Posted on: 17 February 2021
Buying a home is already an exciting process, but buying a new construction home is even more fabulous because you are the first person to live in it and the possibilities you have in customizing it to your tastes. Here are some tips to help you select and buy a new construction home.
Look Into Financing
When you are ready to buy a new construction home, just as with any home purchase you can start on your financing at the start of the process. Whether you want to arrange your own financing at your pace or apply for lender financing once you have found the right new construction home, this option is up to you.
When you visit a model home to get ideas of how to customize your new construction home, the builder will usually provide information and a mortgage lender at the home to help you get started. Or talk to your realtor about seeking out your own financing through a local mortgage broker. And when you work with one your realtor recommends, they will already have a great working relationship with the lender, which can help speed the process along.
Also, be sure you start early on your loan application so you can work on improving your credit if it is necessary to help you qualify for a lower interest rate. There are a lot of different loan programs available for home buyers, so be sure to get one that is the absolute lowest rate you can qualify for because it will save you a great deal of money in interest over the life of the loan.
Choose Your Upgrades
Another important detail to think about is the types of upgrades you want to add to your new construction home and how much you can afford to increase your budget. Improvements and additions that you make in the plan of your home's construction are going to add extra cost to its overall price, so be sure you have a good understanding of your spending limits and be sure to decide on features that you absolutely have to add to the construction cost. For example, if you want to upgrade the home's air conditioner to a larger compressor, you may be able to do so if you keep the kitchen appliances at the standard models and not opt for the upgraded range, oven, and dishwasher.
Hire an Inspector
Before you close on your new construction home, don't forget to arrange a professional home inspection. Even though the home you are buying is brand new, there is the potential that mistakes were made in its construction, and a professional inspector will find them. Then, you can arrange for the builder to make the corrections necessary to fix any problems that were found.
Contact a local real estate agent to learn more about new construction homes.Share