closing costs. Most large builders in Florida push all of the closing costs (except for the real estate fees and a few others) over to the buyer's side. This can be thousands of dollars in extra closing costs that you wouldn't be paying if you were purchasing a resale house.
#5 - CONSTRUCTION TIME EXPECTATIONS
Say your builder estimates that it will take four months to build your house. That is their goal, but in reality, they can never be entirely sure when that house will be completed. Builders have to deal with weather issues, materials being supplied in a timely manner, contractors doing work correctly, permits, inspections, and so much more. It is a lot to manage and everything doesn't always move along smoothly.
I hope this information helps all of you out there thinking about buying a new construction home. Give me a call if you're in the Tampa Bay area, and I'd love to help you!
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Melanie is a Tampa Bay area Realtor with Smith & Associates. She loves Tampa Bay area area, houses, and helping clients buy and sell real estate.
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DISCLAIMER: All content provided on melanielovestampabay.com and the Melanie Loves Tampa Bay UA-cam channel/social media platforms is for informational/entertainment purposes only. The owner of Melanie Loves Tampa Bay makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. Information provided is subject to change, please consult Melanie directly or another licensed real estate agent to receive the best expertise for your specific situation.
The owner of Melanie Loves Tampa Bay will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information.
I hope this information helps all of you out there thinking about buying a new construction home. Give me a call if you're in the Tampa Bay area, and I'd love to help you! Feel free to leave any questions or comments here.
Melanie Loves Tampa Bay oh yes! This is soooo helpful.
I just found you and I’m glad I did.
I will definitely listen to more of your videos.
Thank you!!!
i need help/Advice
This was EXTREMELY helpful. I am currently viewing new models in Tampa and as a first time home buyer I am a bit overwhelmed. After much research I came across your video and found all of your points to be very informative. I would much prefer to work with you or someone with similar experience.
Melanie Loves Tampa Bay I’m in Massachusetts and am looking to move to Tampa what should I do first I like the model home and don’t know where to start first and don’t know where would it be good to live in Tampa we’re a family of 6
Really good video
I would never buy in a HOA community and these new constructions always are but I like watching any realtor videos 🙂
Just signed contract for a new home. My realtor was extremely helpful and informative during the process. Very glad I had him.
FINALLY!!!! A video that explains in detail the actual process on new build homes! Thank you sooooo much for this 🙏🏽❤️
GI GI7! Thank you so much! I really hope it helps you. My goal is always to provide quality information for anyone watching my channel!
GI GI7! Yes she is fantastic.
Couldn't have found this video at a more perfect time! Thank you for the tips! Glad I found someone that is local, I am from Lakeland!
I am running in trouble because of this we picked a lot and now the won't release it to us. So dissaponted but put in down payment not sure if we gonna lose it now.
How's Lakeland? Any advice for someone from Los Angeles, California?
This was a VERY informative and detailed video. Thank you!
Sharnette Raye-Brown My pleasure! Glad you liked it 😊
Super helpful insight about closing costs and credits, thank you!
Very clear and concise advices. Thank you 🙏
I was looking for an investment property in Tampa Fl and watching some videos on UA-cam I saw the Melanie Love Tampa Bay. I sent her a text explaining what I was looking for and my price range. Melanie was so efficient and at the end of the day she emailed me around 80 properties available in the area that I was interested in. The next day she sent me a video of the house I was interested in. In four days I signed the contract and in three weeks I did the closing of the property. Melanie is very nice and friendly, she went out of her way to help me with the paperwork and finding a manager for the new property. If anybody is interested to buy or rent in Tampa Fl, I highly recommend Melanie.
Thank you,
Julia,
I hope the property went up in value 👍
WOW!!! You have absolutely the very best real estate UA-cam video I have seen in quite a while. You are honest, sincere, experienced, professional and the whole entire 11:45 was POWER PACKED not to be missed by ANYONE interested in new home construction!!! YES!!! My favorite part about your presentation was your attention to detail in your dress, make up, background, quality of audio, video quality, and just the right amount of inserted slides. I think Google should give you a special UA-cam Award for "JOB WELL DONE" because you are that good!!!! Your 48,000 views and 1,400 likes speak for themselves !!! My humble suggestion is that you should consider being a trainer on UA-cam videos. Thank you for your wonderful and amazingly informative new construction video Melanie 🙏
Thanks John! My producer and I put a lot of work into each video...thank you for noticing ❤️
Great Video Melanie, I'm in the process of buying an inventory home and this was extremely informative!
Brilliant! Just bought a new home and this is 100% spot on! I got a steal for mine with only 13K extra on a premium lot!!!
some good advice. The house we are building in Clermont had a builder that did something different. Their first model home had what is standard and the second showed all the upgrade. Our realtor kept reminding us when we were in other model homes, what would be considered an option and cost more
I enjoyed your video. Can you explain the benefits of having your own realtor for a new construction? I dont see how that would save me money. Would your comission be added to the home price or closing costs?
Hey Melanie, love your videos! One of the things I wish you would have touched on in the video is the fact that the buyer doesn't have to pay the Realtor a commission to work with them on the purchase of a new build. And secondly, WHY a buyer should always work with a Realtor in any purchase transaction, including a new build...because the buyer's Realtor is looking out for the best interested of the BUYER. The builder's agent is ultimately looking out for the best interest of the BUILDER (because that's who writes their paycheck!) So many buyers will just work with the builder's agent and don't think it's necessary to have their own agent. In fact, my own brother was told that he didn't need to have his own agent because he only needed to work with the builder's agent. So, they will never encourage working with a buyer's agent to the buyer. Keep up the good work! Hope to meet you one of these day (I'm in Clearwater) Pamela Rachil, Nexa Mortgage NMLS#1873388 727-314-2726
Pamela Rachil she did talk about most of this
very helpful information. For clarification when does a buyer begin to pay the mortgage on the house? When the construction begins or when it ends?
pink408209 Hi! Great question...Two different possibilities! If you are buying from a large builder most likely you will do an “end loan.” That is a loan that closes at the end of construction. You don’t pay anything during construction. Some builders will require construction loans to build your house. That means you will be paying the interest only portion of your loan during construction and then it rolls into a normal loan once the construction is finished. I have a video with a construction loan lender that gives good info on those. Construction loans in Florida tend to be more prevalent on custom homes or more expensive new homes. Hope this helps! Good luck!
It's all about good management, great video
Efrain LOVES Melanie....liked and subscribed!
Really love your videos. They really helped us and we just went into contract in Tampa.
Great Video!!!! Thank You✌️✌️✌️
Thanks for highlighting the benefits of new homes! Keep up the good work Melanie!
Very valuable information. Thank you.
great advice all the way . if i rent ,sell or buy a house i used a real estate i live in new york if everyone see that they will never get burned
We are currently looking to buy new in the Pensacola/Panama City area and this was very helpful. Thanks!
Amazing job! I really appreciate the in-depth information very helpful. I will be getting the dry wall inspection on my house once at that stage.
Very good and informative video. Easy to understand and broke down each point nicely.
NY loves Melanie.
First, how does one find a realtor w/ new construction experience in another state?
Second, how to I best utilize this Realtor? What exactly is the Realtor doing through these stages?
This is was a great information. Thank you very much!!
VERY well-done and informative!
Very helpful, thank you for sharing.
You did a really nice job on this video.
Stupendous advice and video Melanie
You did a fabulous job! Thank you
Hello, I have been watching you for a lil bit since my family and I are planning on moving to the Tampa area and I want to thank you for all your helpful tips and info. I also have a question if you don't mind, would you recommend moving and renting a place on a month to month basis while looking for a home instead of purchasing sight unseen? What would you recommend? Thanks in advance.
Such great information. Thank you so much!
That was very informative. Thanks for sharing!
Thanks for the info I needed this info.😁
Melanie before deciding on any of this does one need to have a score in the higher 600’s or 700’s? and a whole 300,000 saved up?? im getting biased answers on this.
Most lenders have a minimum credit requirement, usually over 630. The down payment may very depending on the type of loan that you choose. While 20% is the normal recommended down payment to avoid PMI, most of my deals required 3-5% of the cost of the home.
580 for an FHA loan. 3.5% down.
Very useful. Love it
Exactly what i was looking for. Ty
OMG I love this video!!! So helpful!
Great content. Thanks for sharing!
Very succinct and informative
this video is awesome, you should re-do a new one for 2021/22.
When should I look for a lender exactly ? Is it close to house closing time or before I sign a sales agreement? Thank you so much
Before you even start looking for houses. That way you know your chances of getting a loan and for how much the loan could possibly be. That way you don't waste your time or the builders time looking at houses that you potentially can't afford. I hope you understand the logic. Anyway, I don't know your financial situation, you could be rich for all I know, but having said that, I don't think you would be look ing for a lender if you were. Blessings
does this process change if you are not financing?
ALTHOUGH , MELANIE, A GREAT PRESENTATION, BUT, STILL AS YOU SAY BE SURE TO DO YOUR DUE DILIGENCE.
If buying an inventory home to avoid building delays, can you still get the upgrades to the home that you desire (flooring, counters, trim etc)?
Great video. Great information.
Thanks 4 the video!
I tried to ask for a pre drywall inspection and the rep said they don't think they can accommodate because the building is moving too fast... Not what i wanted to hear.
Is giving an Ernest money normal when you buying a new construction?
Yes
Yes
What if you pay cash? Are there any advantages?
Our Relator was never part of our new home construction, never came out to see the house and never asked the seller of any updates. Sent his partner with us for the first walk thru. For six months she never reached out to u. We did all the leg work with the seller. Now he and his partner will be getting commission that they don’t deserve.
What are the pro’s and con’s of buying a new construction home cash?
So helpful thanks so much
I’m heading down next weekend to learn neighborhoods. Will stop by new construction. I don’t want to waste your time now because we won’t be buying for a year. Do you know of new construction whose associations allow short term rentals? We will be back and forth and would love to rent out our house in between. Can I use your name and number when I go visit model homes? When We are ready to buy I would
Love for you to represent us. I love your videos. I’ve learned so much.
Do you need a certain. Credit score for a new construction home??
Difference between East Coast vs West Coast Florida living? Housing variations.
Florida homes built for storms - west coast are built for earthquake 💰
Do you have any advice or tips on how to get new construction clients? My last two preowned home clients have been nightmares and the two new constructions deals that I am working on have been amazing. Thank you
Great info ! Thanks
I would love to pay 300k. Cant touch anything decent under 600k in Denver metro.
Thanks so helpful
Can you pay closing costs at the closing? Do they have to verify prior to closing?
I wish I could afford to build a house. I'm selling my old home to my brother for about 200k (honestly its probably worth 230-240k but I want to help him out) and I could probably afford something around that price after the 40kish down payment but I don't like the idea of buying an old home again :( stuff in Florida is so expensive now! I live in Deltona. Too far away from you! lol
Planning to build a home in Lutz
What’s the typical cost of acquiring an agent to work on your behalf during the new construction process?
💰- I believe they are usually paid by the seller...
Is there anyway around the builder/sales rep not wanting to work with the real estate agent? My fiance and i viewed a new construction property twice to make sure we liked it. It was more of an "open house". The sales wasn't very helpful with our questions which led us to get a real estate agent.
This is helpful but I’m wondering how different it is if you’re buying a new build in a vacant lot of an older neighborhood.
Hi Monica! Thank you for watching. That is a good point. The process is completely different if you are building a single home with a builder. This video was for large neighborhoods where builders are building a lot of homes 😊
Thank you for your clip. Will the buyer or seller pay the realtor's commision on a new construction home? thanks.
The seller/ builder will pay the realtors commission 😊
I like what you had to say! Any realtor you recommend for the Murrieta, Ca area?
What about Veterans retirees looking to move to Tampa any advice for us.
Too specific. Look for a realtor.
I beg to differ on paying the closing cost for a new construction house. I'm only paying 1% of the closing cost as the builder's lender are paying majority of my closing cost since it is a new construction compare to a resale house, you pay more out of your own pocket for closing.
As a 22yo. I am in process of buying a 3bedrm 2 bathroom house in full and rent two of the room to my friend.
I know I am fortunate to get the help from my parent. But my dream and goal is to be able to design and build my dream house from scratch. To start this. Who should I contact. My agent as well?
I have a question. Not sure where I want to move to FL is there a relator that does statewide? I like to share what I am looking for and that person can crunch the numbers/computer and find what my needs are. I already spend hours looking in tampa and nearby areas...Orlando and outside Jacksonville....it's tiring work. There must be a simple way?
Great Video!
Darn, I came to hear about a custom home construction home. Have you made a video about it?
This helped!
Do you only work in the Tampa Bay area, or do you also work with clients looking to buy in Manatee/ Sarasota counties?
Gorgeous lady
I already spoke with the sales representative. Is it still ok to get a realtor
Yes, U can try. my client did that before hiring me, we are able to do a contract now
Helpful tips
We are looking for new construction in the area you mention or 55+ active definitely must have a pool. How do we reach u.
Use realtor (cost to buyer), do not want to negotiate with builder if you want to buy?(again cost to buyer).. what options do buyer really have than shut up and pay for everything they quote?
Wow can't believe I came across your channel. I may need a realtor with new build experience in the Clearwater area here pretty soon. If you only focus on Tampa, can you recommend someone on the other side of the bridge?
Hi there! I work in Clearwater too!!
@@MelanieLovesTampaBay Oh Awesome! I'm eyeing a new community that is in the perfect area for my wife and I. It's still in the early stages and there's hardly no information on it yet
Wow, your camera is really nice.
Does having a realtor have any negative connotations from the builder’s agent?
It shouldn’t! Reputable builders encourage realtor participation 😊
Thank you for this information you are amazing
New construction homes in Nebraska around Omaha are NOT affordable, I wish I had enough to afford a 300k home. Strange that they cost so much, considering there isn't anything worthwhile in this state. I consider it a snooze state
Anyone know how much you would have to pay a real-estate agent for something like this?
If you are building new construction the Builder pays the agent.
Very helpful video. Thanks
Yes build the nest
Realtor tip: use a realtor. That was unexpected.
She then goes on to provide so much value and insight, she pretty much proves her point, doesn't she?
Samantha Bagdasarian Exactly. From what I have been reading, she is exactly right-and as the buyer it doesn’t cost you a thing, so why wouldn’t you grab the help?
love your video, too bad don't live in your area
We aren't using a realtor because it's too late now and we didn't know.. Any advice for us? We're buying a new home that will be ready in a month
Corina V. Congrats on your new house! The sales rep will probably not recommend that you have a 3rd party inspection but I highly recommend you have one prior to doing your final walkthrough with the builder. That way they can fix any issues prior to closing!
@@MelanieLovesTampaBay thank you!
Who pays the realtor the buyer uses?
Who pays your commission?
Does the buyer pay the real estate agents commission or does the builder?
Hi Michael! The builder has paid it on all of my new homes sales. Thanks for watching!
Melanie, how or what do I say to have the builder pay the closing costs?
Sale Rep never want you to bring a realtor b/c builder has to give 3%. Before you buy a new house..make sure you know what you are doing before you talk to sale rep... if you do'nt have a realtor, ask builder to pay for your closing cost or free upgrade..they will give it to you. If they say No, just leave...they will call you back in couple weeks.