First and foremost, get your financing in order. Mortgage pre-approvals are always the first step so you know how much you can afford to spend. The advertised price for a new home is just the start – there are all kinds of legal fees, taxes and other fees to consider when buying a home. And remember, the advertised price is for the low-end home. To get a larger lot or higher-end finishes, it will cost you. Make sure you have talked to a mortgage professional to determine the upper limit of your mortgage so you don’t get in over your head.
There are other things you need to consider before buying new. Here are the main points:
Know what you want. New housing developments offer a wide selection of models and layouts. You need to sit down and figure out which features are most important to you so you make the right decision. Do you have children, or are you planning to? Then you should look for more bedrooms and proximity to schools. Do you need office space in your home? Again, an extra bedroom might be a good idea. How easy will it be to modify the space to accommodate your future needs? Is the community really right for you? Take a look at builder plans and drive around the area. How close are you to grocery stores, major thoroughfares, schools, parks, and hospitals? Be sure to evaluate the area carefully for any amenities you might need. Features in the home. Determine which features are standard and which are upgrades. Evaluate the upgrades carefully to ensure that they are worth the cost and that they are really essential to your enjoyment of the home. Layouts. Look at each of the builder’s layouts. Even though one model may have larger dimensions, there may be less actual living space, depending on how the rooms are laid out. Finishes and workmanship. Take a close look at the model home to gauge whether any shortcuts have been taken. Ask to see standard finishes, like countertops and flooring, to get a feel for their quality. And don’t forget to look outside the home. What kind of landscaping is included? What about fencing? Builder’s reputation and warranty options. Always check the builder’s reputation and get references if you can. And never sign anything until you have read the builder’s warranty and after-sales service agreement. You want to be sure that any problems that emerge after you move in will be dealt with quickly and professionally.
By: Brian B King