Tips on Purchasing New Construction Homes
Purchasing a new construction home can be an exciting but complex process. There are many reasons new construction appeals to those looking to buy a home. In our last blog, we discussed the pros and cons of purchasing new construction homes (if you missed it, read it here). Here in Summerville, South Carolina, we have several amazing new construction communities being developed. If you think new construction is right for you, here are some tips to consider.
1. Hire a Realtor to be your Agent: So many buyers agree to buy new construction homes and end up not having their own representation in the sale. There are so many benefits to having your own agent and it’s an imperative step in purchasing a new construction home. The builder’s agent will be super helpful and will work hard to build a trusting relationship with you. Remember, they work for the builder and their job is to sell houses to help maintain the builder’s profit. Your agent will work for you. They will ensure your best interests are maintained throughout the building process. And the best part, it will not increase the purchase price of your home and it will not cost you anything. However, having a realtor will save you stress and potentially save you money.
2. Research the Builder: Look into the reputation and track record of the builder. Check their previous projects and read reviews or testimonials from homeowners who have purchased from them. Ensure that the builder is reliable, experienced, and has a history of delivering quality homes.
3. Understand the Timeline: New construction homes often have a specific timeline for completion. Get a clear understanding of the estimated completion date and any potential delays that may arise. Make sure the timeline aligns with your needs, such as selling your current home or timing your move.
Model Home At Watson Hill in Summerville, SC
4. Visit Model Homes: Builders typically have model homes that showcase the layout, finishes, and features of the homes they offer. Visit these model homes to get a sense of the builder's craftsmanship and the quality of materials used. Take note of any upgrades or customization options available. Keep in mind when visiting model homes, it’s best to do this with your Realtor. If your realtor is not present, be sure to tell the builder’s representative that you have a realtor or else you might waive your right to having your own representation during one of the most important purchases of your lifetime.
5. Research the Neighborhood: Consider the location and neighborhood where the new construction home is being built. Look into factors like schools, amenities, proximity to work, transportation, and future development plans. Ensure the neighborhood aligns with your lifestyle and preferences.
6. Understand the Warranty: Inquire about the builder's warranty policy. Most reputable builders offer warranties that cover certain aspects of the home, such as structural defects, for a specific period. Understand the coverage and duration of the warranty and any steps required to claim it.
7. Review the Contract Carefully: Read the purchase agreement and contract thoroughly before signing. Pay close attention to details such as the specifications, finishes, and any contingencies or conditions. If possible, consult with a real estate attorney or real estate agent to ensure you understand the terms and protect your interests.
8. Get a Home Inspection: Even though it's a new construction, it's still essential to have a professional home inspection. An inspection can identify any construction defects or issues that may not be immediately apparent. Discuss with the builder if they allow third-party inspections and consider hiring an inspector to evaluate the property. We recommend doing a couple inspections at various stages of the building process to ensure all construction and quality measure are being met.
9. Understand Financing Options: Research financing options specific to new construction homes. Some builders have preferred lenders or offer incentives for using their financing services. However, it's always wise to compare rates and terms with other lenders to ensure you secure the best possible financing for your situation.
10. Communicate with the Builder & Document Everything: Maintain open lines of communication with the builder throughout the process. Regularly check in on the construction progress and address any concerns or questions promptly. Building a good relationship with the builder can help ensure a smoother experience and better outcomes. In addition, keep a record of all communications, agreements, and documentation related to the purchase. This includes emails, contracts, addendums, and any changes or upgrades requested. Having a paper trail can be valuable for reference and to protect your interests in case of disputes.
Remember, it's essential to do your due diligence as a purchaser of a new construction home. The best way to accomplish this is to work with a real estate professional who has experience with new construction homes. Home Grown Real Estate is well versed in the new construction offerings in Summerville and we can provide guidance, negotiate on your behalf, and help navigate the intricacies of the process.
