Buying a home is a very important and most exciting adventure. It is also one that can come with a lot of challenges and creates a risk for making some serious mistakes. This is particularly true when the buyer is going to purchase a new home build. In most cases, it is a very rewarding adventure especially when the buyer is aware of the do’s and don’t when buying a new home from a builder.
What You Want To Do When Buying A New Home Build
There are several steps a buyer of a new home build can take to provide them with the best home buying experience.
Research The Builder
It should never be assumed that all new home builders are the same. This is a competitive business and there are many reputable builders that have built their reputation on the homes they provide. At the same time, there are some that do not live up to the standards that are expected of them.
A potential new home buyer should do their research on the credibility of the home builder they are considering buying from. There are plenty of resources that can be relied on to provide important information. The internet is a great resource where most builders will have a website that will provide background on the builder’s company. There should be reviews that can be researched provided by those who have done business with the builder.
Read All Material
New home builders often provide a lot of promotional material. As well as the contracts that come with the sale. It is important that a buyer carefully review all of the material they are being provided. When it comes to the legal documents these should be reviewed by the buyer’s lawyer prior to any signing or commitments.
Know The Negotiating Factors
Most home builders will offer some features that come with the new home along with some variations.
The Features
A new home buyer should be well aware of what features are being offered. It is important to know which are included in the asking price of the home. Also, what additional features may be available but come at an additional cost.
The Variations
This pertains to changes that could be made in the layout of the home that is being purchased or in the different materials that may be used. The buyer must be aware of whether they have any options for these. They must also be aware of whether the builder has the authority to make changes in these areas at their discretion. This is an important segment of the new home buying process.
Landscaping
Landscaping is going to be important and it is usually one of the last steps that the builder takes to complete the property. It usually occurs after the home has been sold. There are some things that are out to the control of the builder like the layout of the municipal services. The home buyer should be aware as to whether there may be poles, junction boxes or fire hydrants located on their chosen property. Then decide whether this is going to be an issue for them.
Closing Day
It can be difficult to plan a closing day for a new home build. There can be a lot of unforeseen circumstances that can interfere with the progression of the home build. Homebuilders are aware of these and will usually take them into account during the sale of a home that has not fully completed construction. The buyer must discuss with the builder the policy that is in place regarding delays.
Relying on the Right Expertise
Another aspect that should be considered as a “must-do” is for a potential new home buyer to depend on the right expertise. Buying a new home build can be complex and an experienced real estate agent can be a valuable asset to help a boyer complete the purchase of a new home build. It can be done in such a way where there are very hassles and it can be a pleasant and rewarding experience. The real estate agent has knowledge of what the builder can and cannot do. The realtor has the expertise to be able to handle the important negotiations.
The Don’ts of Buying A New Home From A Builder
Just as there are many steps that can be taken to enjoy a successful purchase of a new home build there are some things that should be avoided
Don’t Make Assumptions
Don’t assume that all builders are the same. They all have the same set of rules and regulations to follow but that doesn’t mean they do so with the same commitment.
The Finances
It may be tempting to just go with the financing options that the builder may be able to offer. It means not having to take the time to shop around. However, a buyer may not be getting the best financing deal when doing this. It is much better to do some financing comparisons to be sure the best financing is being obtained.
Negotiating
Any home builder will be willing to do some negotiation but they will not instigate this. It is up to the buyer to take the lead. No harm can be done outside of the builder saying no.
Don’t Fall For The Hype
Builders are going to do their best to sell their newly built homes. They are going to stress all of the important features and the ones that buyers find most attractive. Often these are hyped up. The potential buyer must put their emotions aside and weigh out the value of the incentives that are being offered compared to the asking price.
Rushing into a deal because the new homes are selling fast is something else to be avoided. This is an important purchase and one that demands a great deal of thought.
