Just as you think you’re ready to decide on a home builder, a new round of promotions comes your way, causing you to question your original decision. Can you get a better deal by taking advantage of the other builder’s promotion?
Sometimes.
But promotions aren’t always the best way to save money on your home.
Builders offer promotions periodically in order to entice people to buy. Most often, you’ll find promotions during times when sales might be slumping. Usually, the promotion is for something like a free upgrade, though you can sometimes find discounts.
What should you look for when checking out the builder promotions? You should look for ways to get the best deal on your home.
Upgrade Value vs. Cost to Builder vs. Cost to You
You have to look closely at the deal the builder is offering you because the deals aren’t always as great as they seem. For instance, the builder might be offering something that’s “valued at” $5,000.
It sounds like a great deal, right?
But what would it actually cost if they weren’t running the promotion and you wanted to add that upgrade? Would it still be $5,000 or would it only cost $4,000? Now, you are still getting a good deal if you’re getting it for free rather than for the $4,000 cost. It’s just not as good of a deal as you thought it was.
Limits on the Promotion
Pay attention to the limits to the promotion. Often, the offer is limited to a certain time frame - say, the month of July. If you want to take advantage, you have to make your purchase within that month. Other times, a promotion is only available to the first say, 20 buyers.
If you want to make sure you can take advantage of the promotion, you should check with the Area Manager about how much time is left. You wouldn’t want to start the process of making an offer, only to find out that you’re too late, especially since it usually makes a difference in the cost of the home.
Certain Restrictions Apply
Some deals are just too good to be true. Make sure to ask about any restrictions that apply to the promotion. For instance, the deal might say that it’s for $5,000 in upgrades, but it applies to specific upgrades only, not whatever you'd like. If you can’t use the promotion on the upgrade you want, it’s not a great deal.
Upgrades You Don’t Want
Another thing to be careful about is to not get too excited about promotions until you have the details. It's not a great deal if the offer is for something you don’t really want in your home. Promotions can seem great in theory, but sometimes you’re getting something that’s more hassle than you may find worth.
For instance, many people love the look of hardwood flooring, and want to include that in their home. Because it's so popular, a lot of times this upgrade could be offered as a special promotion.
However, hardwood floors do require special care, and some homeowners prefer a more low-maintenance option, like vinyl plank. In this case, going for the hardwood upgrade wouldn't be worth it.
Take the time to consider what features you need and want, so you're only choosing a free upgrade promotion you will appreciate and love.
Making the Most of the Promotion
All this said, there are still many ways you can get a good deal by using builder promotions. If you have time while you’re saving up for your down payment, check builders’ websites frequently to see when they‘re more likely to offer promotions, then get ready to buy at that time when the promotions come in next year.
Additionally, it’s smart to have a strong idea of what you want in a home, then keep an eye out for promotions that match those needs. That should lower your overall costs. Even so, it’s still a good idea to get price quotes from other builders. Occasionally, another builder can offer a better price on the home you want even without the promotion.
Builder promotions offer a good way to get the things you want in a home at a price that’s more affordable. You have to read the fine print, though, if you want to get the best deal. Don’t be afraid to ask your builder any questions you may have.
