Finding New Construction Homes under 400k
Are you searching for your dream home but find that most new construction homes are over your budget? Don’t worry, there are still homes for sale out there that are reasonably priced! Today, we’ll guide you on how to find new construction homes under $400k. Your quest for an affordable single-family home is within reach when you follow these tips!
How to Find New Construction under 400k
Your search starts with taking essential steps like figuring out your finances and where you want to live. Let’s start!
1. Find out your top dollar with your bank.
Before you start your search, it’s important to determine what is the maximum price range your lender will loan to you. Therefore, you already have a number to work with even if you decide to go with a different lender. And, if you choose new construction, it’s very possible you will use the builder’s preferred lender, who usually offers more competitive interest rates and under builder incentives. Therefore, it’s common to have the prequalification with your bank then go use your builder’s preferred lender instead.
2. Check what new construction homes are in your area.
The internet is a great resource for finding new construction homes. Start by searching for keywords like “upcoming new construction homes near me” or “new builds under 400k.” This will give you a list of websites and real estate platforms that specialize in new construction properties. While you’re here, you should know that Marketplace Homes is a realty company that has been specializing in new construction homes since the early 2000s. Our brokerage can help you find the right builders for you among top names like Lennar, D.R. Horton, and more awesome builders.
Want to DIY your search and hold off on working with a realtor for now? No problem. Real estate apps like Zillow, Trulia, and Redfin enable you to search for based on price, location, and other criteria. If you only want to see new construction, adjust the filters in your search, or get a real estate agent to set up a new home search for you that automates to your inbox. You can also check the Marketplace Homes New Construction Home Search Portal here.
3. Is your area too expensive? Consider broadening your location or home type.
Some markets are more expensive than others. For example, a new construction home close to Baltimore, Maryland is going to be more expensive than one a few miles out in the suburbs. Going slightly outside of major cities or in up-and-coming neighborhoods usually involve more affordable prices.
Another possibility is opting for a townhome instead of a single-family home. This type of dwelling is usually more affordable while providing similar amenities and living space. If you just can’t find a detached home that you love in the $400k-and-under price bracket, townhouses can solve that problem!
4. Reach out to the home builders that are building in your desired areas.
When you find builders that are making new communities in the place you want to settle, call them and inquire about any upcoming projects or developments. Many builders have a range of homes available at different price points, including those under $400k. They can provide you with information on floor plans, amenities, number of square feet, available upgrades, and pricing.
5. Work with a real estate agent who specializes in new construction homes.
This step is crucial. Not every real estate agent is well-versed on new construction deals. Hiring a real estate agent who specializes in this kind of sale is an absolute a game-changer. This isn’t a quick one to two month buying process, but it can take months for your new home to be complete once you finalize the contract.
A real estate agent who knows the process can help you with negotiations, picking out home designs, finding the right home communities and price points, and advise you on the right down payment amount to put on the contract for your home under $400k. You will feel so much more confident knowing that an expert is guiding you through the entire home buying process, from finding the right property to closing the deal.
6. Stuck? Get inspiration with open houses of model homes.
If you want that “old school” feeling of experiencing the house before buying, then it’s worth it to visit models of new homes for sale. Have your realtor keep an eye out for open houses and different model homes in your desired area.
This will give you an opportunity to explore different floor plans, how much sqft you need, and what designs thrill you. It’s also a chance to meet with builders and ask any questions you may have! The great thing is that you are in no rush to pick something right away. Explore different communities that have various lifestyles to offer, such as being near amenities like golf courses or shopping!
Look for New Construction under 400k
Whether you need a new construction home near Atlanta, Georgia, California, North Carolina, or another place that’s close to your heart, there are many builders in America who are ready to help you find your dream home. Contact us to find out how to get started and to learn more about making the most of real estate trends like this!
