Buying a new home is not without its challenges. For instance, rookie buyers can get sticker shock when visiting a builder’s model homes. Also, there are issues with contracts and financing. An experienced buyer’s agent familiar with new construction will be able to navigate these hurdles. This includes ensuring that builders offer express warranties and reviewing the contract.
Cost
There are a lot of variables that can affect the cost of building your home. For example, if you’re building a custom home, costs may increase if you add extras that the builder doesn’t anticipate. On the other hand, if you’re purchasing in a tract home community, where the builder has already purchased a large tract of land and is constructing new homes, the prices can be very favorable, thanks to bulk-buy discounts from material suppliers.
A good buyer’s agent familiar with new-construction neighborhoods can inform you about the typical costs for a particular location, including estimated cost-per-square-foot figures for the type of home you want. They can also help you find a reputable builder with designs that meet your expectations and fit your budget. If you’re concerned about the time and hassle of building a home, consider buying a spec house, which is a brand-new house that has yet to be customized by its owners. It’s still a new-construction home, but it will save you months of waiting and decision-making, and you can benefit from the builder’s warranties.
Time
Building a home is lengthy and can take months from breaking ground to moving in. With a TBB, you’re jumping into the process about halfway through and shortening the timeline significantly. The biggest thing to remember when choosing a builder is their reputation. You want to ensure they have a solid track record of delivering quality cheap homes for sale in Iowa Colony, TX, and completing construction on time. You can do this by asking around or looking online for reviews. Also, pay attention to the contracts your builder uses. Local, regional, and national builders all have their versions of contracts, and you’ll need to be careful about signing off on anything that could benefit them over you in the long run. A buyer’s agent experienced with new construction can review these contracts and ensure you’re not exploited. Another concern is whether the builder offers express warranties on their homes. These typically cover internal issues and can give you peace of mind for a certain period. Getting a home inspector familiar with new construction is a good idea to help you identify any issues.
Flexibility
For many first-time home buyers, building a new home may seem like hunting a herd of buffalo. Having the right guide can make the process much easier. That’s why choosing a builder with experience in the type of home you want to purchase is important. They’ll know exactly where to find the herd and what hunting gear you need. They’ll have a network of lenders they trust and typically charge fewer points, saving you money over the life of the loan. Buyers also need to be flexible regarding the timeline of their new homes. Many factors can affect the time frame, including weather impacting excavation or site work at the beginning of the construction process and delays in custom cabinetry or countertop production.
In some cases, builders can finish the home on the original estimated date, but others must catch up. One way to mitigate the timing issue is to opt for a spec home instead of a semi-custom or custom build. In a spec home, the builder has already made decisions about flooring, fixtures, paint colors, and other aspects that aren’t customizable. That can be beneficial if you’re trying to move quickly or don’t have the luxury of being picky with your home choices.
Customization
Many buyers buy new construction homes because they allow for impossible customization with resale homes. This customization can come in many forms, from picking a lot location and floor plan to choosing the countertops and paint colors. However, these options can also add up and significantly increase the home price. Builders typically offer different levels of home customization, ranging from semi-custom to full custom. A semi-custom home is halfway between a custom and a production home, with the builder offering limited choices for certain elements, such as flooring, countertops, and paint.
A full-custom home allows the buyer to have a say in every aspect of the house, from the location of light switches to the direction that electrical sockets face. However, this type of home can be overwhelming for some, as it requires a lot of planning and decision-making down to the last detail. Regardless of which level of customization you choose, be sure to get any promises in writing from the builder. This includes the completion date of your new home and a list of what features are included and which will cost extra. You also want to ensure that you are only getting what you need and not paying for things you might not use or like.
