Instead of buying a preowned Menlo Park Terrace property, homebuyers can elect to purchase a new construction home. These homes are either recently built or will be soon, giving buyers customization options and the experience of owning a home from new. The purchase process is a little bit different when buying new construction, so it helps for homeowners to have a little knowledge going into this journey. They can get started by using these five tips to help homeowners navigate buying a new construction home.
Determine the Ideal Customization Level
New construction homes come in a variety of customization levels to suit the buyers' preferences. If homebuyers want a relatively speedy purchase, they will need to go with a new construction property built on spec. Otherwise, they can elect to go with a semi- or full-custom home.
With semi-custom properties, homebuyers can usually select the finish materials used to complete the dwelling and landscape. Full-custom builds, on the other hand, leave all the details to the homebuyers – and often necessitate a team of architect and builders to complete.
Set a Clear Budget for the New Construction Home Purchase
Upon determining their ideal level of customization, homebuyers should identify their budget for the new construction purchase. By clearly identifying a budget, homebuyers can easily customize their new construction build or go for the perfect home already built on spec.
After making a budget, homebuyers should calculate the cost of property taxes, homeowners' insurance and other associated costs for the areas they are considering. They can compare these figures to their budget to determine how much home they can afford. This information will guide the purchase process to ensure homebuyers reach their goals and remain within budget.
Plan for Extra Time in Making the Purchase
Unless homebuyers are purchasing new construction on spec, they should allow for an extended period of time to complete the homebuying process. In high demand areas, even buying on spec new construction homes can take longer than normal.
Homebuyers can minimize the amount of time it takes to complete this process by having a detailed plan and securing financing ahead of time. A clear budget and outline of preferred property specifications can go a long way in speeding up the process of finding and buying new construction homes. Identifying ideal builders and neighborhoods can also help homebuyers breeze through this process.
Explore the Warranty Coverage Levels
One amazing benefit of buying new construction homes is that most are covered by warranty. Builders do not have to follow any sort of standard for coverage levels or warranty lengths, however, so buyers need to explore the details ahead of time. Homebuyers should educate themselves on what components and types of damage are covered by the warranties offered by each builder.
Most new home builders will provide new home warranty policy documents to interested homebuyers who request this information. When working with an agent, they will typically pull up this information on request. Homebuyers should take the time to study and compare the warranty materials to find the best property for their needs.
Work a Home Inspection into the Homebuying Process
Even though recently built, new construction homes also need to go through home inspection to ensure all is well at all corners of the build. The inspector will look through the entire home, seeking building mistakes and code violations.
They will verify that the heating system meets the minimum specifications for the space, for example, using their industry knowledge. Homebuyers can attend the inspection and ask the inspector questions to gain helpful information that will guide their purchase decisions.
When homebuyers use these helpful tips to move forward in buying a new construction home, they can breeze through the process with confidence.