Buying New Construction: How Do I Begin?
Unquestionably, buying new construction is very exciting; not to mention the benefits, which typically include:
- customizations and upgrades that can transform the home to meet different needs, demands and tastes;
- minimal maintenance in the first few years;
- warranty on the home itself and the appliances it contains;
- lower running costs resulting from the home’s compliance with the latest building regulations and energy conservation standards.
While buying a newly built home comes with many advantages, being aware of all the factors involved in the process can help you avoid some common pitfalls many homebuyers fall victim to.
Things to Know Before Buying New Construction
A lot of the process of buying new construction is similar to purchasing an existing home. This also means that there are a few important factors a homebuyer should consider before house-hunting. These are as follows:
- Getting pre-approved for a mortgage – Many people make the mistake of going house-hunting without determining the maximum amount of mortgage they can qualify for. Some homebuyers even find their dream homes only to realize they cannot get the desired mortgage amount. As a result, most of them need to go through the house-hunting process all over again.To avoid the hassle and disappointment, the first thing homebuyers should do is get pre-approved for a mortgage. Once they find out their home price range, they can start looking for a home they like and can afford.
- Deciding where you want to live – While pre-owned homes are often located in “stable” neighborhoods, buying new construction in a brand new community might involve some degree of uncertainty. On the upside, a new community may have a wider variety of amenities, such as clubhouses, pools, parks, sports fields and playgrounds. What’s more, a new community can be part of a large-scale development plan, which may turn it into a “hot spot” for living within just a few years.
- Determining customizations and upgrades you need – When buying new construction, customizations and upgrades can be quite confusing. To clear up the confusion, ask the builder exactly what is and what isn’t included in the price.Additionally, having certain upgrades done during construction can save you a lot of hassle and money later on. For instance, a great advantage of adding an extra bathroom or opting for a two-car instead of a one-car garage from the very beginning is that you can roll the cost into your mortgage. Another important consideration is that, depending on the customizations and upgrades you select, your home might look completely different from the model homes you’ve toured.
- Getting a written contract – So, you’ve selected the neighborhood, the builder and all the upgrades you want. What’s next? When buying new construction, the builder should provide a contract that specifies all the things you’ve agreed upon, including customizations, the date of project completion and warranties.
If you’re searching for your dream home here in the Florida Panhandle, please feel free to contact our friendly staff at Whitworth Builders to learn more about the key steps to buying new construction.
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