Buying New Construction
Do you plan to purchase a new home? It’s an exciting and appealing option. But buying a newly constructed home typically entails considerably more steps and decisions than most existing-home transactions. It’s hard enough to keep up with all the details, much less know how to make the best decisions. Your new home buying experience will be more successful and enjoyable if someone is looking out for your interests.
Builders and their representatives may be searching for buyers to purchase their product, but only a buyer’s representative will be 100 percent loyal to you, providing advice and guidance on:
- Builders’ reputations - A qualified buyer’s rep will be familiar with builders’ reputations and references and should be able to help you make a good choice.
- Inventory - Builders aren’t obligated to show you every new home they have for sale, much less other builders’ homes. In contrast, a buyer’s rep helps you see the full range of new and existing homes on the market.
- Contract review - A buyer’s rep can alert you when a builder’s deal seems one-sided and advise when legal counsel is needed.
- Disclosures - Buyer’s reps are familiar with desired property disclosures (environmental hazards, Megan’s law, pests, pollution, etc.) and can help you obtain these from a builder.
- Upgrades - Gain input from a buyer’s rep on which upgrades are most likely to improve your home’s resale value, as well as guidance on making sure your home’s price doesn’t exceed its appraised value.
- Inspections - New homes are inspected for compliance with municipal building codes at several stages in the construction process. However, your buyer’s rep can help arrange your own independent inspections, providing another level of assurance that any problems will be spotted and resolved.
- Financing - Buyer’s reps are familiar with a wide range of financing options. They can advise you on the merits of a builder’s options (if financing is offered) or suggest other lending sources.
- Closing considerations - A buyer’s rep can alert you to issues that may not be addressed, including title insurance and protection against mechanics’ liens.
- Sale of existing home - If your purchase also entails selling a current home, you’ll appreciate having someone representing your interests and coordinating details on both sides of your transaction.
These are just a few ways buyer’s representatives can improve your experience when purchasing a new home.