Building a home can be exciting, but people often become overwhelmed or upset with the confusing home build process. So, in today’s video I’m going to give you my most important tips so you can be smart when purchasing a New Construction Home. Ty Wilde has been a New Home Construction specialist for over 15 years, helping well over 500 people through the home build process. Ty's pretty much seen it all from a booming housing market to the crash in 2008. Then back to the insane housing market we are currently experiencing. If you're looking for a Realtor advice on Buying a New Construction Home or you're wanting to know how to buy a new construction home Ty the Real Estate Guy is the one to show you.
Utah Realtor: Ty Wilde 801-995-2337
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Tips for Building a Home:
#1 - The first step is always to get preapproved with a local lender.
#2 Gain an understanding of the home build process.
#3 Understand all the costs associated with building a home.
#4 Negotiating. You should know that most builders will NOT negotiate. The base price of the home & the options are fixed. So, the price is pretty much the price. Of course, it never hurts to ask, but because the costs are fixed, don’t ask for a discount off the price of the home, instead ask for a credit toward closing costs or options.
#5 Closing costs. When you’re buying an existing home, you might be able to get the seller to pay some or maybe all of your closing costs. When building a home, the builder will NOT pay your closing costs when you’re using what they call an outside lender. But, often the builder will pay some if not all of your closing costs when using their preferred lender.
#6 If you want to use a Realtor, you need to bring them on the 1st visit. And, I highly recommend that you hire an agent with NHC experience.
#7 What about home inspections? In over 500 transactions maybe 3% of the buyers have chosen to have an outside home inspection. Why is this number so low? Probably because most builders have a 1-year home warranty & they’ll fix most things for a year. Also, the city holds its own inspections throughout the build process to confirm the house is built to code. That being said, if the builder seems to be cutting corners or you have concerns, then you should definitely hire a home inspector.
Most builders will hold 2 different inspections with you. One is the 4-way or pre-drywall inspection. This meeting is held before the drywall is hung so you can see the bones of the house & inspect the electrical, HVAC & plumbing. The 2nd appt is the final walk-through. At this meeting you’ll walk through the home with one of the builders’ representatives. It’s important to understand that the home will have minor imperfections. There’s No such thing as a perfect home. This is your final chance to ask questions & point out things you think should be repaired or replaced.
Here’s my Guide for Buying a New Construction Home
#1 Get Pre approved for a home loan
#2 Find an Agent
#3 Find a home within your price range
#4 Find a community or location
#5 Look for a floor plan
#6 Choose a homesite
#7 Gain an understanding of included features vs. upgrades
#8 Sign the contract
#9 Gain an Understanding of the Home Build Process (Educate Yourself)
#10 Close on your home
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