Five steps to owning a new construction home. Buying “new” is a little different than buying an older home. Just like buying an older home, you need to know your budget and get financing in place before you even start home shopping. There are several ways to go about this, including a short-term loan from your bank, or real estate investment companies, or using your credit card. If you use your credit card, you will also be responsible for paying for the full amount up-front.
Before you go shopping for a new construction home, make a list of all the features you’re looking for in a new house. These may include energy efficiency, proximity to hospitals and schools, views of the city, easy access to stores and other amenities, and many others. Some buyers want a house that will fit in with their selling plans, while others want a home that will complement the style of their future landscaping project. Be sure to include any long-range plans for selling the house as well.
Visit homes on the market and look at the price. Find the lowest asking price for the type of home you’re looking for. When you make an offer, make sure it’s at or below that price, so you don’t overpay. Check with your local real estate agent as well, especially if you’re interested in buying used construction equipment, as some sellers try to inflate the home’s cost for quick sales.
Make a floor plan of the house you want, noting spacing for bathrooms, stairs, bedrooms, and anything else that will help you keep track of your finances. Most builders have pre-made floor plans that you can look through. You can also hire Custom Home Builders CT to help you find your ideal home and offer based on what you like.
Examine your new house closely to ensure that all the amenities are within walking distance. Many new houses offer amenities like a clubhouse and swimming pool access, but not all do. If the neighborhood has few homes of this type, or if the neighborhood lacks the amenities you’re looking for, be sure to investigate the neighborhood to determine if homeowners enjoy living there and are willing to pay more for space.
Check with the homeowners’ association to ensure that there are no outstanding property issues that would pose a problem moving in. For new construction homes, the homeowner’s association board may require you to negotiate new construction home relocation fees or pay them. In most cases, these fees are small and affordable, so long as you follow the rules and stay on top of them. In most cases, new homeowners associations do not allow new construction homeowners to rent a home until they move in, so keep this in mind when interviewing potential new owners. Remember that there may be special fees for older buildings.
When adding upgrades to an existing home, new builders will often charge extra to finish certain elements, such as hardwood floors or upgrades to kitchen appliances. However, some builders will offer discounts for simple finishing touches such as new doors and windows for existing homeowners. For example, some builders will give you a discount on new doors and windows if you bring in your own appliances.
When interviewing contractors, ask about the type of approvals required before starting the project. Some builders require pre-approval, but others do not. It’s important to find out what the process takes before signing on the dotted line – and getting started. Real estate agents will be able to help you with this.