Back in the day, if you wanted to build your dream home, you needed to be rich. The concept of working with a builder to design a house to live in was so out of reach and unrealistic for most people, you might as well have suggested they buy a personal rocket ship. But as times have changed, price points for new home builders have changed as well. Innovation and creativity have allowed more people than ever to take the dream of homeownership to the next level.
Unfortunately, in many ways, home buying guides haven’t kept pace with the rapid changes within the industry. If you’re considering working with a builder, there are a few additional aspects worth considering before you commit and hand over a down payment. Yesterday, we offered a few helpful tips for making your home building experience smoother. Read on for more info to help you become a happier and wiser buyer.
- Be sure to keep up with the Joneses without passing them. A smart move is to choose accessories and a home size that are roughly comparable with the neighbors. We’re not saying your home needs to be identical, but if at all possible, try not to price yourself out of your neighborhood.
- When you’re checking out floor plans, make sure you understand what the measurements truly are. There’s nothing worse than settling on a design, then getting the rude awakening that rooms are smaller or larger than you anticipated. Some buyers pull out a tape measure and measure out the dimensions of their own homes as a point of comparison. Better yet, if a particular floor plan looks good, visit a home with the same plan in order to walk through it. Most builders may either direct you to one that’s under construction or send you to another subdivision to view it if there isn’t one available in your neighborhood.
- A newly built house is not necessarily flawless. After your home is built, an extremely smart move is to hire an independent home inspector to provide a thorough, top-to-bottom review. New homes can have their own set of problems, and you want to be aware of them before signing the final paperwork.
- Speaking of problems, always check to see what warranties your builder offers. The majority of builders provide warranties that cover workmanship and materials. Some will also cover the structure, electrical system, and mechanical aspects. Find out exactly what is and is not covered, and how long the warranty is good for.
- When you receive your contract, it’s likely to be several pages crammed with impenetrable legal jargon. Before you sign anything, hire a reputable attorney to go over everything with you. They may end up telling you that everything is fine, but you’re better off having an expert check it out beforehand.
- There’s a good chance that your builder has a preferred lender and closing agent, and you may be offered discounts to work with them. Remember that they may not be the best option available for you. Take time to get quotes from other lending agencies and closing agents, then weigh the pros and cons before committing.
Buying a newly built home can feel intimidating, but it doesn’t have to be. When you do your homework ahead of time and make sure you understand everything, you can take a potentially terrifying experience and turn it into something memorable and fun.