Down Payments & Money Needed to Buy a New Home
Most people believe that buying a new home will require a family to use more money than they would have, if they bought a resale or used home.
Actually, the opposite can be true.
Most resale attorneys require a buyer to post 10% for a down payment so for a $500,000 home for example a buyer could have to put $50,000 down.
Large builders like Modern Age, can allow you to start with as little as $5,000 on contract and oftentimes to use as little as $15,000 in total for the down payment. They also can allow you to space your down payment funds during the construction process giving your time.
Modern Age- since it’s such a strong company- uses all of its own monies to build your home. Your down payment remains safely in a lawyers escrow account until the day you get handed your keys!
BOTTOM LINE: BUYING A BRAND NEW HOME CAN REQUIRE LESS OUT OF POCKET MONIES THAN A RESALE