Buying a New Construction Home? Here is What You Need to Know.
There are a lot of really great benefits of buying a new construction home, including energy efficiency, customization, and is turn-key ready. Unfortunately, it’s not always easy as it may seem. There are a few things you can do to make sure you’re fully prepared to take this step. We have compiled a list of a few top tips that can help you when starting to look at buying a new construction home.
Do Your Research
Generally, you will be buying from the builder as opposed to an individual. Make sure you do your research on previous developments from the same builders to see if there are any issues from homebuyers that were discovered after purchasing.
Another thing to look into is the builder’s lender. Some builders may make you think you need to use their preferred lender, but this is not true. Do your own research to find out who will suit your needs and your situation.
Know Your Options
One of the great things about new construction homes is having the ability to pick and choose some build aspects, but these will most likely come at a cost.
There will most likely be several options of customization, varied at different prices. From “as-is” options to completely custom, make sure you are completely aware of the implications (cost, timing, etc) from choosing any kind of customization.
Stick to Your Budget
It is important when researching your new construction home options, that you keep your budget in mind. You can easily get caught up in the excitement of a new home, but make sure the choices you are making are still comfortably within your pre-determined budget. As much as you may love the idea of marble countertops, maybe what comes as standard is a better decision, with upgrades being more of a future project.
Talk to Experts
As many great resources as there are online, it’s important that your resources are up-to-date, and any legalities haven’t changed in the meantime. The easiest way to make sure you are getting the outcome without any potential loopholes is to speak to a professional, whether it’s an experienced appraiser, builder, or lender. The more you know, the better.
Being prepared and having the team behind you during these important early stages will ensure, what could be an extremely stressful and overwhelming experience, is as seamless and enjoyable as possible.
The team at Galaxy Lending Group are specialists in the field and will make you one of their many happy homeowners, with awesome loans at affordable rates and fees to suit your needs. From conventional home loans, adjustable-rate mortgages to FHA, VA and USDA programs, Galaxy Lending gives borrowers the variety and support they need.