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Updated over 2 years ago on . Most recent reply

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Pretty Khare
  • Investor
  • Austin, TX
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Closing new construction house in late December or early January

Pretty Khare
  • Investor
  • Austin, TX
Posted

I am buying a new construction home in Austin, Tx as my primary home. I have the options to close the house in last week of December or first week of January. Any advice on how to think of trade-offs?

1. Property tax- since this a new home, is there any benefit of NOT owning the house on Jan 1 for property value assessment for tax purposes.

2. Construction year -  If I close on January 2, 2023 will the construction year of the house be 2023 or the construction years depends on the occupancy certificate date?

3. Closing cost- I understand if I close in end of December the closing cost will be lower because of lower prepaid interest than if I close in first week of Jan.

4. Current home - I plan to rent out my current home when I move to this new house. Not sure if this should be a consideration 

5. Any other considerations I should think through?

Thank you!

Most Popular Reply

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Eliott Elias
  • Investor
  • Austin, TX
5,557
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Eliott Elias
  • Investor
  • Austin, TX
Replied

Ply hard ball with the builder, they are desperate right now to sell. Ask for tons of concessions, rate buy downs, negotiate price even harder 

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