As a new home buyer, you should know all the ins and outs of buying your first house. Buying a home is one of the largest financial transactions in life so it’s imperative to be educated about what is going on.
One thing buyers may not realize when they buy an existing house from somebody who has lived there for years versus buying their own dream house with every detail catered to them are that builders need to move quickly onto their next project once they sell off.
This is because these people can only build at most five houses per year otherwise something will go wrong like deadlines or budgets won’t line up right. So we’ve collected 5 quick tips to help you out when you’re looking to purchase a new construction house.
Educate Yourself on the New Home Buying Process
Purchasing a new construction home from builders can be an overwhelming experience for the uninitiated. Thankfully, this guide is here to help you get up-to-speed on all of your options with three things that are absolutely essential in order to make getting into a new development right for you.
Such as having strategy and team by your side, understanding neighborhood details before purchasing any property there – this will give insight as to what type of community it may become – and knowing which developer has future plans planned out so that they not only have economic stability but have been transparent about their goals.
Team up with a Lender on a Mortgage
The mortgage lender is the first teammate you should find and we want to help get our clients on track with finding a reliable, trustworthy one. The most important part of your home buying process starts here- you need someone who will listen closely to what matters most for each individual buyer’s financial situation.
When you’re looking for a home, the mortgage process can seem daunting with so many different options. But one thing is certain: it pays to shop early on before making any final decisions about what type of loan makes sense for you and your needs.
So when are rates typically available? And how do I compare them? It all starts by asking at least 5 lenders their rates and terms – even if they’re slightly higher or lower than others’. The savings over 30 years could be upwards of $20 grand or more!
Research the Builder when Buying New Construction Homes
Florida’s new construction is different than in other parts of the country. With a booming population, builders can’t keep up with consumer demand which means that negotiating for your best deal becomes even more important to ensure you’re satisfied when it’s finished being built and ready for occupancy.
That’s why it’s so critical to have someone on your side who knows what they’re doing – like an experienced real estate agent from Florida! They will make sure all bases are covered such as budgeting concerns and quality assurance before taking any risks by signing anything without reading every single word first.
Researching the best new home builders is not your idea of a good time but it’s one of those things that you can’t put off. Luckily, there are plenty online resources to help you find the perfect builder for your needs!
We recommend starting with an internet search like ‘best new construction builders in Florida’. Once you’ve found some potential candidates, click through and look at their portfolios or contact them directly.
The more effort and work on this front now will save tons later when it comes down to buying property – so do yourself a favor today by just spending half an hour looking into how easy finding contractors has become!
Creative Negotiations When Buying New Construction
You can cut out a Realtor and save the commission fee, but would you really be getting the best deal? The builder will not budge on price due to their high profit margins. That’s why it is so important that an expert negotiates for you during negotiations – someone who knows how to get builders motivated in order to secure your new construction home with real savings!
Builders are reluctant to drop their prices because they need to maintain a certain value for the neighborhood and future buyers. This doesn’t mean that they won’t lower the price; it just means you’ll have more of an opportunity if you ask about upgrades!
Giving customers bonuses is one way builders can keep up appearances without upsetting neighbors, so go ahead and negotiate some extra features in your contract when possible!
Make Sure Everything is in Writing
If you’re working with a respectable builder, they will usually honor what they say. However there is always the chance that their promises might not be kept and it’s important to have everything in writing for safety purposes because anything verbal cannot be guaranteed.
Working with an inexperienced Realtor could cost thousands of dollars as they don’t know how to negotiate well enough. An experienced professional knows exactly what needs to happen so all agreements are written down before any signatures on paper can take place or these changes would go unrecorded.
The Big Picture
Buying a new home can be both similar and different than buying an existing one. Purchasing a newer property often requires more research on the builders themselves, as well as how they may affect your community in the future with their neighborhood plans for development. Make sure you cover all of these bases to make your purchase process successful!
If you need any assistance in selling your Orlando home, or if you’re curious about the cash homebuying process, visit SellThatFloridaHouse or call (407) 228-6382. We’re happy to help anyone in need of our services if you’re struggling with an Orlando home.