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2018-03-30 15:45:02
Tips on Buying a New Construction Home

Whether to buy an existing home (also known as a 'resale' home) or have a new home built is a decision many buyers face today. If you opt for new construction, a REALTOR® can be a powerful advocate in your corner to negotiate upgrades, a move-in date, and other terms with the home builder.

Below are helpful tips to prepare you for a new home construction purchase.

Selecting a Builder:
1) Shopping for a large production or custom home builder can be a daunting task. Start by defining what architectural styles appeal to you and then seek out builders in the area who offer those styles. Performing your due diligence is essential.
2) Ask friends for referrals to get firsthand accounts.
3) Verify the builder's state license status, if applicable.
4) Check for complaints against the builder (these are usually filed with the state or the local Better Business Bureau).
5) Check whether the builder is certified by the National Association of Home Builders.

The Builder's Sales Representative and Your REALTOR®:
The builder's sales office representative's ultimate goal is to sell you a home. His or her role is to provide a range of information to help you in your decision-making, from building restrictions, roads, and easements to inspections, warranties, rebates, and upgrades.

A REALTOR® who is knowledgeable in new-home construction will be able to help you decipher the data and point out the downsides and upsides of each line item. Your agent also can look out for your interests in reviewing the builder's contract, which often contains more legal jargon than consumer-friendly language. It’s important that you have an advocate in your corner when buying a new construction home.

It's All About Timing
Market conditions typically dictate a builder's incentive to make a deal you cannot refuse. When a builder is laden with inventory, his carrying costs are higher. When this happens, he or she might be more amenable to strike a favorable deal with you, whether it's throwing in upgrades or taking a bit off the asking price. A real estate agent can assist in making recommendations that fit the market. Your agent will also be on the lookout for builder close-out sales, special events where a nearly-finished subdivision has standing inventory and offers purchase incentives.

A Word About Finances with New Construction
While there are always exceptions, most builders require a deposit when a purchase agreement is signed on the new construction home. They also require that the buyer pays for any upgrades before closing. If you back out before closing, unless the agreement states otherwise, you will lose that money. Make sure you understand every detail of the builder's contract before signing it.

Have questions? I’m always here, and I’m happy to help. Reach out to me with your new construction home questions.

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