New Home CoBroker
I recently received my New Home CoBroker designation certification which means I am qualified and have the tools to help find my clients find new construction homes. When buying any piece of real estate you always want to make sure you have a licensed professional working with you who is looking out for your best interest and to make sure you are getting the best deal.
With buying new construction there are a few factors that come into play that you need to be mindful of.
1. Everything is new and has builder's warranty
2. Most builders will provide builder credits that can go towards closing cost or towards upgrades in the homes when using there preferred lender
3. Whether buying new construction or resell always always always shop around when it comes to mortgage rates. Most people think because there credit has already been pulled once, if it is pulled again it will harm there credit. Within 30 days for a major purchase your credit can be pulled more than once and it will not harm your credit score. You need to make sure you are weighing out all the options when choosing a lender and that you are getting the best rate.
4. New construction has lot premiums for example you may pay a higher lot premium for a conservation view as compared to a street view or your neighbors back yard.
5. 95% of the time you will not close on time when having a home built things change and things can happen when building a new home that can slow down the construction so be flexible
6. With any home purchase DO NOT shop for furniture before your home closes
7. New communities will also have quick move in homes which means construction is complete and they want to get the home sold, they generally can get you in and closed within 30-45 days brand new sometimes with a huge price deduction.
8. With new construction the price given is the base price once you start adding in upgrades that price will go up. It is okay to get the home built and add in your own finishes and upgrades later. This gives you time to budget and move at your own pace.
9. Last but not least buying new construction is FUN, you have the ability to pick your appliances and your finishes. It's such a great feeling watching your home being built from the ground up knowing that it's yours and that you picked out every piece inside that home.
In conclusion there are so many different steps in home buying. Make sure you always have a professional on your side to answer any questions for you and to walk you through the entire process.