Are you considering buying a new home? Getting a new construction home comes with many perks such as brand new energy efficient materials, no repairs needed to the home and the ability to customize the house based on your vision. There are a few things to consider when it comes to new construction. Here is a list of things to consider.
What exactly is a new construction home?
A new construction home is a home where a buyer is the first person to live in the house after it is built. The buyer can contract with a home builder to provide all that is needed to build a custom home. The buyer can also buy the land on their own and find all the vendors to build a custom home.
There are different levels of customization for new construction homes:
Build on spec– The home is built to the builder’s specifications is purchased as is with no options Semi custom- the home is almost complete, but still have the ability to customize certain things
Full custom– The homeowner can customize everything
Once it is determined what level you choose, make sure you know what comes standard with the home and what will be extra. It is key to get this all in writing to protect yourself.
When choosing customization it is important to take into the time frame into consideration. Building a custom home can be delayed due to weather, vendor, or permitting issues. If the home is semi custom or on spec, they are usually finished more quickly. Building a custom home typically takes from three
to seven months, but can be longer if there are delays. If you are choosing new construction we recommend chose the option that fits best with your needs.
- Real Estate Agent and Mortgage Lender
Buying a new construction home is similar to buyer any other home. Research real estate and mortgage lenders so that you can find the best rates for your needs. Builders often have their own specific real estate agent and lenders. These can offer great value, but it is still recommended that you do research to
find out what everyone is offering and decide on the best deal for your situation.
Research your local home builders association to find home builders in your area. Look into their websites or social media pages, local reviews, and Better Business Bureau reviews. Do your research to determine the right fit for you and your family.
Be realistic about how much you can afford. Take into consideration landscaping, homeowners association, and any furnishings you may need for rooms of the home. You don’t want to spend all your budget on your new home, only to find there is little left over for furnishings.
Understanding your warranty is vitally important. You must know what is included and what is not. Do not be afraid to ask questions. Third party home warranty companies can help cover what is not covered by the builder.
- Home Inspection
When buying a new construction home you should get two home inspections. First one before the walls are closed and then after. The second home inspection should be before the final walk through with the builder. These inspections provide you will the ability to find issues and bring to the builders attention.