PROS
- Customization: One of the biggest advantages of buying a new construction home is the ability to customize the home to your exact specifications. You can often work with the builder to select finishes, appliances, and other features to make the home truly your own.
- Energy efficiency: New construction homes are often built with the latest energy-efficient technologies and materials, which can result in significant savings on utility bills over time.
- Modern design: New construction homes often feature modern designs and layouts that are more in line with current trends and lifestyle needs.
- Warranty: Builders offer comprehensive warranties on their new homes, which can provide peace of mind and protection against unexpected repairs or issues.
CONS
- Cost: New construction homes can be more expensive than buying an existing home, especially when building materials are in high demand.
- Delayed move-in date: Building a new home can take several months or even longer, which means you may have to wait longer to move in than if you were buying an existing home. Unexpected events such as poor weather conditions can cause significant delays.
- Unforeseen issues: While reputable local builders strive to create high-quality homes, there is always a risk of unexpected issues or construction delays that can cause frustration and additional expenses.
- Neighborhood uncertainty: When buying a new construction home in a newly created subdivision, you may not have a full sense of the neighborhood or community until after you move in. This can be a concern if you value being in a well-established neighborhood with familiar amenities and surroundings.
, STEPS
The steps to buying a new construction home are generally similar to the steps involved in buying any other type of home. However, there are a few additional considerations to keep in mind. Here is a general overview of the steps involved:
- Determine your budget: Before you begin looking at new construction homes, figure out how much you can afford to spend. Consider your income, expenses, and any other financial obligations you have.
- Connect with a local lender who has experience with new construction loans. I am happy to share my list of preferred lenders with you, and recommend that you speak with a couple of them to see who can offer you the best rate and program to suit your needs.
- Get pre-approved for your loan so that you can shop with confidence!
- Research builders: I can help you identify builders who have experience and a good reputation for building quality homes in the areas where you would like to live.
- Explore neighborhoods: Visit the neighborhoods where builders are constructing new homes and determine which ones meet your criteria, such as proximity to schools, work, and amenities.
- Visit a model home or one of the builder’s current homes for sale to get a sense of quality, finishes, and overall construction.
- Select a floor plan: Choose a floor plan that meets your needs, preferences, and budget.
- Submit your offer! The sale agreement for a new construction home is slightly different than the contract for an existing home. I’ll walk you through the contract so that you understand all of the terms and various contingencies. In some cases, the builder will require that the offer is submitted on their own forms. These contracts may vary greatly from the standard forms, requiring attention to detail and additional guidance along the way.
- Customize your home: Work with the builder to select finishes, appliances, smart features, landscaping and any other elements to make the home truly your own.
- Complete a home inspection (more on this below!) and sewer scope.
- Complete a final walk through with the builder to ensure that everything is in order for closing.
- Set up your utilities. I will provide you with a list of the service providers in your neighborhood.
- Closing: Sign your closing documents within one week of the closing date.
- Move-in: Move into your new construction home and enjoy your vision!
It's important to note that the new home buying process may vary depending on the specific builder, neighborhood, and other factors.
TO INSPECT OR NOT?
Here are just a few of the reasons why it’s important to have a professional home inspection and sewer scope for your new home.
-
- Uncover unforeseen Issues: Even new homes can have hidden issues that may not be visible to the untrained eye. For example, a home inspector can check the foundation, roofing, electrical systems, plumbing, and other components of the home to ensure that they were constructed/installed properly and are in good working order.
- Safety: Inspections can help identify potential safety hazards, such as improperly installed electrical wiring or gas leaks.
- Warranty: New homes typically come with a builder's warranty, but these warranties have a limited duration. An inspection will help identify any issues that need to be addressed under the warranty before it expires.
- Even newly installed sewer lines can have issues. The sewer scope will ensure that the line was installed to city code and is functioning properly.
- Peace of Mind: A thorough inspection can provide you with peace of mind, knowing that your new home is safe, well-built, and free of any significant issues that could cause problems down the road.
