Table of Content
- Interested in a New Construction Home in the Las Vegas area? Fill out the form below to get started!
- Who is the builder?
- Is the lot cost included, and is there a lot premium?
- How Long Does the Home Take to Build?
- Questions to Ask When Buying New Home Construction
- Important Questions to Ask Before Buying a New Construction Home
Just because the company owner is experienced and capable does not mean the employees working on your home will be equally capable. There is nothing wrong with asking a few questions about who will be in charge of the building of your home. It can be helpful to visit homes they are currently building to see the design process they use. At the very least, you should look at homes they have already completed to see what the final product looks like. As such, I have represented numerous professional builders over the years.
The more questions you can ask in the beginning, the less surprises you’ll potentially face in the future. You’re building your dream home, so you’re probably interested in periodically checking out how construction is moving along. Some builders will offer a “dusty shoe” or frame walk appointment where they’ll show buyers their home’s construction progress before the drywall is installed.
Interested in a New Construction Home in the Las Vegas area? Fill out the form below to get started!
These make it easier for those buying a new construction home. They might not mention these incentives without you asking – it’s in their interest to see if they can get you on board without these incentives first. Asking about these incentives can help lower your interest rate or get an extended rate lock. Some will charge a higher cost for changing your mind than others.
It’s still good to know however if there are benefits to working with the builder’s preferred mortgage company. Before buying or building a new construction home, it’s a good idea to ask about homeowner associations or community rules/regulations. While the home that’s being built may be up to code, your future plans for a detached tool shed or in-ground pool may not be allowed. Plus, you may have to pay monthly, quarterly, or yearly association dues, which can add up when you’re not expecting them. Ask your builder or real estate agent about HOA fees and regulations before buying a new home.
Who is the builder?
It’s rare for buyers to get their deposit back from a builder, even if their financing falls through. Buyers also can terminate a deal throughout a contract period if they can’t secure adequate financing. In a resale transaction, buyers may be eligible to receive their earnest money back, but in a sales contract written by the builder, that might not be the case. A lender typically requires a certificate of occupancy for a newly built home before you can secure financing. Your local building department issues this document once it verifies that the builder completed the home’s wiring, plumbing, heating, and other specifications properly.
Therefore, you should find out beforehand if and how you can make changes once building has started. A good builder will be flexible with your changes to a certain extent, but you may incur additional costs. A good way to avoid running up a huge bill or causing lots of headaches is to just be up front and ask the builder what changes you can or cannot make once they’ve started construction. Most builders will require you to use their builder’s sales contract. But if you use a Realtor, you often can negotiate aspects of the contract such as a reduction in closing costs and additional builders upgrades at no cost.
Is the lot cost included, and is there a lot premium?
Often this can change the mortgage rate you get preapproved for, and that affects your monthly payments and budget. There are a variety of Realtors and real estate agents out there. Make sure you choose a professional that has new build experience. Realtors can earn the designation of Certified New Home Specialist, which means they have completed additional training related to new construction homes. There are many ways to upgrade a new construction home, and the additions can add up quickly to your base price.
In 2022, a record number of new construction homes hit the U.S. market, exceeding 34% of all listed single-family homes. So whether you’re dreaming about a brand new-home or not, there’s a decent chance you might end up making an offer on one. What are the most important questions to ask when buying new construction? Most people who have built a custom home with a particular builder will speak freely, good or bad, about their experience. You should be able to get a fairly open dialog on the builder’s quality of work.
Our Home Advisors are experienced local agents who know how to sell for top dollar and help win your dream home. On top of a guaranteed sale, 95% of Orchard customers sell for more on the open market. At Hudson Valley Realty Center we are proud to be a full concierge real estate business, servicing every aspect of your real estate needs.
Rarely will a builder take care of backyard landscaping, but the front yard may be included. If you live in a region with long hot summers or wet and snowy winters, it may be impossible for the builder to complete the landscaping or driveway when your home’s structure is finished. Get it in writing to document and clarify when they will return to complete any exterior projects they are responsible for. Builders with their own design centers often will not allow outside purchases.
Model homes often contain many upgrades to flooring, appliances, light fixtures, cabinets, countertops and other features. Some include expanded room sizes and additional rooms that aren’t included in the standard plan. Although it’s helpful to see all of the options you can choose, don’t assume that you’ll get everything you see in the model. Ask your New Jersey builder for a list of standard features to prevent any misunderstandings.
There are always concessions when buying a home, and even new construction. The longer you’ll be able to comfortably live in a home, the higher likelihood you’ll have equity when you sell. Try to anticipate any family size changes, kids, older parents living with you and plan for it. Don’t just buy a home with exactly the number of bedrooms you need today.
The larger the company, the more their range of builders will vary in quality. Just make sure that the person in charge of your new construction home has the necessary expertise – and is accessible to you. An experienced builder with a good reputation will be able to point to a history of success. You might also talk to recent buyers of this builder’s work to gauge their satisfaction. Contractors who often work with that builder are also a good resource – ask their opinion. Technically, a new home sale occurs when a buyer signs a sales contract or a builder accepts a deposit, according to the NAHB.
Some lots will be more expensive than others but offer big advantages in return. They may place you in a more desirable location, use flatter ground, boast an incredible view, or include features that improve the property value. You may look to save money by sacrificing one of these elements, or invest in a lot that’s a little more costly because there’s a clear benefit to it. Make sure you consider all the lot options in a neighborhood when buying a new construction home. Had your heart set on butcher block countertops but the builder doesn’t offer them?
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