1.) Draft your Team!!!
Purchasing a new construction home is different from purchasing a pre-existing home, HOWEVER, the basics remain the same!!!
You need a small group of people motivated by YOUR wants and needs to make this transaction as smooth as possible!
Agent - Even with new construction you want someone in your corner working on your behalf! It doesn't cost you anything so go for the GUSTO!!
Lenders - You always want more than opinion. Shop shop shop for your interest rates!
Inspectors - NO ONE is perfect!!! Even builders don't produce a perfect product, so you still want it inspected by a general inspector.
2.) Timeline: Do you want to be under contract before the end of the year or specifically moved in?
Location: Where do you want to move to? Some locations are more desirable than others......what is important to you in an area and neighborhood?
Budget: It's necessary to understand your budget so you know your options with builders and how many extras you may have available to you.
Customization: This is necessary when choosing your builder. Some builders are fully customizable and others are what you see is what you get. So understanding the differences between each builder is important when searching for next dream home!
3.) 4th QUARTER SAVINGS!!!!
Builders want to drop inventory ASAP. Towards the end of the year buidlers are offereing extra incentives to move their spec homes.
Incentives include closing cost assistance, ability to negotiate on price, or add extra upgrades to an already existing home.
Always have an agent to represent you when wanting to negotiate with a builder. Site agents work for the builder; a buyer's agent works for you to get as much as possible on your behalf at ZERO charge to the buyer!!! What more can you ask for.
4.) Now you're ready to go find a builder!!!
When looking for new construction there are different types of homes to choose from. This is why understanding your timeline is important!!!!
First we have Spec Homes - These are inventory homes, builders will build homes in their neighborhoods based on what they predict they will selling. The upgrades vary from neighborhood, builder, even down to site agent.
Model Homes - When builders have completely sold out in a neighborhood they will put the model up for sale.
Build from Scratch - You get to pick everything the builder allows. Your lot, your colors, your upgrades. REMEMBER: earlier, we talked about budget!! It always important to remember your budget when you're looking at that perfect lot and the upgrades you want. There may come a time where you have to pick and choose what is more important.
5.) Resale value of new construction can be more desirable.
New construction homes are obviously newer, and will have more upgrades.
Here's a little secret..........the sooner you purchase a home in a new construction neighborhood the more equity you will gain! As a neighborhood gains popularity and desirablilty.....the builder raises the base prices. This in turn helps you build equity in your home!!!