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Top 7 Incentives to Buy a New Home in Scottsdale, AZ
Top 7 New Home Buying Incentives
After the real estate market hit a steady decline in mid 2006, home builders
turned to incentives as a way to attract home buyers to their communities
and to help differentiate them selves from the competition. When you start
looking for a new home be sure to compare builder incentives as much as the
communities themselves.
To help you choose, I have created a list of the top 7 new home buying
incentives you should look out for:
Military or Civil Service Incentive - As a thank you to the individuals who
serve in the military or are veterans of the military in addition to
firefighters, police officers, EMTs and hospital staff, national home
builder K. Hovnanian is offering $5,000 off the asking price of their homes,
for a limited time, to people in these fields. Other large builders also
offer similar incentives to teachers and civil service positions.
Lower Asking Price on "Spec Homes" - Depending on your moving situation,
this is the golden egg of builder incentives. Most new home builders will
construct a set number of homes in their community as "spec" homes or homes
built on speculation that people will purchase the homes and move in
quickly.
Once these homes are finished the builder won't want to sit on a large
inventory of homes so they will offer spec homes with predetermined upgrades
included at a lower asking price than if you were to build the home from
scratch and add those upgrades.
Incentives Tied to Builder's Mortgage Company - Builders and on-site sales
representatives enjoy working with their established banking relationships
because they feel it will make the mortgage process easier and less
stressful for everyone than if you were to use an outside lender. In this
scenario I've seen builders offer to pay closing costs and up to one year of
Homeowner's Association fees for buyers who purchase using their mortgage
company.
Lot Premium Reductions - Like a rare platinum ring, highly desirable lots
tend to come with a premium attached. Builders often place premiums ranging
from a few thousand to nearly $100,000 on the most desirable lots in the
community. Lot premiums are not set in stone and under the right
circumstances can be negotiated much like everything else.
Reduced Option Prices - With the average new home buyer spending about 10%
of their purchase price on upgrades you should look to get the most bang for
your buck with the limited budget you have set for options. When evaluating
the standard features list for a community, check into the cost for all of
the options you would want in the home and see if the builder is providing
special pricing on select options.
Standard Features... and then some! - To make homes more appealing than the
standard features list will allow, builders are now including previously
optional home upgrades like granite countertops, expanded suites, swimming
pools and sun rooms as an incentive to buy in their community.
"Free Gifts" with Home Purchase - Sometimes it takes more than granite
countertops and hardwood floors to make a home stand out. Some builders are
going the extra mile and including in-home luxuries like plasma screen tvs
and offering car leases to draw in prospective buyers. For soon to be
commuters, a two year lease on a new car might be the perfect way to help
ease into life in the suburbs.
When you're ready to start looking I'm only a phone call away or you can
e-mail me. I look forward to assisting you in finding the right dream home
for you and you're family.