Are you thinking about buying a newly constructed home?
Are you surprised by the differences between the fancy online virtual tour and the actual work site?
Here are five tips you should know before purchasing a newly constructed home.
Research the Developer:
Unlike buying an existing home, sometimes a finished product or “demo unit” is not available for the homebuyer to visit and walk through. In these instances, it’s important that you, "the buyer”, research the developer’s past projects. This will help you evaluate the quality of the builder’s final work product.
Work With an Experienced Buyer Agent:
Hiring an experienced buyer agent who knows the market and/or the builder can make a world of difference when buying new construction. An experienced buyer agent will help you a) research the developer, b) understand the construction process, c) negotiate contract terms, and d) follow up with the builder on any questions/issues you may have.
Don’t Forget to Ask for Upgrades:
One advantage of buying a newly constructed home is your ability to make changes to the design/features of the home. This, of course, will depend on the flexibility of the builder. Most builders, however, will allow homebuyers to choose the type of flooring, kitchen cabinets, countertops, appliances, etc. Be careful, upgrades can add to the overall cost of your home. Consult with your buyer agent. They may be able to help you negotiate better terms.
Expect and be Ready for Delays:
Given supply chain disruptions, weather, and labor shortages, it’s very normal to have construction and closing delays. In some extraordinary cases, delays can range between three to six months. Don’t get frustrated. Talk to your real estate agent and have them help you work out a plan with your current landlord or if you are selling a home with the buyer. Remember, the old adage “plan for the worse, hope for the best”.
Visit Different Stages of Home Construction:
One of the most exciting parts of purchasing a newly constructed home is your ability to walk on-site during each stage of the building process. Take plenty of pictures and ask lots of questions. It will help you identify where all the pipes, wires, etc. are in the house before they are covered. It may also give you an opportunity to request any last-minute changes.
So, if you are interested in buying new construction, contact Team Coyle today. We love helping homebuyers find their dream home.
Nanxi He is a real estate agent and a member of Team Coyle @ Compass.
About TEAM COYLE
Team Coyle, a professional group of real estate agents at Compass, has more than ten years of experience helping individuals and families buy and sell real estate in the Greater Boston Region of Massachusetts (primarily MetroWest).