Buying new home construction is much different than buying resale. As such, you might want to prep yourself for the process before taking the plunge on a new build. Here are some key things to know about buying a new construction home from a builder.
1. Do Some Research on the Builder
Check out other developments, speak to homeowners, and search online for reviews of builders to make sure you work with a reputable one.
2. Ask for Builder Concessions
Builders don’t typically like to negotiate a lower price, but you may be able to get some sort of deal by asking the builder to cover closing costs, pay for a fence or landscaping, or include appliances without any extra cost to you.
3. Carefully Review the Builder’s Warranty
Many builders offer warranties for as much as 10 years for structural issues, as well as shorter warranties for things like the plumbing or electrical. Make sure to check the exact type of warranties you’ll be given.
4. Expect Delays Before Construction is Complete
Even though you may be given an expected completion and occupancy date, don’t be surprised if you’re told that the date has been pushed.
5. Ask For Leftover Paint, Tiles, etc.
If you ever need to do a touch-up job, it would be a lot easier to have the exact match in materials to ensure a seamless result.
6. Have Your Own Home Inspection Done
Make sure your purchase contract allows you to bring in your own home inspector to check out various components of the home.
7. Don’t Be Fooled By What You See in the Model Home
A model home is loaded with upgrades which don’t come standard. Make sure to ask the builder for a list of all the standard features and those that require a paid upgrade.
8. Discuss New Construction Mortgages With Your Lender
The process of getting a mortgage for new home construction can be different than buying resale. Make sure to speak with a local lender to discuss your financing options.
9. Consider the Future of the Neighborhood
Investigate what the community will look like in the near future. Inquire about any further developments in the area, such as new infrastructure, more subdivisions, and amenities.
10. Pay Close Attention During Your Final Walk-Through
During your final walk-through, keep your eyes peeled for any issues, no matter how minor they may be. Make note of them and communicate these issues with the builder to have them fixed before you move in.
11. Bring in Your Own Agent
Always use your own agent, even when buying new home construction. This will ensure that your best interests are looked after and that you truly get what you want out of the deal.