A New Construction Home for You - 5 Tips to Help Ensure a Great Experience!
I am a licensed New Construction Sales Counselor and I love my job. However through the course of my career I have witnessed hundreds of closings and have learned a few tips to share with prospective buyers & (their Realtors.)
First as with any endeavor it is critical to have the right expectations.
Tip # 1 - Are you purchasing a custom home or a tract home? I use the description "personalized home built on a time schedule," sounds prettier and it's true.
It is important that the buyers understand the difference which is more than just price. A custom home allows the buyers to make all the selections they desire from counter tops, cabinet colors, flooring and more. However a tract home has predetermined options available for selections.
Usually, in California, the contract or purchase agreement is drafted by the Builder's legal team.
Tip #2 - Read all of your paperwork! If you don't understand ask questions. The contracts are legally binding agreements and buyers may forfeit their deposit if they are not in compliance with criteria established in the contract. Time lines for loan approvals, option selections and cut-off dates, etc.
Models are beautifully decorated to provide buyers with possibilities.
Tip # 3 - The Standard home, or features that are included within the purchase price, will never look like the models. The model homes are professionally decorated so make sure you are aware of the included features and their appearance. If it is available visit a standard home so that you may determine the upgrades you must have for your new home.
Financing a new construction home can be a smooth part of the transaction.
Tip #4 - The Builder's preferred lender is incentivized to ensure your home closes on time. The lender may offer closing cost assistance tied to using the preferred lender. Familiarity with the builder's processes will enable the lender to move smoothly through the transaction ensuring that buyers are not subject to a per diem penalty, written in the contract, if the lender is unable to close the loan on time.
Planning for your closing day.
Tip #5 - Building a new construction is subject to a myriad of circumstances therefore the closing date is usually an estimated closing date. After you have received the 30 Day Notice from the sales office the countdown for closing has truly begun. Prior to this notice the construction is at the mercy of weather, materials and workers. Often uncontrollable aspects of the construction process.
Purchasing a New Construction Home can be a wonderful experience. Wishing you much luck with your new home!
Feel free to contact me if you have questions about the process or are interested in purchasing a New Construction townhome in Chino Hills, Ca at Lago Los Serranos.