How Does New Home Construction Work?
The best part about new home construction is that your newly-built home will meet your specific needs, lifestyle, and preferences. Everything will be shiny and brand new! Still, if you haven’t been through the process of building a new home before, you may have a lot of questions about how it all works.
As with any new purchase, the first thing you will want to do is get a realistic view of your total budget. Talk to a lender about your financing options and be sure to consider all costs including taxes and insurance. Once you know how much money you have to work with, you can start shopping. Now comes the fun part!
Unlike visiting homes that other people have lived in and are selling, new construction homes typically have models for you to walk through. This allows you to see the various options as they might be in your own house. Booking a tour to see a model home is an ideal way to get a sense of what your new home would look and feel like. It is also a great way to scope out the neighborhood, school systems, and activities. As you tour model homes, also take the opportunity to look around the community and even talk to some of the neighbors.
If you are having a home built within a new development, it is important to know that these homes are not typically available all at once. Also, don’t be alarmed if you see a lot of empty lots. Home builders tend to release the homes in phases. It could take years for the new community to become full.
Another option is to have a home built to plan on an open lot that your builder has available. Or, you may want a move-in ready home that has just been built and happens to fit all of your requirements. Leverage the knowledge, experience, and expertise of your real estate agent if you have questions along the way. No doubt they have helped many individuals and families find their dream home.
Once you are ready to move forward in the purchase process, you’ll likely have to put down a deposit. This down payment may be anywhere from a few thousand dollars to ten percent of the purchase price. Financing new construction involves special requirements and options, so check with your home builder to see if they recommend a specific lender. Before you know it, you will be moving into your very own, brand new home!
Book time now to review floor plans, fixtures, and finishes. Start building your dream home!