When thinking of building a new construction home, follow these five tips to ensure you get the most out of your money.
- Get a Real Estate Agent. A lot of people overlook this helpful tip and try to represent themselves in the building process. However, builder contracts and the building process can be more complicated than buyers generally anticipate. Also, some buyers believe that if they don’t use an agent, the buyer will reduce the price of the home by the amount of the commission. However, in most cases, this isn’t true. An agent who specializes in new construction and the area in which you want to build can be invaluable. In addition, builders’ model homes and offices represent the builders’ interests because they are staffed by the builder. Buyers need also need someone to represent their interests that is not affiliated with the builder.
- Buy during the winter holidays. Very few people buy homes during this time of year, so there is less competition. While inventory may not be high, it may be a great time to get a bargain.
- Remember that a model home is the very best version of the home. The model home may not be a good representation of what you will get. The builder generally hopes you will like the upgrades in a model home and pay extra for them yourself. When touring the model home, ask what options are standard and what additional options cost.
- Do your research. Always research your builder and their reputation. Search for online reviews and testimonials. Talk to other homeowners and visit other communities the builder has built in. Ask your agent if they know anything about the builder’s reputation.
- Get an inspection. A home inspection isn’t only necessary for previously built homes. Get the inspection before the drywall has been installed. This will allow you to see any mistakes that have been made during construction, uneven walls, electrical or cable outlets in the wrong location, etc.