Presale homes are a great opportunity if you’re looking to buy a new home. If your presale home is located in a market where home values are increasing and demand is high, you can find yourself in a position where you gain equity in your new home before you even close.
That’s just one example. If you’re wondering, “What are the advantages of buying a presale home?” this article covers many things to consider when making a decision about your new home.
But first, let’s back up just a bit and look at the definition of a presale home.
What is a presale home?
A presale home is a home that is available for purchase before it’s move‑in ready. It might be a home you choose to purchase before construction begins, or it may also be one you purchase while construction is underway. In the circumstance where construction of a home is complete, and the home is ready for move in – but has not yet been sold – the home is referred to as “new construction.”
When you’re looking for new homes in Princeton Tx, be sure to include presale and new construction homes in your search. At Morning Ridge by Cavender Homes, you can choose from unique floor plans ranging from 1,800 Sq. Ft. – 3,000 Sq. Ft. Each floor plan for these brand new Smart Homes for sale features modern, open design and state‑of‑the‑art home automation. Homes in Morning Ridge by Cavender Homes are perfect for tech savvy buyers, or anyone who wants the convenience and comfort of a Smart Home.
What are the benefits of buying a presale home?
As a presale buyer, you may not face as much competition as you would when buying a resale property. Of course, this varies based on factors such as the property, its location, and proposed amenities.
It’s true that some presale homes may attract several potential buyers very early on. However, in housing markets like the Metroplex, where buyers usually have to put offers on multiple homes and risk being outbid, purchasing a presale home is a surefire way to avoid all that stress and hassle.
Another advantage of buying a presale home is that it gives you time to save more money. Although you’ll have already prequalified for your mortgage – or even preapproved – a presale home gives you additional time to put money away for your new home. And if you own a home, buying a presale gives you extra time to sell – possibly at a higher price as home values continue to rise.
Remember that your new home will be more energy efficient than an older home. Your potential new home is built with the latest energy efficient construction techniques and materials, which reduces your impact on the environment and saves you money on utility costs.
Another answer to the question “What are the advantages of buying a presale home?” is that you can customize features and finishes in your new home so that it perfectly reflects your taste and fits your lifestyle.
If you’re considering Princeton Texas new houses, choosing a presale home means you may get to choose the homesite and floor plan you prefer. Choosing to build a new home requires that you visualize how the floor plan will look upon completion, but at the same time it gives you the opportunity to have exactly what you want in new construction homes in Princeton Tx.
When you purchase a presale home, you have the opportunity to lock in the rate on your mortgage, which means if mortgage rates rise during construction of your new home, you’ll still get the rate agreed upon when the contract was signed.
What should you know about buying a presale home?
You’ll be required to pay a deposit when you agree to the purchase and the contract is written. Deposit amounts vary, but you can typically expect to pay 1.5% to 3% of your home’s purchase price for a home in Morning Ridge by Cavender Homes. The deposit is put toward your down payment at closing, and the balance is due when your home is completed.
Learn more about presale homes
Contact Cavender Homes to learn more about presale opportunities at Morning Ridge in Princeton, Tx.