It’s one thing to buy a pre-existing home. You walk through it, check the accessories that are already there, and you’ve got a running checklist in your head. You’re thinking, “I’ll need to do something about the water heater in a few years, the counters are terrible and I’ve got to replace them, wow, the faucets in the master bathroom are ugly. But I can make this work.”
With new construction, since you’re working with your home builder from the ground up, you don’t have to make those thousands of tiny compromises. You can make the choices to have the home of your dreams. However, the process of buying a new construction home is a little different from the traditional house buying experience. Yesterday, we shared a few tips with you regarding what to expect when you’re working with a home builder and buying a newly constructed house. Keep reading to learn a few more.
- We all know that in life, there are no guarantees. However, most people working with a builder are planning to purchase a home that hasn’t been built yet. What happens if the builder runs behind on construction? What happens if you’re held up by a delay with closing or your lender is taking their time? The documents for your purchase agreement should specify a closing date, but they should also mention what happens in the event of delays.
- Trust us when we tell you that hiring an independent home inspector is money well spent. There are those who believe that problems will only crop up in an older home. But mistakes can happen and problems can occur in a newly built home as well. Reputable builders understand this, and they know that there’s nothing wrong with a fresh pair of eyes checking the place out. Be sure to have your agent determine how the inspection process works, and what your rights are in the documentation regarding requesting repairs or terminating the agreement.
- Before you sign anything, know what is and is not covered under your warranty. Most builders provide a warranty, but it won’t necessarily offer blanket coverage for everything. Plus, certain components, such as the windows, might have a separate manufacturer warranty. If there’s an issue, your builder may refer you to the manufacturer to solve the problem. Your builder should be happy to go over all of the warranty information ahead of time.
- Let’s say the house you choose is set on a lot with a lovely view. Will that view still be there in 5 years? Take the time to contact the municipality you’re moving to and find out what they have planned. They can give you an idea about upcoming traffic planning and development of surrounding areas.
- Are you planning to go crazy with holiday decorations after you move in? Before you pull a Clark W. Griswold, check with your homeowner’s association, if one is in the neighborhood. If there is an HOA, you can find out about monthly fees and what is expected of you as a resident.