Home Buying in Tampa>Question Details

Cynthia Chan, Home Buyer in Clearwater, FL

Newly Constructed House for First Time Home Buyer

Asked by Cynthia Chan, Clearwater, FL Thu Jun 20, 2013

Hello, I am a first time home buyer. I want to purchase a newly constructed house in tampa bay area. Should I find a realtor or a local home builder company? Besides the purchasing price of a newly constructed house what other closing cost I would expect to pay compared to buying a resale house?

Help the community by answering this question:


Cynthia Chan, based upon your questions, definitely work with an experienced realtor. One well versed in resales and new homes.

A buyer's agent will be able to help you walk through the pre approval process, selecting the right property, managing the transaction and getting the file closed.

If you consider, a 33% close rate pertaining to offers submitted. This percentage clearly indicates that most offers do not close. Thus, working with an experienced agent will increase this percentage significantly.

Best regards,

Lynn Brock
Brock Realty Inc.
1 vote Thank Flag Link Tue Jun 25, 2013
Hi Cynthia Chan, there are many reasons to use a REALTOR. First we offer our expertise reviewing the contract paperwork and ensuring that it meets your best interests. We also understand and can explain how the community fees, or CDD fees work as any other features. We will ensure that you will pay a fair sales price based on real value. We can also help you compare resales and new homes deals, meaning that sometimes because a home is new it doesn't mean that you will get the best bang for your buck, all the little extras keep adding, but if you have a REALTOR, we can negotiate in adding some features without charging extras. As well builders to stay in the competitive edge with resales, they usually will cover a substantial portion of closing costs to sell you a good deal. Many Realtor 's don't charge for their services, and builders love us, they are always encouraging us to take buyers to their properties and they offer us many bonuses on top of our commissions which many of us will pass to the buyers to help upset the closing costs. I was in the Builder Expo this last June 20, 2013 at Riverview and it was awesome, new construction is up and builders are offering good deals because the competition is getting though. Hope this helps.
Please fell free to contact me anytime with any questions. Sincerely,
(813)784-2663 REALTOR.Franches@live.com
0 votes Thank Flag Link Fri Jun 21, 2013
Hello Cynthia,

You should contact a Realtor first. Your Realtor will be able to answer all of your questions and walk you through the home buying process. Having a Realtor will make your home purchase much easier and it does not cost you anything to hire a Realtor. The seller will pay the Realtor's commission. You will also want to get prequalified for a home loan. Having a preapproval letter lets sellers know you are a serious buyer and you also know what you can borrow.

Your closing cost and prepaid items are not fixed numbers so they are going to vary depending on the property you purchase and your loan type.

Please feel free to call or email me with any questions you may have.

Andrew Schmitt
Yellowfin Realty
Cell: 813-857-1543
0 votes Thank Flag Link Fri Jun 21, 2013
It seems that you have asked a few questions of real estate agents on Trulia. Based upon this I would suggest that you find a real estate agent to help you. You may decide after looking at home builders that you would rather have a resale or to do a custom build. A real estate agent can help you with all of these homes.

The new home sales representative while a real estate agent is not your agent. They work for the builder. They usually don't do regular sales and may not be able to answer any questions beyond the builders and community information. If you have any further questions, please contact me directly.
0 votes Thank Flag Link Fri Jun 21, 2013
Dear Cynthia,

Yes, absolutely work with a Realtor. An experienced Realtor will represent your best interests and will help you in a lot of ways. A "model minder" agent is there to get you to buy and may just gloss over some of the crucial information about the community, i.e. Community Development District Taxes.

We have first time homebuyer Florida Bond money that can help with your downpayment and closing costs. Your Realtor can give you the details on how to get this money.

I would interview a few Realtors and then go with one that you feel most comfortable working with.

All the best,
Alma Rose Kee, PA
Sold On Tampa Team
0 votes Thank Flag Link Fri Jun 21, 2013
As a 1st time buyer,

1. DO NOT stroll into any New Home Builder like a Christmas ham walking into Wolf Country without representation! Those builders LOVE IT when a 1st time buyer wonders into their den! They have the perfect "Trifecta," their sales rep, their lender and their title company all speaking with one voice to maintain complete control over the buyer!

2. There is ridiculous money, like big fat low hanging fruit, in the form of real estate commission on New Homes that builders offer ANY buyer's agent that simply signs you in that consumers are completely oblivious to the fact that they can effortlessly share in this Pay Day!


$200,000 purchase could be paying as much as $6,000 to $7,000 in real estate commission!

$300,000 purchase could be paying as much as $9,000 to $11,000 in real estate commission!

Consumers can not only hire a buyer's agent who will help them negotiate their deal, they will only keep approx. $3,000 and rebate the buyer the rest!

Click here to read how this savings can work:



Then email me to be put in touch with a local Realtor who offers this kind of savings to buyers.


0 votes Thank Flag Link Fri Jun 21, 2013
I will be more than glad to walk you thru the process. there is different loans to help you with buying your first home.

Jim Pell
0 votes Thank Flag Link Thu Jun 20, 2013
You really need to get Pre-Approved before you start looking for a home. This way your financing is all set and when you find your dream home, you are ready!

Closing costs are normally anywhere between $3500.00-$5500.00 on the average. The reason why they can vary so much is depending on where and the age of the home for home owner's/hazard insurance as well as the property taxes for that home. The price of the home dictates the closing costs too for Doc Stamps, Taxes, etc.

Rates are changing constantly right now and on the rise. Depending on the rate, we can also give you a credit back to go towards closing costs. Sometimes, that can be 1%-2% of the loan amount which can dramatically decrease your closing costs as well.

Depending on what area in Tampa you are looking to buy, you may qualify for 0% down (USDA Loan), and then would be either Conventional w/ 3% down or FHA at 3.5% down. These loan how much money you actually have to put down along with Credit Scores, etc.

I hope this helps you out.
Please let me know if I can help you with financing and any other questions.

Chris Suarez
0 votes Thank Flag Link Thu Jun 20, 2013
Hi Cynthia,
Having a buyers agent representation is very important. Wether it be a traditional resale or new construction. Purchasing what is most people's largest investment they will ever make, there is much that goes into it. As far as funds you will need, will depend on what you purchase and the type of loan. I specialize in first time home buyers and can assist you with pre approving you for down payment assistance.
Commonly if you use a builders lender they will cover a large portion if not all of your closing costs as well as pre paids such as the property taxes.
In todays sellers market and resales seeing multiple offers and cash offers sellers are finding they dont have to pay any of the buyers closing cost. However builders are still assisting buyers along with other incentives to purchase new instead of resale or bank owned.
Would love the opportunity to assist you through the process and answer any other questions or concerns that you may have. Congratulations on taking your first step in your dream of home ownership becoming your reality!
Terri McCormack
Century 21 Galleria of New Homes
1501 S Dale Mabry
Tampa FL 33629
0 votes Thank Flag Link Thu Jun 20, 2013

You should always have a Realtor help you even when purchasing from a builder. They can help you in your search and offer suggestions that you may not have thought of. Your Realtor can also help negotiate the deal, help you find a lender, and give you guidance. You will pay the standard cost for your loan, taxes, insurance and other fees associated with your loan.

Please review my profile and send me a message, I would love to help.

Tracy Hoyt
0 votes Thank Flag Link Thu Jun 20, 2013
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