Making An Offer On A New-Construction Home
Author:
Miranda CraceOct 9, 2024
•5-minute read
Older homes may offer character and charm, but more than 60% of U.S. buyers prefer new-construction homes. For other buyers, both new-construction and existing homes are viable options, with both offering benefits and drawbacks.
One of the challenges of buying new-construction homes is that it tends to be more expensive than buying an existing home, which leaves some buyers wondering whether it’s possible to successfully negotiate on a new build.
What Is A New-Construction Home?
A new-construction home is one that’s just been built and hasn’t yet been lived in. There are several types of new-construction homes, such as custom builds and spec homes.
A custom home allows buyers to choose specific finishes, such as flooring, cabinets and other finishes. Spec homes are built with the speculation that a buyer will purchase the home and the builder will turn a profit.