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Answers (6)
Best Answer
- Roxanne Reyes, RA, R, GRI, "CloserRR"
- Contributions:19
I am not from New Jersey, but here are some answers that I would give any buyer. Some of these would apply to any home buying situation.
With New Construction:
1. Find out what incentives the developer is offering.
2. Ask if they will cover all closing costs.
3. Ask if they also have lender incentives in todays market they should.
4. I am not sure what phase of development this is. Usually the first development is the best, due to the fact that prices usually always go up in the next phases.
5. Also make sure that whatever deposit you place in contingent on financing, in case your financing does not work out you will not lose it.
6. Know up front the warranties you will receive especially on structural.
7. If you want any upgrades only go for the ones that would be needed suring construction. Any cosmetics they usually over charge and you would be able to get them done cheaper after the fact in this economy.
8. Remember no matter what your buying you still want to make a profit in the long run.
I hope this information was helpful, feel free to ask if you have any other questions.
RReyes
Real Estate Expert
With New Construction:
1. Find out what incentives the developer is offering.
2. Ask if they will cover all closing costs.
3. Ask if they also have lender incentives in todays market they should.
4. I am not sure what phase of development this is. Usually the first development is the best, due to the fact that prices usually always go up in the next phases.
5. Also make sure that whatever deposit you place in contingent on financing, in case your financing does not work out you will not lose it.
6. Know up front the warranties you will receive especially on structural.
7. If you want any upgrades only go for the ones that would be needed suring construction. Any cosmetics they usually over charge and you would be able to get them done cheaper after the fact in this economy.
8. Remember no matter what your buying you still want to make a profit in the long run.
I hope this information was helpful, feel free to ask if you have any other questions.
RReyes
Real Estate Expert
- Marco LaPadura David Lau, "Team MD"
- Contributions:263
If you are looking at homes with an agent your agent should be able to answer most of your questions. My advice find a buyers agent to represent you. This way you will have someone who can look at the market and develop a buying strategy that will work for you. Also a buyers agent should explain the pitfalls of new construction as well as the upside. New Jersey is an escrow not an attorney state meaning the broker initiates the contract and you then have three days after you sign to finalize the contract or not. Get some representation I think it will ease your mind. Also have an attorney read over any contract before it is finalised especialy with new construction.
Best of Luck
Best of Luck
- Debby Singleton, "DebbySingleton"
- Contributions:36
Hello First time buyer. I can't help you with your queston regarding the pricing in NJ however if you purchase new construction some of the cautionary notes are to make certain your escrow deposit is protected if the builder is not financially sound; make sure you have an inspection and an appraisal to protect your assets. My best advice is to get a buyer agent to represent you. The cost is minimal, if anything at all, and an experienced agent will know how to protect your interests. Good luck!
- Dennis Knight, "The NJ Realtor"
- Contributions:58
You mention you have an agent. Your agent should be able to answer these questions for you.Roxanne and Mike have made excellents points for you on this.
Two things to remember, is nothing can be assumed. See the details in writing, to know what you are purchasing. Also, all things are negotiable. Offer the price you want and the terms you want.
Worse case, you get either a counteroffer or a rejection. Either way, you can make another offer.
How much to offer is based on current and previous sales. Your agent should be able to help with this. If the sales show a slow or declining pace, offer a bit lower. Else, go with the current sold pricing. Depending on how much of the development is already sold, if past the break even mark for the developer, this could give them more breathing room and make them more comfortable selling with discounts to get the development closed out.
Two things to remember, is nothing can be assumed. See the details in writing, to know what you are purchasing. Also, all things are negotiable. Offer the price you want and the terms you want.
Worse case, you get either a counteroffer or a rejection. Either way, you can make another offer.
How much to offer is based on current and previous sales. Your agent should be able to help with this. If the sales show a slow or declining pace, offer a bit lower. Else, go with the current sold pricing. Depending on how much of the development is already sold, if past the break even mark for the developer, this could give them more breathing room and make them more comfortable selling with discounts to get the development closed out.
- B Mike West
- Contributions:240
Two additional comments.
1) If this is new construction they are likely to send you to a design center to select your upgrades. The upgrades can easily match or surpass the cost of the basic home. The model was probably crammed with those upgrades and the standard home will be plain vanilla by comparison.
2) There are a couple of advantages to getting a mortgage, the interest is a tax deduction and you can use your funds elsewhere to get the best yield possible.
However, the interest you pay on a the loan over a 15 or 30 year period will run into the hundreds of thousands of dollars.
Only you can decide what is best for you.
1) If this is new construction they are likely to send you to a design center to select your upgrades. The upgrades can easily match or surpass the cost of the basic home. The model was probably crammed with those upgrades and the standard home will be plain vanilla by comparison.
2) There are a couple of advantages to getting a mortgage, the interest is a tax deduction and you can use your funds elsewhere to get the best yield possible.
However, the interest you pay on a the loan over a 15 or 30 year period will run into the hundreds of thousands of dollars.
Only you can decide what is best for you.
- Roxanne Reyes, RA, R, GRI, "CloserRR"
- Contributions:19
Sorry, I didn't see the second have of the question.
Regarding Mortgage:
Cash is always king! However, a lot depends on your personal financial situation.
I personally believe you can negotiate just about any purchase in today's market. I believe offer lower they can counter.
If you do not need the mortgage interest write off, and want the security knowing that you own your own home out right then go for it.
Just make sure you edcucate yourself on all your options and that if you do decide to pay cash you have enough to support yourself. Mortgages rates are still very low.
Regarding Mortgage:
Cash is always king! However, a lot depends on your personal financial situation.
I personally believe you can negotiate just about any purchase in today's market. I believe offer lower they can counter.
If you do not need the mortgage interest write off, and want the security knowing that you own your own home out right then go for it.
Just make sure you edcucate yourself on all your options and that if you do decide to pay cash you have enough to support yourself. Mortgages rates are still very low.
what is the lowest price to get this house?
im interested in the new construction where located at 23 village place secaucus in new jersey. the asking price is $650,000. The agent told me to make an offer. i have no ideas how much should i make. Also, is there a big dfferences on the price if i pay all in once or i get a mortgage? Is there anythings i should be aware of buying a new construction home? thank you so much!
First time buyer
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