7 Tips When Buying A New Build
As we talked about before now may be the perfect time to put your home on the market and focus on purchasing the brand new home of your dreams. But if you’ve never purchased a brand new home the process can seem a bit overwhelming as you may not know what to expect. Here are a few important things to consider when buying a new home.
1. Get everything in writing.
This is a good motto for just about everything in life, but when buying new home it is extra important not to sign anything until everything has been negotiated, agreed upon and written into the contract. If you will be purchasing your home before the construction is completed, be sure that your contract mentions how the home will be finished, and other important details. A skilled real estate agent can help you make sure all the important bases are covered.
2. Your Home May Not Be An Exact Replica Of The Model Home.
When you walk into a model home you may see a mix of standard materials and fixtures as well as upgrades. Be sure to find out which is which so that you know exactly what you’ll be getting with your purchase. It can be easy to go overboard with upgrades and blow your budget, so make sure you keep the costs of various upgrades in mind.
3. Don’t Expect Price Reductions…
Generally speaking, most builders don’t like to reduce the price of their homes. They have a set of prices that they feel best represents their homes and are relcutant to set a precedent of negotiating prices, because then future buyers may expect similar price reductions.
4. …But that doesn’t mean you can’t get a good deal!
While builders may shy away from outright price reductions, consider asking for other concessions such as additional upgrades or asking the builder to cover closing costs. Builders may be willing to include an assortment of things such as landscaping, additional carpeting, appliances or fencing without charging you extra. So if there’s a particular upgrade you’d like, consider asking the builder to include it!
5. Get A Home Inspection.
Even though a new home may not have the same issues as an older house, it’s still a good idea to have your own inspection done. If there are any code violations an inspector can catch them and most builders will agree to repair any code compliance issues that arise from an independent inspection.
6. Read Your Warranty.
Most new homes come with a warranty, and you’ll want to make sure you read and fully understand everything that is covered. Be sure you know what is included in your warranty, the remedies it offers and how long your home is covered. Some builders offer a warranty directly, while others provide warranties through a third party company, and while some warranties cover everything about the home, others have separate warranties for things like windows. Because warranties can vary so much it’s very important to understand what is covered in yours.
7. Think About The Future.
Check with city to see if anything is planned for the area surrounding your new home. If you purchase a lot with a view of the Foothills, will it still be there in a few years or are there plans to build a shopping center in that area? Be aware of any future neighborhood changes such as future home developments and new roads so that you aren’t surprised a few years down the road.