How to Buy New Construction
Updated: Apr 2, 2020
I’m kidding! Owning a brand new home certainly has its benefits, it looks (pretty much) the exact way you want it to look. The windows close, all of the systems are brand new, and the flux compasator flux compasats.
But, the buying process with new construction adds significant complexity. From the contract, to the lending process to the closing, there are some differences from buying a house that is already standing. Here are some key questions to keep in mind:
Where will your family live while your home is being built?
Every timeline is bullshit. This is Massachusetts. We have some of the strictest building and permitting codes in the Grand Old United States. Compliance with these codes costs money and takes time. Having the home complete in time for delivery is plan B. Plan A is your family living somewhere else longer than expected while it’s complete. Make sure you have a place to live while your home is built.
What is this builder’s reputation?
Don’t rely on a lawsuit or builder’s warranty to get your home built properly. This is where your realtor can be a MAJOR advocate for you. As the buyer, you may not want to ask the builder for references, etc. But, your realtor has their ear to the ground, knows the local scene and has an informed opinion on the quality of the builder’s reputation. Take advantage of that.
Is this a private road?
New construction typically comes in bunches; namely a subdivision. Be sure to find out the nature of the Home Owner’s Association or if the Town will take over maintenance of the road.
Do you still need a home inspection?
Even though this is a brand new home, you should definitely still hire a home inspector. It’s easy to assume that new construction equals zero flaws. But a home inspector offers a third-party assessment of your new home’s systems and structure, and can help to ensure your home is safe as well as a good investment.
In the long run, owning a brand new home will be worth it, but taking these few extra considerations when buying can be a significant help. And if you still have questions about whether it’s the right choice for you? It’s ok, call me.