Ten Tips for Buying New Construction

A lot of our customers ask what’s different about buying new construction.

First of all, you’re buying from the person who built it, not the person who called it home. Often, the property is just one of many they are trying to sell.

We asked our agents who specialize in new construction for the most important things to consider when buying a new house or condo.

1. Hire an agent
One that specializes in new construction and isn’t affiliated with the builder.

2. Be creative during negotiations
Builders don’t like to drop their prices. Instead, ask them to cover closing costs or upgrade the kitchen for free.

3. Get it in writing
Don’t sign until everything has been negotiated, agreed upon and written into the contract.

4. Be wary of upgrades
They’re where builders make the most profit. Don’t take upgrades you don’t want or can’t afford.

5. Research the builder
Visit other developments and talk to home-owners. Google the developer for reviews, testimonials and news.

6. Ask for a guarantee
You’re often buying a home that is not completed. What guarantees do you have the home will be ready on time?

7. Get the home inspected
New homes have problems too. Hire an inspector to make sure everytthing is safe and up to code.

8. Bumper-to-bumper coverage
New homes should come with a warranty from the builder. Know what is and isn’t covered and for how long.

9. Look to the future
Check with the city to see what is planned for the surrounding area. If you have a view, will it still be there in 5 years?

10. Find your own lender
Don’t use the builder’s lender. Shop around for the loan that is best for you, not them.

This is our list, but what do you think? If we’ve missed something, leave a comment.

Photo credit: SqueakyMarmot on Flickr.

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