Buying a home that has never been lived in is a wonderful thing. You design it, pick out the appliances, the fixtures and the colors. You decide whether the bathroom will have a tub or a walk-in shower; where the electrical outlets and switches will be; the color of the driveway pavers.
The advertisement says "View the model homes," and states a very affordable "starting at" price. What should you do next? Many are lured by that sign and end up with the home of their dreams and they live happily ever after. But not all purchases end up that way....
Buying a new construction home is more complicated than buying a resale. There are many more things to take into consideration so it is important to have a real estate professional on your side. Model homes are staffed by agents who work for the builder and look out for the builder's best interests. A buyer should have a real estate agent who represents them and looks out for their best interests.
Remember, most builders require that your real estate agent accompany you and register on your very first visit. If you drop by or visit without an agent you will lose the opportunity to get representation without paying separately. In most cases the builder has already figured the cost of your agent into the selling price of the home. Either the builder or the builder's agent will get that commission so essentially you will be paying for representation whether you have it or not.
Builders base their pricing on their costs. They include the costs for land acquisition, building materials, labor, taxes and impact fees, expected sales costs, and any other expenses they must bear. They will also increase selling prices for lot locations, availability, and structural upgrades and enhancements.
They do not like to discount homes but in order to escalate sales volumes they might give incentives in the form of free upgrades. They are not like regular sellers and have no emotional attachment to the property. They are only interested in what is best for their bottom line.
Top Ten Tips
1. Take a real estate professional with you on your very first visit.
2. Check out the builder carefully
3. Make sure there is a warranty
4. Don't believe anything that is not in writing.
5. When viewing a model make sure you understand what is included and what costs extra.
6. View your lot location in person.
7. Read and understand all paperwork before you sign.
8. Hire an independent inspector before the walk through.
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