If you want to a brand spankin’ new house to make all your own from the get-go, you may want to consider buying a new construction home.
Buying a new build home is the only way to achieve having the home of your dreams. But, it’s a little different than buying an older or used home and you should understand the process before you make the decision to jump in head first.
New construction homes come with higher price tags than more traditional homes for sale. It’s important to have your credit in good order before you consider buying a home. And, you should be prepared for plenty of unexpected events surrounding the construction and final details of your purchase.
If you’re thinking about buying a new construction home, then you’re in the right place. In this article, we’re discussing some other essential tips that you need to know before buying a new house. Keep reading to learn more.
10 Tips for Buying a New Construction Home
If you’re thinking about buying new construction in or near Tallahassee, Florida, or any other market, you should do your diligence to learn more about that market before making the decision to build there. But first, let’s talk about what it takes to buy a new construction home in the first place.
Hire an Agent
Before you even get started looking at new home models, it’s in your best interest to find a reputable and certified agent that can help walk you through the process. Your agent can set up viewings and help you negotiate the final sales terms.
It’s important to keep in mind that you could end up waiving your rights to hire your own agent if you attend a model home in person on your own. The agent on staff there will ask you to sign your name which becomes a legally binding signature for that agent to represent you.
Get Pre-Approved on Your Own
Some builders require you to get pre-approved with their preferred lender, first. This helps to ensure that they can understand your status as a homebuyer. It may be in your best interests to use this lender but you should also shop around and compare rates and terms on your own.
Credit unions are a great place to look for new construction home loans, especially if you’re already a member. You can expect excellent rates and fair terms.
Research the Builder
One of the most important things you can do while making considerations for your new construction home is to review and research the builder. You can check the BBB or Better Business Bureau for complaints and consumer ratings. You should also check with your local courthouse for liens filed against the builder that could indicate financial troubles or judgments.
Talk to the neighbors in the subdivision and ask about the lender and what kind of deals may be available as well. Networking is key to getting what you want in a new home build.
Get a Guarantee
Things can go wrong with a home even when you buy new construction, especially in the building phase. You must consider that you’re buying a home that has not yet been completed.
This is why it’s so important to get a guarantee so that additional charges don’t sneak up on you.
Make sure that you understand what you’re seeing in the model home as stock material and upgraded features. Most model homes display a handful of upgrades so it’s important to know the difference while deciding what will fit best in your new home.
You can ask your agent for a full list of upgrades and standard features for the homes you’re viewing in order to get a better idea of what to expect.
Consider the Future
Remember that new construction homes are often built in subdivisions that are not yet completed. This means you will be dealing with construction traffic and noise until the last home in the subdivision has been completed and perhaps longer.
You should also account for other amenities close by where you’ll be living like shopping markets. Are they complete yet? When will they be available?
Get a Home Inspection
You may think that because you’re buying a brand new home that it doesn’t require a professional inspection. This is untrue. New homes, just as much as existing homes should have a certified home inspection prior to signing any contracts.
You should make sure that your home inspector checks the windows and doors as well as plumbing, foundation, and HVAC system. He or she will perform a thorough walk-through of the home to be sure it is safe and habitable.
Get a Real Estate Attorney
It can’t hurt to have a real estate attorney look over your contract to be sure there are no loose ends. Builders can be tricky to deal with and having a real estate attorney on hand will benefit you now and later.
There’s not often much room for negotiation on the sales price of a new construction home. But, you can ask your builder to pay closing costs and maybe other fees on the back end of the purchase deal. This is a great way for the builder to budge a little without sacrificing out of pocket costs.
Make sure to read over your new home warranty packet information thoroughly to be sure that everything you expect to be covered, is. Some builders use third-party warranty companies which may separate your coverage by-products in your home. It’s important to know who covers what.
Buying a new construction home doesn’t have to be as overwhelming as it seems. Just keep these tips in mind when you start home shopping to be sure that you have the best experience and find the greatest deal.
Buying a new home is an exciting time and you should relish in the process. It will be completely yours and yours to design and decorate to your own liking. Not to mention that it will have that new home smell.
If you have questions or comments about the interior design of your new home, feel free to contact us. We have plenty of interesting ideas to share with you.