Are you thinking of buying a new construction home in Peachtree City, Fayetteville GA or surrounding areas? Stop, read this first, because I’m going to share three mistakes that even smart buyers make when they buy or build a new construction home.
And you may be considering buying a new construction home because frankly there are not that many resale homes on the market.
So you are all excited and you find yourself in the model and before you know it you’re stuck into a contract. Before you jump into that contract, here are 3 mistakes that if you make them can cost you thousands of dollars.
Buying a New Construction Home Mistake #1: Going In Blind
New construction communities all have their favorite lenders and they say, “Oh yeah, we’ll qualify you.” However, you need to know exactly what you have to work with before you sign a contract. Yes, getting pre-approved by a lender is very important. If you have a house to sell, you also need to know what you can sell that house for, so that you know exactly how much money you have to play with.
How much can you put down? How much do you have left over for closing costs? You need to know how much it’s going to cost you to sell your house and everything that is included. If this is your first time buying a home, you also need to know exactly what you can’t afford.
Buying a New Construction Home Mistake #2: Going All In On Options
It is very exciting to build a new home and all the design options and upgrades. And there is just so much to choose from. But be careful because before you know it, you are going to go way beyond your budget. You also have to keep the resale value in mind. Do not over-improve for the neighborhood.
If your builder is offering you incentives, make the most of them. Find out what upgrades and options not only give you the best bang for your buck, but also add value to the house. But be careful, because you do not want to be the most expensive house on the block.
Buying a New Construction Home Mistake #3: Going It Alone
Remember the sales agent at the model home represents the builder. They may or may not be a realtor, but their loyalty and fiduciary responsibility is to that builder, not to you. Even if they tell you that they can help you. They are looking out for the best interest of the seller, which in this case is the builder.
If something goes wrong during the process, you’ll be on your own. And you do not have anybody to represent you in what is likely the largest purchase of your life.
Make sure you have someone on your team that looks out for your best interest. Someone who knows the process, the home warranties, the builder warranty, financing and your best options. Someone who’s there with you every step of the way. Someone who will even help you pick out options with an eye on resale. Even if you have absolutely no intention of ever selling your home.
These are just three of the mistakes that I cover in my new free special report, 10 Common Mistakes That Even Smart Buyers Make When Purchasing or Building a New Construction Home.
I also have a very special offer for you in this report as well. Click the button and download that special report if you are even THINKING about buying a new construction home. And if you are building your special home, definitely download it.
Leave a Reply
You must be logged in to post a comment.