What are the things to look out for while buying a new construction home?
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Something else to be aware of: we spoke with a rep for a company building in a community. The price quoted for the house was XXX; however, they charged a lot premium of between $9,3000 to $20,000; then when we received a written quote, there was also a $9,300 charge for lot elevation, thereby increasing the cost of the house by almost $20K before even looking at upgrades. Now, that may be industry standard as we've not ever considered a new house, but I thought it was not on the up and up, didn't like it at all. And, I told the rep that I thought it was somewhat dishonest.
Yep. That's how it works industry wide. My lot had a premium for being a corner lot, but we went with the base elevation. Different elevations ranged anywhere from $8k - $12k more. We negotiated the lot premium to eliminate it, but this is standard practice in all communities and across all builders. It's kind of like buying a car. The "starting at" price is to get you in the door. Your actual price might be $10 - $20k or more than the base price depending on the vehicle and options.
Quote:
Originally Posted by GMarcan920
Something else to be aware of: we spoke with a rep for a company building in a community. The price quoted for the house was XXX; however, they charged a lot premium of between $9,3000 to $20,000; then when we received a written quote, there was also a $9,300 charge for lot elevation, thereby increasing the cost of the house by almost $20K before even looking at upgrades. Now, that may be industry standard as we've not ever considered a new house, but I thought it was not on the up and up, didn't like it at all. And, I told the rep that I thought it was somewhat dishonest.
The lots in front of the community park are 30k premium where I live.
Also, make sure the builder has a radon inspection and test completed. I would recommend a short term and long term test.
There is some new construction that have problems passing radon test. It can be very expensive in money and health if you find out about the problem later down the road.
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