With the growing popularity of new construction homes in Ocala, Florida, many prospective buyers are asking about earnest money deposits and what to expect. In this blog post, Ocala real estate expert Scott Coldwell discusses everything you need to know about earnest money for a new construction home in our area.

Key Takeaways

• Earnest money deposits for new construction homes in Ocala typically range from 1% to 3% of the purchase price
• Working with an experienced realtor can help protect your earnest money deposit through proper contingencies
• Most builders will credit your earnest money deposit toward your down payment at closing
• You can get expert guidance on new construction purchases at no cost since builder typically pays agent fees

Understanding Earnest Money for New Construction

When purchasing a new construction home in Ocala, you’ll need to provide an earnest money deposit to show the builder you’re serious about your purchase. This deposit serves as a good faith gesture and helps secure your lot and home design choices while construction proceeds.

“In today’s market, having the right guidance on earnest money deposits is crucial – too little could mean losing your dream home, while too much puts unnecessary funds at risk during the construction period,” notes real estate expert Scott Coldwell, broker-owner of Your Home Sold Guaranteed Realty - Coldwell Real Estate Services.

Typical Earnest Money Amounts in Ocala

The standard earnest money deposit for new construction homes in Ocala generally ranges from 1% to 3% of the total purchase price. For example, on a $400,000 new construction home, you might expect to provide between $4,000 to $12,000 in earnest money. However, the exact amount can vary significantly depending on:

• The specific builder’s requirements
• Current market conditions
• The total purchase price
• Your negotiated terms
• The construction timeline

Protecting Your Earnest Money Deposit

One of the most important aspects of new construction purchases is ensuring your earnest money deposit is properly protected. This is where having an experienced real estate agent becomes invaluable. Your agent can help structure the purchase agreement with appropriate contingencies for:

• Home inspection
• Appraisal
• Financing
• Construction timeline
• Material changes to specifications

Why Choose Scott Coldwell for Your New Construction Purchase

When buying a new construction home in Ocala, working with Scott Coldwell and his team provides numerous advantages. With over 19 years of experience in the real estate industry and more than 500 homes sold annually in North Central Florida, Scott brings unmatched expertise to new construction purchases.

Scott’s team maintains strong relationships with local builders and understands their specific requirements, processes, and reputations. This insight proves invaluable when negotiating earnest money deposits and contract terms. Best of all, when you work with Scott on a new construction purchase, his services typically come at no cost to you – the builder pays his fee!

The team’s track record speaks for itself:

• Sells homes 48% faster than other local realtors
• Maintains a database of 8,276+ pre-qualified home buyers
• Hundreds of 5-star reviews from satisfied clients
• Multiple guarantees including the “Love Your New Home or We’ll Buy it Back” guarantee

Ready to Start Your New Construction Journey?

If you’re considering a new construction home in Ocala, don’t navigate the process alone. Contact Scott Coldwell today at 352-290-3512 to benefit from his team’s extensive experience and builder relationships. Their expertise will help protect your earnest money deposit while ensuring a smooth path to your dream home.

Frequently Asked Question