Do you prefer something that is brand new/never been lived in? Do you want to customize your home to fit your exact tastes? Are you having a hard time finding exactly what you are looking for in your next home? If you answered yes to these questions, a new construction home is likely for you! There are a lot of benefits to buying a new construction property but there are also a number of things you should consider before making that decision.
Hiring a Realtor
You should definitely consider hiring a real estate agent to represent you in the sale and the process. An agent has the knowledge and experience to ensure everything goes smoothly and that you get the most bang for your buck. An agent will ensure you have someone on your side and watching your back. You have to remember, the builder’s sales representative works for them and are going to looking out for your best interest, not yours. The best part is, the agent represents you for free (to you) since the builder pays the agent commission.
Also, a common myth is that you can get a lower price on the house by not using an agent because the builder won’t have to pay commission. This is simply not true. If the home is in a neighborhood, the builder will not want to reduce the value of the property and risk bringing down the value of the other lots. The builder will just pocket the difference instead.
What Warranties the Builder Provides
Majority of builders offer various types of warranty to guarantee quality work and craftsmanship. Right now, the most common warranty is a one year “bumper to bumper” warranty with the builder and a 10 year structural warranty. Additionally, many other items in the home (like HVAC, roof, appliances) have their own warranties you should be privy to. Make sure that you know about and are comfortable with the warranties the builder you decide to work with is offering.
The Builders Reputation
I can’t stress this one enough. DO. YOUR. RESEARCH. or simply ask your agent. Not all builders have equal quality or equal levels of customer service. Some builders are looking to put up homes as quickly as possible and concentrate on volume while others stress quality and customer experience. You should know what you are getting yourself into before committing to working with a builder.
The Homes Current Status
New construction homes can be purchased in a variety of stages. It is possible to purchase a new construction home that is already complete, bare land and everywhere in between. Knowing where in the process the home you are interested in is will help you better understand how much you will be able to customize or change. It is also important to know this as it will determine your timeline for move in. If the home is starting from a plot of land, it will take significantly longer than a home that is already in the framing stage.
This is one that many people forget to think or ask about. It is important to know how much work the builder is committed to doing in your yard after the home has been built. Some builders lay down sod while others just lay grass seed. Some builders will plant trees and bushes while others will leave it bare. This is important for you to know so you can budget appropriately and set your expectations on what will be done from the start.
The Neighborhood’s Future
What stage the neighborhood is in when you decide to by matters. If you are in the first phase of the neighborhood, it will be hard to determine what the neighborhood will ultimately look and feel like and you will have to live through a lot of continued construction. Additionally, you may not know if there will be townhomes, single family homes, condos or a mix. If you are buying in a later phase, you will have a relatively good idea of neighborhood. It is good to make sure you find out what to expect and what amenities are planned prior to making a decision about buying.
As you can see, there is more to buying a new construction home than meets the eye!
If you have any additional questions or are ready to start looking for your new construction home, give us a call! We would be happy to help you get started