Some buyers prefer the charm and convenience of purchasing an existing home. Others prefer the clean slate of a newly constructed home. Before you proceed with the home buying process, you’ll need to choose which option fits your needs. If you decide on new home construction, here are some basic tips to help prepare you as you move forward.
Choose a Real Estate Agent
When you choose new construction, you need a professional real estate agent in your corner to help you navigate the waters. Their strong negotiation skills come in handy when you’re discussing home upgrades, setting a move-in date, and discussing terms with the builder. They are familiar with the terminology and expectations of builders in the area. There are special challenges that sometimes crop up with new home construction. Your real estate agent is the key to a successful, less stressful transaction.
Select a Builder
Finding a custom home builder can be an overwhelming task because of the number of options. The first thing you want to do is research architectural styles available in your area. Zone in on builders who offer to build that style of home. Speak to friends, family, and business colleagues who have experience with builders in the community. Use the information you get from them to begin your research on the reliability of a builder, but don’t stop there. Check the status of the builder’s state license and their certification status with the National Association of Home Builders. Check the Better Business Bureau for negative reports.
Consider Important Decisions
The representative for the builder wants you to purchase a home. They provide you information on restrictions for building in the community, needed inspections, road or utility installation, and other important details. Any information you need about the home warranty, upgrades, or rebates will come from the builder’s representative. Don’t be surprised if you feel a bit overwhelmed by the amount of information and the decisions you’ll need to make. You real estate agent is there to help you understand the process and the data provided to you. Don’t let the legal speak in the contract scare you. Review the contract with your real estate agent. They will help you make sense of it all and offer valuable insights.
Watch the Timing
Your real estate agent can fill you in on the current real estate market. Knowing which way things are going with the market can help you get the best deal from a builder. There are times when a builder will have too much inventory on their hands due to a slow market. During these times, you may be able to get a better deal on upgrades and the asking price. Builders run special sales when they are nearing the completion of a project. Keep an eye out for these, and you may find yourself benefiting from their extra inventory.
Most home builders require a deposit at the time the purchase contract is signed. In fact, you should be prepared to pay for any upgrades you request before closing day. Backing out of the agreement before the completion of the construction project could cost you that deposit and any funds paid for upgrades. Know the details on your contract well before you move forward and sign the dotted line.
Your real estate agent is the best source of information about the local community and real estate topics. Give Robin Dodd a call today at 214-991-7698 to learn more about local areas, discuss selling a house, or tour available homes for sale.