New construction home buying is different than purchasing a resale. And, most people approach the process with this mindset. However, they usually approach it with a misperception. Now, that might be confusing at first, but it’s entirely true. While there are some key differences, there are likewise some aspects which simply do not change.
New Construction Home Benefits
New construction home buying means that you’ll enjoy a few different and wonderful advantages. As the nearby quote points out, you won’t have to worry about the seller getting cold feet, being too emotionally attached. Also, you know no one else has previously occupied the property. While that is a good thing in one sense, it’s a downside in another. (Because no one can tell you about its nuances.)
“Buying “new construction” is a bit different from buying a previously-owned home. For one, because there is no previous homeowner, you don’t have to deal with a seller’s emotional tie to the property, which typically influences the negotiating process. Whether you’re designing and building a custom home or buying a home that’s built on spec in a new subdivision, you’ll only have to work with the builder.” —Front Door.com
Of course, you’ll be the first to live in it, which means you can customize it with a fresh eye. Additionally, you know that everything inside and out is new, so there are many years of solid performance left. Moreover, you can expect the house to come with some type of builder’s warranty for big ticket items, giving you even more peace-of-mind. For these reasons and more, buyers are often attracted to new construction or newly built homes.
New Construction Home Buying Tips
Keep in mind that new construction home buying doesn’t necessary negate the normal purchase process. For instance, in general, you can negotiate the price. Just because it’s new construction doesn’t mean the asking price is hard-and-fast. Here are some more new construction home buying tips you can use:
- Get your own agent. This should go without saying. But, it does bear inclusion. Sure, there will certainly be a real estate agent on-hand. Keep in mind, he or she is working for the builder or developer. Their job is to sell the property and look out for the best interest of their employer. So, get your own buyer’s agent to protect your interests.
- Shop around for mortgages. It’s typical for builders and developers to have a pre-arrangement with a particular lender. It could well be a local credit union or regional bank. But, you should still shop for the best loan products, on your own. It’s just sensible to learn about your options instead of going with the first one presented.
- Ask what’s standard and what’s not. One thing that really sells new construction are the model homes. Of course, these are typically loaded with upgrades — super great amenities and features. And, these obviously cost a lot more. So, be sure to inquire about what’s included with the standard build and what upgrades aren’t (and how much they cost additionally, of course).
- Hire a home inspector of your own. Just because a home is new construction doesn’t mean it’s flawless. It’s also a misnomer to think the code inspection is the same as a home inspection. That’s simply not the case. You need a professional home inspection, no matter what type of property you’re buying.
If you are considering buying or selling a house in Orlando’s Hunter’s Creek, or another community, contact us for the latest market information. We are local and experienced in all facets of residential real estate, here to help you, when you need it.