New construction homes are on the rise. For instance, 840,000 single-family homes were built in 2018 alone. However, navigating the new construction home buying process can be tricky.
For instance, you may be unsure whether buying a new construction home is the right move for you. Thankfully, this article walks you through the process and provides details that will make the process of buying a new construction home easier.
The New Construction Home Buying Process
Find a Real Estate Agent to Represent You
It’s always possible to buy new construction without representation from a real estate agent, but it’s recommended to get all the help you can get during the negotiating process. In any new construction site, there will be an on-site agent that represents the builder, not you, the buyer. Have your agent ask them how many new construction homes they have sold for that particular builder to determine the builder’s level of experience.
Secure Financing
If you’re financing the build of your new home, make sure you take out a home construction loan from a lender who’s familiar with new construction. Keep in mind that this type of loan is different from a traditional mortgage because it doesn’t deliver a lump sum of cash into your lap. Instead, you receive funds on an as-needed basis throughout the construction process.
Research Prospective Builders
It goes without saying that you should look for a builder with the most affordable rates, but be sure this doesn’t factor out quality. Therefore, research the builder’s reputation online by looking at their reviews and business websites, where you can also check out some of their previous work and clients.
Do Some Research On Homes
The first thing to consider here is where your home should be built. It’s either you can buy land from your builder’s developments, or you can purchase land in your preferred area then look for a reputable builder.
Whatever option you choose, ensure you check out the neighborhood to confirm it has all the amenities and experiences you need. You should also take out the time to consider your new home’s style and all the standard items, such as paint color, flooring, and tiling. Additionally, you can also choose all the extra trimmings if you wish to upgrade your home further.
There’s so much that goes into buying a new construction home, but the information above will help you prepare.