There are many reasons why buying a new development home appeals to a lot of people. Buying a shiny new home, something that you can watch being made, makes it feel as if it’s your very own home. It will be more special in some ways as no one has ever lived there before and there are no memories in it. You can even negotiate special features to be built in at construction which makes it even more tempting if you have some specific requirements. However, a new build does not come without its pitfalls.
Tips for Purchasing a New Development Home
Your List Of Priorities
It makes sense to create a list of all the things you want before starting your search. Knowing the type of home you want, and the location you are looking for with certain amenities will help you narrow down the development projects.
Buying a home is probably going to be the biggest investment of your life, so you need to sit down and do a lot of research. You do not want to end up with something that is not perfect for you. Discover everything you can about the neighborhood and the plans for the future. For example, will there be any big infrastructure work in the nearest town that will benefit your investment? The more homework you do, the better able you will be to determine if the home is suitable for you and your family.
You absolutely have to perform a background check on Your Home Builder. Check their track record, look at their website, read reviews and testimonials. Why not conduct a Google search to see if their company has ever been mentioned in the news in either a good or a bad way? This will give you a lot to think about if you find them--you cannot know too much. A rouge builder could leave you high and dry.
The Mortgage Lender
You need to approach at least five different lenders and discover their rates and options. By shopping around, you can find someone who works best for you. Remember they become part of your team, and by choosing the right lender, you can save potentially thousands of dollars.
If you want the best bargain, you will need an experienced and professional Realtor on your side. The good news is you are not even expected to pay for them. The builder does all that out of the commission. You want someone you can connect with who is transparent and is prepared to tell you everything you need to know. A Realtor can come into their own when it comes to the negotiations too. Often a builder may not budge in price, but that does not mean you cannot get more for your money. An experienced and motivated realtor will be able to negotiate certain upgrades to the home, which may make it an even better investment for you. If you have something you would love to have in the home, remember to let the Realtor know, and they may just come up with the goods.