So you think you want to buy a new build home? As a refresher, a new build home basically refers to any newly constructed home that is planned to be built or has been built and ready to move into. In other words, the person who comes to own that home will be the very first owner and person to ever live in that home. Sounds exciting, right? If you missed the first part in this series and want to know if buying a new build home is right for you, check out Part 1 first. Here are the basic steps to get you started if you’re ready to buy a new build home.
1. Find a great realtor
Your first step should always be to get into contact with a real estate agent you like and trust. Sure, you can do your own research all you want, but knowledgeable agents will be able to offer you valuable insight into the local market that you just won’t find online. You can work with the builder’s sales rep without an agent, but remember that they represent the builder, not you. When you work with a real estate agent, you can ensure that you have someone on your side.
Check out our blog “How to find the best real estate agent for a home purchase” for more tips on how to go about this!
2. Get pre-approved for financing
A pre-approval letter is essential. It shows that you’re a serious, qualified buyer. It also shows the seller that you have a lender who is ready to fund you (contingent on your information checking out). It’s also just a nice thing to have to empower you as a buyer so you know how much house you can realistically afford when you embark on your search. In order to get a pre-approval letter, connect with a purchase-first mortgage lender who can turn your application around in a few days.
3. Discuss builders and tour model homes
Your agent will take into account your wants and needs for your home and find new developments that fit the bill. Then you can carry out the fun part of touring model homes and deciding which ones you like!
If there’s a particular style or community you are drawn to, you can also search by the builder. Different builders will have things they specialize in, and some may offer more reputable construction, financing, etc than others. Your agent will be able to tell you which builders have a good reputation and which ones you should approach with caution.
4. Customize your home
Once you have chosen the builder you want and secured financing, now comes the fun part: designing your new home! If you decide to go with a spec home (one that has already been built) you unfortunately will not have the option to customize unless you do it after the fact on your own terms. But if the home is still under construction, you will work with the builder and/or subcontractors to choose from different options for customization. Just know that custom options can add up and get pricey, so keep this in mind when selecting from the options.
5. Schedule an inspection
Just because you are buying a new build, doesn’t mean there won’t be any issues with the construction. You should hire an independent inspector to ensure everything in your new home is up to code and safe as can be. Anything discovered in the inspection process can then be fixed by the builders before you move in so you do not have to deal with it after the fact.
Navigating the process of buying a new build home can be difficult. But with the right team on your side, it can be a breeze! Contact us if you’re ready to start your home search and see how much you can qualify for to finance your new home.