Insight To Help You With A Successful New Home Construction Purchase
Posted on: 6 August 2021
When it is time to start shopping for your next home, you can look at existing homes, buy a brand-new home, or even have a brand-new home built. But before you decide on a new home to purchase, be sure you are well prepared for the process to ensure your success and a good experience in the process. Here are some recommendations to help you through the experience of buying a new home.
Shop For a Lender
As you are looking at new homes for sale, you will need to get financing to complete the purchase transaction. Each home builder you approach will likely have their own preferred lender that they work with specifically to help buyers in the financing. However, just because the builder recommends them as a lender, it does not mean that they may provide you with the best terms on the loan.
A builder's lender might have some attractive credit options with the loan, but you might be able to get more favorable terms by shopping around for your own lender. A lender that you find through shopping around or a mortgage through your own bank might be able to provide you with, for example, a lower rate over the length of the loan to save you more money overall. So be sure to thoroughly investigate your financing options before you choose a lender.
Bring Your Own Realtor
In the new home market, new homes for sale will be open for viewings and with the assistance of a realtor on-site to answer questions and help interested buyers. However, be aware that the realtor on-site at the home is hired by the builder and is there to work for the builder. You can buy the home directly through the realtor on your own, but keep in mind that you may prefer your own real estate agent.
Bring your own realtor as you shop for a new home so you will have equal protection alongside the builder with the help of your own agent. Your agent will get paid a share of the commission from the builder's agent, so no money will come out of your pocket for their experience and help, and they will help you in getting the right price and home features.
Arrange a Professional Inspection
When you find the home of your dreams, you should look to hire a home inspection before you close the transaction. A professional inspection on the new construction home is not in vain, because just like an existing home, new construction homes can have their own issues that need addressing. In fact, a new construction home has never been "tested out'' by a homeowner so any problems will remain undiscovered until you or your professional inspector find them. This will help you, for example, discover that one of the HVAC vents in the master bedroom is not flowing properly, and you can arrange for the builder's warranty to cover the repair.
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