Are you considering a new construction home? While many things about the home buying process are the same as purchasing a renovated home or even a fixer-upper, there are some things you should know before jumping in.
Know the Home-Buying Process
If this is your first home purchase, you will want to look at the steps involved, so you know what to expect along the way. Your lender and Realtor will be able to help, of course, but researching this ahead of time will help.
When getting pre-approved for a mortgage, you have a chance to compare lenders. This step is often just as important as choosing the right home. By shopping around for the right lender and the best mortgage terms, you could end up saving thousands of dollars over the life of the loan.
Hire a Realtor
Many homebuyers assume that they won’t need a Realtor because they aren’t shopping around on the market for a home. However, a Realtor can help you purchase your new home and even help negotiate the price of the house with the builder. This is something most builders won’t do when working with the buyers directly.
Pre-Construction vs. Post-Construction
Builders often offer the homes in their housing development for sale before they are completed. If you want to choose the layout of your home and the style of cabinets, upgrades, etc., that are all included, then working with the builder pre-construction could be your best choice. However, most homebuyers should wait to see the homes completed before choosing which to buy.
Research the Developer’s Reputation
It’s essential to research the builder before deciding to buy a home from them. Many builders have excellent reputations, and their homes are highly sought after. Others may be less desirable, and you will want to consider your purchase more carefully.
Check Out the Public Spaces
New housing developments will often have public spaces like walking trails, parks, and maybe even community buildings with a gym or indoor pool. These are usually built first so that new home buyers have a chance to see them before deciding on their new house. Check these out to see if they align with your lifestyle.
You Still Need a Home Inspection
Even though it is a brand new home, you will still need a home inspection. Mistakes can be made, and you will want a trained and licensed inspector to take a look before closing. If there is anything wrong, the builder should make repairs before the purchase is complete.
If you are ready to purchase your new construction home, call Network Title today. We can help you navigate the process so you can be prepared to take the keys.