Buying New Home Construction
A new construction house is a home where a buyer is the first person to live there after it’s built—but it can happen in a number of ways. A buyer may purchase their own plot of land and contract with everyone needed to build a custom home, including an architect and builder.
On the other end of the spectrum, a buyer may purchase a completely built home and the property it’s on from a developer. The home buying process can fall somewhere in between as well. For example, a buyer might purchase empty land from a developer and then choose from a variety of home design options, and then a builder will build the home. Here are PH Design & Construction, we are here to help you find land or lot if you don't already have one, and get you set up on a search.
In a market where land and lots are going so quick, it is highly advisable that you start looking ASAP. Also keep in mind that many developments have restrictions on size of home, color, stone, etc. We will need to look into any restrictions when you choose your lot/land to make sure that we can build the home you want, or make modifications to meet the community standards/restrictions.
To help make the process simple, here are some of the first steps to help you understand the pre-building process.
1. Educate Yourself on the New Home Buying Process
Like so many things, it pays large dividends, to begin with, education. This blog is to help buyers understand how to buy new construction homes from builders. Not having a strategy or the right team and the right education could cost you tens of thousands of dollars in the purchase process. Do additional online research and get familiar with the process and types of questions you need to ask before approaching any model homes.
2. Team Up with a Lender to Explore Your Options
Time to go shopping for money! A fraction or two of a percentage point can save you thousands and thousands of dollars per year. You'll want to start setting up your lending team, and this includes finding a lender who is going to get your best options. The smallest differences can add up to a lot over the span of 30 years. Here is a list of lenders who we have worked with for new construction clients.
3. Research The Builder
You'll want to do your due diligence and make a list of builders, you have interest in and their style homes to see if they match your style or custom needs. If you see any home styles you like, be sure to keep a list. This also includes asking them important questions like how far out they are booking to build, visiting current or previous projects, and looking for any past customer reviews. Read our Google Reviews here!
4. Set Up A Consultation
Once you have an idea of the builders you want to interview in person, now is the time to set up your consultation. The consultation typically takes 1-2 hours at their office. At PH Design, we will cover your timeline, home needs, home wants, favorite plans, budget, and go over any soil reports, building restrictions and more! We are so excited to help you with your next steps to building your dream home.
5. Initial Design Consultation
It's time to design your dream home! When you decide to move forward, you will meet 1 on 1 with our designer. She will walk you through the CRM program we use to help keep your project go smoothly, where you will have access to your schedule, selection choices and more! She will also discuss some design aspects and selections that you'll need to make. You'll want to have a good understanding of all the material options and what is considered upgrades. You'll also want to look into ordering your appliances right away. Try to get the bulk of this done at the beginning to prevent delays with any changes down the road.
6. 3D Renders and Walkthroughs
Once your selections are made, our designer will come up with a 3D whole house render for you to see the inside and the outside of your selections. This really helps you see the home what it will look like close to real life, and help you feel confident about your choice. If any changes need to be made, that is ok; we can accommodate them and we are here to help bring your vision to life. Just know that any changes could mean a small delay.
7. Know Your Coverage
Coverage for new construction real estate varies from builder to builder. You’ll want to ensure you have a proper understanding of what is covered by the builder or other companies that were involved in the creation of your new home. PH Design and Construction offers a 1 year warranty on all new homes, additions, and remodels!
8. Look to The Future
The more customized your home is, the less likely of a reliable timeline of completion. That creates a ripple effect if you’re trying to sell your current home and need to figure out where to live between that sale and the new home completion. You’ll need to work with the builder, your realtor and lender to determine how to manage the situation because you can’t close on the home loan until you are able to move in.
We hope this blog was helpful for you to understand the process before the building begins. Just remember we are here to help you design your dream home, and answer any questions you may have. For any questions, please call us at 330-777-0138 or use our contact us form.