Many buyers immediately jump at the idea of purchasing new construction homes without taking the time to do their homework. New construction homes offer endless possibilities for you to customize and personalize to make the place your own. Sad to say, many home buyers often realize their mistakes too late. Here are some five mistakes you should avoid when buying a new construction home.
Not shopping around for financing options
Most buyers get preapproved and often don’t bother to look into at what other financing options are out there. It’s always a good idea to explore your builder’s in-house mortgage lender for more competitive rates and better customer service. Do shop around for mortgage rates; this can help you gain the leverage to better negotiate loan costs or interest rates. Be sure to check whether the incentives offered by your builder’s lender really will save you money over the term of the loan. Sometimes incentives offered up front may hold more appeal but the rates offered by another lender may end up saving you more over the long run.
Not researching your neighborhood ahead of time
Buyers often fall in love with their new homes first and consider the neighborhood in Florida second. As a buyer, you should not only familiarize yourself with your future home, but also research on the potential plans, layouts, and planned developments of both your new construction neighborhood and the surrounding areas. Make sure to get to know the blueprint of the community you’ll be living in.
Not vetting your developer or builder
Buying a new home will most likely be one of the most significant investments you’ll ever make. Before moving forward, be sure to vet the developer or builder first. Check online reviews and ratings for any alarming patterns. Are there any premature issues in the houses they’ve built? Have there been huge construction delays? Speak to your potential neighbors to find out how happy they are about the buying and building process within the community.
Not negotiating with your builder
Buyers of new homes have a mistaken notion that builders won’t be open to negotiating. A builder may initially say no, persistent can pay-off bigtime: you can negotiate price, loan fees, lot lines, and a lot more. Consider hiring a real estate agent who specializes in new construction homes to help shore up your confidence in negotiating with your builders. You could be pleasantly surprised
Not getting a home inspection
New construction homes can have just as many problems as an existing home. Even with the most thorough blueprints and plans, builders can make errors or miss vital steps as easily as anyone else. A home inspection can help you pinpoint the things your builder may have missed. A home inspection can also alert you to potential problems and help you be better prepared to get such issues resolved before they actually become full-blown.
Avoiding mistakes such as these when buying a new construction home is one of the most compelling reasons why you should choose the Connie Cabral Group. Our team of realtors is driven to help you achieve your real estate goals in Florida. Call us at 305.776.0899 or email connie(at)conniecabral(dotted)com to know what we can do for you.