Are you in the market for new construction homes? If so, we couldn’t be more excited for you. There’s something amazing about living in a home no one else has ever occupied where everything is brand new.
However, brand new construction homes are a big investment. Therefore, this decision shouldn’t be made lightly. The last thing you want to do is make an uninformed decision that will affect you for years to come.
We want to help put you on the right path. Keep reading for our top tips for buying new construction houses.
- Figure Out Your Budget
First, and most importantly, you need to have an in-depth knowledge of your finances before buying a new construction home. How much can you comfortably afford to pay in monthly mortgage payments? Your new home budget needs to include all of the costs of homeownership.
This includes:
- Closing costs
- Builder costs
- property taxes
- HOA fees (if they apply)
- Homeowner’s insurance
- Home maintenance costs
- Utilities and services
- And more
Don’t max out your monthly budget with your mortgage payments forgetting about all the other costs involved with owning a new home.
- Get Pre-Approved for a Loan
Before sitting down with a home building company, we recommend reaching out to your bank and other lenders to get pre-approved for a loan. This will help you determine an appropriate price range for your new construction home. It will also provide important insight into your eligibility for low-interest rates.
You may discover that you don’t qualify for the best terms and conditions or can’t get approved for the amount you want. In this case, you may need to spend a few months working on your credit.
- Find the Right Locations
Buying new construction homes allows you the option to choose your next location and neighborhood. This is an important factor for consideration. The neighborhood you choose will affect who your children grow up with, what schools they go to, your proximity to work, HOA conditions, and more.
- Find the Right Home Builders
If you’re not looking for new construction homes for sale and would rather build from the ground up, you’re going to need to find a home building company. Take your time with this process to make sure you find the right professionals for the job.
We recommend looking up references and reviews for local contractors. You should also get an in-depth estimate from the top contenders. Finally, ask about other important factors, such as time frames, warranties, insurance, credentials, experience, and more.
- Hire an Independent Inspector
Lastly, before moving into your house, you need to hire an independent handover inspector to make everything is in perfect condition. Contractors are human. They can make mistakes and miss small details.
A handover inspector can make sure they’re held liable for any pre-existing issues with the home. That way, the repair costs or remediations won’t come out of your pocket. More importantly, they will make sure the home is safe and secure for your family.
Looking for More Advice on New Construction Homes?
New construction homes can provide immeasurable comfort and peace of mind for new homeowners. However, there’s a lot you need to to do make sure your home maintains it’s comfort, safety, and luxuries.
Our blog was designed to help homeowners like you improve their homes and keep them running smoothly. Be sure to check out some of our other articles before you go for more expert information and advice.