New Construction home sales are on the rise, according to the U.S. census. Among the top reasons for buying a new house, consumers enjoyed everything being new and the sense that a newly built home was the best value for their money.
The new construction purchasing process is unique compared to purchasing an existing home. Buying a newly built home allows you to make more choices throughout the transaction. Read on to learn more about the important decisions involved in the new construction home buying process.
- When to buy. If you have a strict timeline, you may not have a choice about when to buy, but if you do have some wiggle room, you’ll need to decide whether to buy into a community at the beginning of its development or further along in the development process. Some people like the idea of being among the first residents in a community so they can be a part of its growth, but others prefer a slightly more mature community with amenities and landscaping in place. Occasionally you’ll find financial incentives for being an early or a late buyer, but not always.
- Whether to buy a partially built home. Depending on your location and the size of the house, it can take six months or longer to build your new home. If you need to move faster, many builders have partially completed homes that can be ready sooner. Some have just the foundation poured, while others are almost move-in ready with all optional choices already made. If you like those choices, a move-in ready home can be a good compromise: you’re getting a newly built, never-lived-in home without the wait.
- Which lot to choose. An important choice to make before you delve into design options is your lot. In some cases, you’ll need to pay extra for a specific location. Be sure to consult the sales professional who can explain plans for the community so you know whether you’ll be close to a school, a park or a retail site and if your view could change. Consider how busy or not the street could be once the development fills up.
- Which floor plan to choose. When you choose your floor plan, you should check to see if that plan can be built on your preferred lot. In addition, you’ll need to know which structural options, if any, are available with that model. You should also ask about the price of the base model as well as the options.
- Which options to choose. A sales professional or design center expert can walk you through which features are standard, which are available with different levels of quality and how much you can personalize your home. Keep in mind that your budget will dictate some of your decisions, too. If you go over your financed purchase price, you may need to pay cash for some optional features.
The sales professionals and builders at whichever community you’re interested in will be the best resource for questions when buying new construction. They can provide you with detailed information about the lots, floor plans, and other options that you need to make an informed decision.