Are you thinking of buying a new construction home? Here are a few important points for you to consider moving forward.
First, new builds aren’t placed on the MLS like a traditional home sale. This is why it’s very important that you work with a Realtor who knows about all the new builds happening in your area—you don’t want to miss out on any opportunities.
Second, these homes often sell before they’re built. This happens for a few different reasons. First, it gives the buyer the opportunity to pick the plot, floor plan, and design of the home. Also, the first buyers of a new development often get the best pricing because in the time it takes between the sale of the first home and the construction of the last, a lot of appreciation usually occurs in the area.
There are a lot of benefits to buying new construction, but there are also some risks to consider.
For example, a lot of first-time homebuyers are unaware that they have to sign a builder contract to purchase a new build, and these contracts can vary from builder to builder, so make sure your Realtor is a new-build specialist who can get you a fair contract.
Lastly, when working with a builder, it’s mainly a numbers game. Their main concern is whether you can secure a loan and close on the property. They care more about spreadsheets than your sentiment, which is why—again—you need to work with a Realtor who can negotiate for you and act in your best interests during the whole process.
If you have any questions about the new construction process or you’re like to know more about any new builds happening in your area, don’t hesitate to reach out to us. We’d be happy to help you.