If you’re interested in purchasing a new development home you came to the right place. New development homes are alluring and exciting because of the modern, up-to-date options, allowing you to select from a variety of floor plans, kitchen cabinets, flooring, and other interior stylistic features. Yet, with all these positives, plus more, you need to consider what is needed before and during buying a new development home. There are some unique challenges that come with buying a new development home. Below are some helpful tips for you as you prepare to purchase your new development home:
- Use a Real Estate Agent: Many people wonder why this is needed. One of the several reasons is because you want an agent who is familiar with the home builder, and many home builders are happy to work with the agents. Remember it is FREE to have your own agent representation protecting your best interests. Plus, an agent knows the local communities and can provide an ample amount of helpful information to make an informed decision. To further learn more about why this is needed you can refer to our earlier post that tells you the 8 things you need to know before you go and register at a new home community.
- Research the Builder: Some home builders have been in existence for years and produce quality products. However, there a few that do not. Make sure you review their physical sites, any current lawsuits, and complaints.
- Research the Community: With new development home communities you may be the “first on the block,” but you want to research the past communities built by the home builder. You also want to find out as much as you can about what the home builders plans are for the area (i.e. schools, shopping centers, etc.), and subdivisions (i.e. How many more homes are planned to be built? etc.).
- Choose Square Footage Over Upgrades: As a buyer, your interest to buy a home isn’t squarely on a place to live, and potentially raise a family, but as well as a long-term investment. This is why, for example, if you are posed with a decision between an extra bedroom and an upgrade feature (i.e. granite countertops), you probably should choose the extra bedroom. One holds more value versus the other over a period of time. Have your budget stretch for long-term value. You can apply this same logic to location. If you are fortunate to be the “first on the block,” consider what would bring you the longer term value.
- Obtain Multiple Bids from Lenders: Home builders customarily, have a preferred lender, which shower you with various incentives to use their preferred professionals. This may or may not be in your best interest. Make sure you get quotes from additional lenders and have an agent with you. This is free and no obligation to you and could save you money.
- Get it in Writing, & Be Specific!: You want to review everything you requested, and selected for your new development home in writing. Do not sign anything until it meets your expectations, and negotiations have closed. This cannot be emphasized enough, it is very important to be specific with your selections and it’s in writing. Sometimes when you see a model home it isn’t always what you get. Confirm when walking thru a model home what are standard materials and fixtures, as well as what are the upgrades.
- Find Out What’s Covered: As highlighted in our previous post about new development homes, most home builders provide warranties. Warranties can vary from 1 year to upwards of 10 years. You want to inquire about your warranty. Find out specifically what is and isn’t covered, and its term. Also, find out if there are any 3rd-party warranties you need to be made aware of. If there are you want the details provided.
Buying a new development home can be exciting, but you want to take the steps to make sure this experience is a pleasant and memorable one! Right now is a good time to purchase a new development home, and to search what’s currently being built and listed you want to go to:
You can also contact me for more information on new development homes at 818.259.0060. You can also email me.
For more information about new development homes you want to review: