Make a list of wants and needs- Options and Upgrades
November 21st, 2008 | 
Author: Options are additional items that the Builder will add to the house/condo at your request. There is normally a cost to this, but sometimes you might be able to get an option for free. Upgrade is when the Builder will install or use a higher grade of material or a different material altogether. Common examples of upgrades are for flooring, light fixtures, wood working, and landscaping. Beware of builders who offer reductions or incentives for going with their Mortgage company. (See article on “Beware of Builder controlled Mortgage Company”.)
1 out of 4 Homebuyers will buy new construction. Often the demand outpaces the supply, so in some circumstances you may find the Builder/Developer will not accept offers until a certain day, or may require you to be pre-approved with a Las Vegas Mortgage Lender. In some developments, your name may have to be put on a waiting list for the next phase. Beware of the nature of buying new construction in Las Vegas.
The ability to choose your own color for your walls, lighting fixtures, room layout and to be the first person that lives in a house can be a very rewarding experience. This is why many people choose to buy a new construction home in Las Vegas. So expect the competition to be fierce for the more in-demand developments. It is very common for the Builder to require you to place a larger deposit and to satisfy certain demands/restrictions that may not be common for other areas in the country.
Even though the Las Vegas real estate market is hot, you should still negotiate. If you are a fully qualified Buyer who has all the resources to close on the transaction, there may be certain terms you can ask for. When price is non-negotiable, there may be terms of the contract that can work in your favor. So with the assistance of your Las Vegas Realtor, your dream of owning Las Vegas will be a reality.
July 12th, 2010 1:04 pm
I wouldn’t expect that 1 in 4 will buy new construction. That seems high upon first consideration, but when I really think about it, it makes sense. I wonder how that ratio changes as this economic turn continues to trend downward.
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January 9th, 2011 10:31 pm
We are at about 15% but that’s because of the market. As the market begins to pick back up, I expect our numbers to level out around 22-25%.
February 2nd, 2011 12:00 pm
This article is a little depressing, considering how fast the market dropped in three years. But I do expect it to pick up, once things stabilize Vegas will be the town it used to be.