Six questions that buyers should ask before buying new construction.
When purchasing within your means, would you rather buy something old or new? Most people will choose new. It’s exciting to see the house be built from scratch and know that you’re the only one who’s lived there, but do you know what questions to ask when purchasing new construction? Here are six things you should ask about before buying:
1. The builder. Does the builder have a good reputation? What kind of build process do they have? Are buyers allowed to go into the house while it’s being built? What kind of options are there for you to pick out? What is the timeline? How does the builder give updates to you? Every builder is a little different, so those are good questions to ask.
2. An agent. Should you use an agent? My answer will always be yes. Having a professional on your side is invaluable.
3. A lender. Should you use the builder’s lender? Most builders around here will typically ask you to at least talk to their lender to verify your approval. That is standard practice in our area. However, it is sometimes a benefit to use the builder’s lender. Even if you’re already approved and you want that new construction house, it doesn’t hurt to talk to the lender. Then you can also decide after that.
“With these questions, you’ll get valuable information and be in a much better position as a buyer.”
4. Warranties. What kind of warranties are provided? There’s a basic 10-year builder warranty that some builders offer, and there’s another state-mandated one that has a different timeline. It’s important to know which one you’re getting.
5. Landscaping. Is landscaping included? What will be there? Is it just grass? Will there be any shrubs?
6. Incentives. What kind of closing costs incentives does the builder offer? If you’re getting into a development at an early stage, are there any incentives? With the way the market is currently, a lot of those incentives have disappeared, but it’s still worth asking.
With these questions, you’ll get valuable information and be in a much better position as a buyer. If you have any questions for us, visit our website, and don’t hesitate to reach out to us by phone or email. We’d love to help you.