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Purchasing new build homes

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ew Build Home Buying is a process that can be intimidating for some buyers. With so many decisions to make and so much information to wade through, it’s easy to feel out of your depth or overwhelmed. But, with patience and the right approach, you can find a home that will suit all your needs without feeling lost in the process.  The aim of this article is to take you through the entire process from start to finish as simply as possible and hopefully by the time we get to the end you will have a much better understanding of your role in this exciting new stage in your life.

For most people it will be their first experience of purchasing new build housing, so the process can seem overwhelming and confusing, especially when you factor in all the documents you will be forced to sign and comprehend. While it isn’t required, we obviously encourage you to work with an experienced real estate agent that can help navigate you through the process.   They can also thoroughly display the differences between buying an existing home vs a new build.

One of the big advantages of buying a new construction is that you can choose which builder to buy from and then customize the house before it’s built. This is a huge advantage when compared with buying an existing home where features such as the layout, flooring, kitchen design etc are all already predetermined by someone else.  Here are a few tips about how you can prepare yourself for new build home buying.

  • Understand the typical costs involved (for instance upgrading finishes can be very expensive).
  • What is unique about the new builds you are considering? Could you find something at a lower price that is already built in an established neighborhood?
  • Is now the time for you and/or your family? Can you afford to wait on a lengthy construction process?
  • How close is the properties location to valuable amenities such as schools, grocery stores and entertainment?

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Framing of a new wooden house under construction
New Construction Home Site

Understanding Spec Homes

A new build home is a type of new construction. A spec home, on the other hand, is a house that has been built to be sold without an owner’s input or preferences being taken into consideration. Typically, these homes are still somewhat customizable but do have limitations.  In other words, you may still be able to choose your countertops, but the floor plan is more than likely set in stone.  

One of the big advantages of buying a spec home is typically the lower pricing you can receive.  If someone has already backed out, that means the builder is sitting on a home they’ve already fully paid to build.  They will undoubtedly have loans to pay and other construction costs that they will want to get off of their books so that they can move onto the next one.  This can provide a buyer a substantial amount of leverage while negotiating.  

Another advantage is that you can often move in very quickly.  Since the home is already finished and ready to go, you can often move into the property within 60-90 days, as opposed to waiting 6-12 months for a complete new construction property.

New Build Market Updates

[optima_express_market_report id="1917011" header="false" columns="6"]

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Real estate agent showing prospective buyers around property
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