It’s true. It can cost more if you decide to buy a brand new home.
It’s all about the cost of title insurance policy. Title insurance can vary in price. A half a percent of purchase price is a decent estimate.
In Nashville, it’s generally accepted that the seller will cover the cost of the buyers title insurance. This isn’t a set-in-stone rule, but it is customary in Middle Tennessee. If you buy a resale home, the seller will likely expect this request. The listing agent should have explained this to the seller when they decided to place the home on the market.
However, this ins’t the case with new construction, foreclosed homes, or short sales. That’s not to say that you couldn’t negotiate for the seller to pay for the cost of the title search.
Other items to remember in new homes:
- window blinds
- security systems
- cable outlets
- mailbox