|5th November 2014||No Comments|
Buying a new construction home is different from buying one that is previously owned. There is no seller with an emotional attachment to the property which can inflate the price and interfere with negotiations. You are only working with the builder and his representatives. Once you have determined what you can afford, have secured your pre-approval for financing, and decided how much you want to spend on a new home, you are ready to begin house hunting.
Use these five steps to guide you as you find and purchase your new construction home:
First, you need to weigh the pros and cons of living in a newly built home. While it is wonderful to be the first to live in a home that is fresh and untouched, ask yourself some hard questions. New home construction is often located further from the center from town. Do you mind the commute or will it bother you? The yard of your new home will not be established and you will have to develop the landscaping. Do you enjoy yard work and cutting grass?
Second, research the builders and the different neighborhoods you are interested in. Find information online about new home construction or by visiting the area. Drive through the neighborhoods and check out the amenities and quality of the homes. Check with the city planner’s office to see what development plans are scheduled for the area around your target neighborhood. Consider working with a real estate agent who is a buyer’s agent – one who represents you. The listing agent represents the builder’s interests in any sale, so it is wise to have one looking out for you.
Third, know what features are included with the list price of the particular floor plan you are interested in. Know what upgrades you need. If you are a gourmet cook, for example, a standard stove will not be satisfactory. Make decisions about upgrades early in the building process because changes later will cost you more. If you and the builder can’t agree on the price for a finished home, ask for an upgrade you want instead of a price change. The builder is usually willing to comply in order to accomplish a sale.
Fourth, have it in your sales contract that closing is contingent on a final home inspection by an independent contractor. Also protect yourself by obtaining a home warranty. Warranties usually last for about 10 years.
Fifth, builders usually have a list of their own mortgage lenders with whom they work. You may use them or find your own. It is important to talk to at least two so you can compare their rates, terms, fees, points and loan processes.
A new home is one of the largest financial investments that you will make in your life, so make sure you have your ducks in a row before moving forward with a purchase. Most importantly, enjoy your new construction home, wherever it may be!
If you’re interested in new construction homes for sale in Hinesville, GA, contact our office to find out what opportunities there are in Liberty County.