What to Avoid When Building a New Home
In 2017, 345,543 buyers bought new construction homes in the United States. Many of these buyers lost tens of thousands of dollars along the way.
For such a massive financial and personal investment, buying and/or building a brand new home can feel surprisingly distant. Though you are the spearhead of the entire building process, you have to put your trust in a handful of third parties who specialise in each individual aspect. Unless you have firsthand experience, it can be hard to know if you are being taken advantage of, that there are always other (usually cheaper) options available, and if what being done is even necessary.
Builders, developers, financiers, even agents – they all are working for you, and you have the final say in all your decisions. To help you save on your bottom line, here are some key things to look out for when building and/or buying a new home.
1 – Not Asking the Builder for Upgrades Or Other Non Price Incentives During Negotiations
2 – Paying Too Much For Financing
3 – Not Understanding the Contract
4 – Misreading Marking Trends
It’s critical to stay as up to date as possible on market trends. That way you will know the . Speak with your agent or representative about the latest insights and developments with the market. Remember: your agent is on your side, and a good agent will look out for you to ensure the decision you’re making it both the right one for you, and a sound one in terms of the overall market.
5 – Assuming All Builders Are the Same
Quality doesn’t just come from thin air; it takes years of experience to develop a skillset. For builders, the quality of their construction is of course the underlying and most critical element. Without the ability to execute great work, there is no way to sustain business. But construction quality is only one aspect of the overall quality of the building process. Your builder needs to be reliable. They need to be reasonable. They need to be forthright. Utilise the handy tools of the internet to comprehensively research your builder and their competitors, and see how other people’s experiences fare to make sure you are choosing the right builder for you.
6 – Thinking the Builder’s Agent Is on Your Side
An agent’s job is to look out for whomever they represent. There’s no getting around that fact. The builder has an agent and so do you. This is for a reason. Though you will be cordial and develop a rapport together, it is any agent’s job to get the best deal for their client. Now, any good agent will know the cost involved with being too pushy for only what their client wants – for risk of losing the business altogether – but that is why there is another agent to counter and find a mediating common ground.
Did you know that twice every month we host free seminars for homebuyers?
Learn how to buy your dream home in the DMV with our upcoming Free Home Buying Seminars!
Hosted as our office at 1600 Wilson Blvd. #101, Arlington, VA 22209.Exclusive benefits to attendees include:
- Credit totaling $1,500 at closing OR put towards breaking your lease so you can move sooner.
- Home Buy-Back Guarantee: if you do not love your new home, we will help you sell it or buy it back for free.
Complementary wine and cheese included, plus a free Chromecast for the first 3 attendees!