Tips For Trading Up to a New Construction Home

Want to buy a new construction home, but need to sell your current home first? Try trading up to get into that choice piece of real estate you've been eyeing. At the height of the market, it may have been almost unthinkable to try and write contingency contracts, especially on new homes, but now opportunities abound.

When trading up to a new construction home, follow these tips to promote success:

  • Note all the desired features for your new home. Before beginning the house hunt, take into account all the reasons why this move is necessary, and make sure every occupant is prepared for the days ahead. Referring to this list serves as a visual reminder of why you're undertaking this task, and lets you know all the bells and whistles waiting for you in your next home.
  • Decide this move makes sense on all levels. Before jumping in with both feet, make sure trading up to a new construction home is the best solution. Explore financial options, and tally up the reasons it makes sense to buy new. Buyers can make out well in these types of transactions because they're getting builder incentives and obtaining great interest rates. Owners of older houses may also come out ahead because they can buy homes that do not need any repairs or upgrades. Just know what you're up against, and what obstacles may lie ahead.
  • List your home with an experienced agent. Trading up means there's no time to waver when it comes to listing your current home. Agents must come on strong, using all of their resources to sell your home quickly. Our knowledgeable agents have an abundance of marketing tools at their disposal. These pros get homes sold so clients can buy the new construction houses they want.
  • Don't wait to look for new homes. Once showings ensue, buyers should begin looking at new home communities, model homes and floor plans. Timing is a huge concern for two reasons. First, the buyer usually has just a window of time to choose a new home. Secondly, buyers need to take into account the time it will take for new homes to be completed. Our agents are great when it comes to coordinating the timing of such deals.
  • Have a Plan B. Sometimes builders will accept contracts contingent upon buyers selling their homes, but not always. Sometimes buyers will allow homeowners time to find the new home of their choice, but not always. While our agents are highly skilled in the art of negotiating, there are those unforeseen events that can throw buyers into a tizzy. The best course of action is to be prepared so nothing upsets your plans. Trading up to a new construction home in Hampton Roads can give owners a whole new perspective.