Top Tips for New Construction Buyers
Entering into the world of new construction can seem overwhelming. Purchasing a home on its own it a daunting task, but when you’re suddenly presented with a cornucopia of choices it can be difficult to know what takes priority. Luckily you’re in the right place. Our guide to follow will teach you what’s important, what you don’t need to sweat, and how to make sure you’re getting the most value for your dollar!
Before you even begin the hunt you need a guide to navigate the jungle that is the real estate market. You may be thinking that new construction homes don’t require working with a real estate agent since most communities already have someone working on the site. That’s an understandable thought, but consider two things: 1. The site agent is working for the builder, and 2. It doesn’t cost you a dime to work with a REALTOR® when purchasing a home. Think of it as an insurance policy – you’ve got someone who will guide you through not only the purchase process but also the financing and settlement. Working with an agent that specializes in new construction is even better. They’ll know which red flags to look out for, what sort of reputations particular builders have, and how to maximize every penny spent.
Once you’ve got an agent in place start doing your research. Studying up on communities will provide you insight in to what you can expect in the future. New Home Communities are often the first construction to take place in an area that’s being developed. Check with your local city or county and find out what other plans have been approved. Imagine purchasing a home for it’s spectacular view only to find out that a shopping center is being built that will obstruct it. Find out if you’ll be part of a Homeowner’s Association that might limit your ideas for the property. Investigate planned road expansions and how traffic will be affected. These are simple items that many potential homeowners overlook because they’re not working with an agent!
After you’ve settled on a site it’s time to get down to the details. Keep your expectations in check as you tour model homes – remember that many times the model will feature an extensive amount of upgrades. That price on the sign that says “Starting in the mid-300’s!” might be true for base models, but getting all the bells and whistles could run you quite a bit more. Make sure as you negotiate what you want you get everything in writing. Remember that you’re purchasing a home that hasn’t been completed yet; you need to cover your bases. Deadlines can change, materials can become sparse, it’s imperative that you have contingencies in place for when these things occur. A delay in closing could cost you money so it’s best to have a signed agreement on a date once you’ve settled on the home you want.
Last but not least, make sure you have the home inspected! This is an easy one to miss because most folks make the assumption that if they’re purchasing a new construction home then everything is brand new. While that may be the case regarding the materials of the home that doesn’t mean the actual construction of the house is above reproach. Insure that the electrical has been run properly, that everything meets the local city or county codes, and that the upgrades you did ask and pay for have been properly installed. This might mean several inspections throughout the construction process. Work with your agent to make it happen, after all, they’re your advocate through this process and this is just another crucial reason to enter the arena with them!
We’re confident that if you follow these steps you’ll step into your new home on day one and breathe a sigh of relief. You’ll know that working with your Real Estate Group agent has made the complex world of home buying a breeze – you can enjoy your new home for years to come without worry. Rather than spending time trying to get things fixed or completed you’ll be firing up the grill and hosting the first of many gatherings in your new home.
TREG’s New Home division is committed to serving clients at the highest level, regardless of their needs, and pairing them with the right builders, right communities, and right homes for their lifestyle. If you want to work with the local pros then there’s one clear choice, we’re a Hampton Roads Original® and we love where we live. Contact us today to see how we can help you make your New Home dreams a reality!