Lot premiums can add a lot to the price, and so to the payment. Ask what each lot costs before you fall in love with one.
What is a lot premium on a new home?
A lot premium is extra money the builder charges for a better lot, like one on a pond, on a corner, or with no homes behind it.
More questions
- How long does it take to buy a new construction home?A home that is already built can close in about 30 to 60 days. A home that is not built yet can take several months.Read the answer
- What are the steps to buy a new construction home?Talk to us, get pre-approved, pick your home, sign the contract and pay the deposit, get the home inspected, then close and get your keys.Read the answer
- Do I need an inspection on a brand new home?Yes. A new home can still have problems. Your own inspector finds them while the builder still has to fix them.Read the answer
- Can you negotiate with a home builder?Yes, but usually not on the price. Builders more often give on closing costs, the rate, or upgrades.Read the answer