Purchasing a home is the biggest thing most of us do in our life. New Construction can be fun and exciting, here are a few things you may not be thinking of when purchasing new construction that you may when purchasing a re-sale.
1. Hire an agent
A real estate agent is going to work in your best interest and help you get the best deal possible. Most sites will have an agent on hand, but you can always bring your own agent in. Also make sure the agent is not affiliated with the builder.
2. Be creative during negotiations
It’s harder to get the builder to lower the price, so ask for closing costs or extra upgrades with-in the home. These seem to be easier to achieve.
3. Get it in writing
Nothing is for sure unless it is in the contract. If it’s not on paper it doesn’t exist. (another place an agent comes in handy)
4. Be wary of upgrades
Don’t take upgrades you don’t want or can’t afford, but do remember that sometimes it’s easier to roll it into the price then pay for it down the road, so make sure you are aware of your payment options.
5. Research the builder
Make sure to check out the builders on-line reviews, if you can’t find any go door knocking to find out what other people think of the homes.
6. Ask for a guarantee
Your home may be incomplete when you purchase, make sure you have a guarantee in writing of when the home is going to be finished and what they are going to do for you if it is not done.
7. Get the home inspected
New Construction can have problems just like a resale, make sure you get an independent inspection, just to make sure everything is up to code.
8. Bumper-to-bumper coverage
All new homes should come with at least a one year warranty if not longer, make sure you know what yours is and who to contact if you need something fixed.
9. Look to the future
Take it upon yourself to look into the city plans for the area and see what is going to be happening around you in the future. You may have a view now, but will it still be there a few years from now?
10. Find your own lender
Most new construction will want you to get qualified through their lender, this does not mean you have to use them to get financed. You should always check with at least two lenders to see what kind of interest rates you may get and to make sure you and the lender communicate and work together well.