Buying a new construction home is a once in a lifetime opportunity for most of us. All of the decisions are up to you, the buyer! You will be the first person to sit in the tub, the person to choose the paint, the tile; each and every choice will be up to you. It will be hard not to get caught up in the excitement but avoid that at all costs and remember to focus on what’s important. The most crucial aspect of buying a new construction home is to have the home inspected thoroughly to allow the builder to remedy problems that exist before closing. Below are a few important aspects to consider when buying a new construction home:
Seek out and hire a professional real estate agent: Many times buyers don’t think about the importance of having their own representation when buying new construction. When building a new home you are often working directly with an on-site sales agent. It is important to have your own personal agent working with you and the on-site agent. Don’t feel you need to handle this huge challenge on your won. The on-site sales agent is in essence representing the builder so it is important that you have a realtor looking out for your interests.
Research, Research, Research: When you are making any substantial purchase it is essential to do your research. Look very closely into builders, their work and their references before signing any contracts to further work with any builder. You will want to be sure that all of their licenses and insurance policies are up to date. Ask questions about the sub-contractors that they hire and talk with homeowners who have recently had their homes built using the contractors you are considering.
Check out the fine print: A contract supplied by the builder which clearly work to only protect the builder and building company not the buyer. This is why it is crucial that you hire a real estate agent and lawyer to review the fine print of any and all contracts with the builder before signing on the dotted line. During each phase it is important to continue being represented. Review all warranties offered so that you understand what they cover and what is not.
Hire a home inspector and proceed with a final walk through: Have the home inspected independently throughout the building process. The pace builders are putting new construction homes together is gathering speed as the market increases. Builders are human too and therefore subject to human error so to ensure that nothing is missed an independent set of eyes is helpful for you and the builder. After the final inspection is done do an official walk through with the builder. This is a great opportunity to point out both major and minor issues that need to be addressed before closing. It is easier to address concerns before you are all moved in and settled.