5 Things to Look Out For When Buying a New Construction Home
1. Model Home vs. Base Configuration
When shopping for a new construction home, there is a good chance you will tour a model home. The model is designed to help buyers visualize what their home could be like. The difference, however, is that model homes feature premium materials, finishes, and designer upgrades. Before buying a home, learn which features are included in the base configuration and then price out your must-have upgrades.
2. Financing Options
Many builders have representatives on-site to assist buyers with financing. Before selecting a lender, do your homework. There are many loan options available, as well as varying interest rates. Shopping around could save you thousands of dollars in interest over the life of the loan.
When buying a new construction home, you are paying for craftsmanship and an experience. To make the most of this experience, keep lines of communication open between you and your builder, salesperson, and lender. Ask the following questions:
- What are the scheduling plans, and what happens if there are delays?
- How often can you view the home during construction?
- What are the builder’s other projects?
- What percentage of plots have sold?
- Who is your point of contact during construction?
Knowing the answers to these questions will help you manage your expectations for the project.
Building a new construction home typically takes anywhere from seven months to a year. This timeline is affected by many factors, including weather, material costs and availability, and builder delays. Consider your current living situation and be prepared with a backup plan if your home isn’t ready on time. For example, if you have a long-term lease agreement, try to purchase a home in the beginning stages of construction to avoid breaking your lease. Then, line up temporary housing options if delays push back your move-in date.
5. Home Inspection Results
To make sure your new home is properly constructed, schedule a home inspection with CalPro. Our inspectors will provide the information you need to make an informed purchase. As Northern California’s fastest growing inspection company, we serve Greater Sacramento and the entire Bay Area. Call (800) 474-3540 for more information.