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Tidewater Builders Association
 Building Trades Academy  

Think new homes are too pricey? Think again. Today’s financing options make new homes as affordable as used ones. New home buyers can benefit from:

Low and simplified financing opportunities. Many home builders assist prospective buyers in finding a broad range of affordable financing options. Builders also help walk buyers through the paperwork.

Favorable pricing. There is a lot of price competition in the new home market, and it is still a buyer’s market. In many areas, the cost of a new homes has not significantly increased in the last several years.

Value. New homes have a longer life expectancy; therefore, they have higher appraisal and more
favorable resale values than older homes.

Here are a few tips that can help you make a wise investment:

  • Before you begin, determine how much you can comfortably afford to spend for a house. (A
    rough rule-of-thumb is that you can afford a house that costs three times as much as your annual income.)
  • Visit at least three mortgage companies to gain an understanding of the financing tools available and the requirements that will be made of you to qualify for a loan.
  • Ask lots of questions: of your real estate agent, builder, mortgage loan officer, attorney, even the neighbors near the house (or houses) you are considering.

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