Getting a home either for the first or subsequent times is usually a decision that requires a lot of thought to get it right. Often, you’re presented with multiple options, which all seem right, but chances are you’ll probably be second-guessing the decision you made even after you’ve settled into the new home.
Marco Island builders can help you with the decision-making process as you navigate through the process of purchasing a new construction home.
Considerations When Purchasing A New Construction Home
For most of us, owning a house of our own is a dream that we would not like to waste any more time on actualizing when we finally get the chance. Though you may have presented with a good deal on that new construction home, you must take some time before finally committing to having the property turned into your home. Here are some tips on what you should consider when purchasing a new construction home.
Check The Quality Of The Builder’s Past Projects
Like most other works, one is just as good as their last completed project in construction. It is advised that you do the due diligence of inspecting the builder’s past projects before contracting them to bring up your home.
An excellent place to start would be to personally research previous projects by the builder before asking them to present you with work they’ve done before. Though it’s relatively uncommon, it wouldn’t be news if a prospective builder were to present you with an excellent track record that isn’t their own.
What Will Be Included In The Construction Package
It’s pretty common for people to fail to thoroughly go through the details of what is offered in the new construction home package. Missing from the fine print might be fittings and fixtures that you assumed will be included in the package. Also, within the package descriptions, features like extra-wide hallways that you won’t like.
With a local Marco Island builder such as CoastalHomesOfMarcoIsland.com, will recommend that you never cease to ask questions throughout the construction process, both to the agents and builders. Getting and giving clarity on what you should expect and what you prefer respectively is important in preventing conflicts and disappointments when it’s too late in the construction process.
Walk-Through The Property With The Builder
During construction, you need to walk through the property with the builder frequently. Through this walkthrough, you can pick up on any minor or major issues at different stages of the construction. Though you might not have a construction professional’s eye, you cannot miss out on issues such as wrong paint patches or sticking out nails.
Also, before closing out on the new construction home, it is highly advised you to do a final walkthrough to ensure that all the requirements have been met satisfactorily.
When you miss out on a final walkthrough, the house will be officially handed to you when it’s riddled with minor or major errors. With the error-riddled house officially in your name, it would be difficult to hold the builder accountable for the errors. This will therefore mean that you will have to cater for the added costs for the fixtures.
Read Through The Purchase Contracts And Construction Documents
Hidden within the fine print of the new construction home contract might clauses or statements that may be troublesome for you at later stages of the purchase. It is advised that you thoroughly read through the documents and have an attorney and real estate expert go through the contract before you sign it.
Have The Property Inspected
Even as you have regular walk-throughs of the property with the builder, it is crucial to have the property inspected during and after inspection. These home inspections give an outsider’s perspective of the property’s condition and ensure that the whole process is done according to the set standards.
Having a home inspector review and certify the property also means that you’ll be better placed to reap benefits like home financing. Most financial institutions require that the house be issued with a clean bill of health by the relevant inspection authorities before financing can begin.
Check For The Availability Of A Warranty Program
Depending on the builder, different warranty frameworks are available for new construction homes that may be included either as part of the purchase agreement or on a separate document. These warranties usually cover different aspects of the property with different timelines, all dependent on the builder.
Some of the items that the warranty may cover include construction materials and labor, defects on home systems such as plumbing and heating, and possible structural defects on the home.
Review How Binding The Contract Is In Case Of Dissatisfaction
Best discussed together with your attorney or real estate agent, it is important to know early on, preferably before signing, just how binding the new construction home contract is.
Though it might not be a common occurrence, there are instances where you may feel short-changed or as though you were not getting what you signed up for. In such scenarios, you might want to jump ship and not continue with further financing. Unfortunately, this might not be possible if you signed a contract that obliges you to fund a project to its completion.
Steps To Buying A New Construction Home
The following is a step-by-step guide to help you navigate through the process of purchasing a new construction home.
- Find a real estate agent that is buyer-oriented and would be working towards your best interests.
- If you are looking for external construction financing, go for a lender that has worked with new construction before.
- Research prospective builders, as well as check for new home construction projects they have done before.
- Work with architects and designers to settle on the style of your new home.
- Choose the specifics of items to be used to construct the final touches and fittings of the house.
- Ensure the home is inspected both during and after the construction process.
- Have a final walkthrough of the complete property before it’s handed over to you.