6 Tips For Buying a New Home Build
If you’ve been planning on building a new home, you already know the major benefits. We’re talking about more customization options; more efficient energy consumption than older houses; higher quality construction materials; reduced maintenance costs; and fewer unexpected issues with the foundation, plumbing, or electrical wiring.
That being said, here are several tips you might not be aware of that can help you ensure the house of your dreams matches what you get in reality.
1. Keep the Show Home in Perspective
People are often dazzled by the show homes they look at, but you must keep in mind that most of the features you see in these display homes are upgrades, which make up a significant portion of a builder’s profit margin.
So you should be aware of what features are upgrades and which aren’t, and do some negotiating on the side. While you can’t really haggle on the base purchase price of a new home, there is room to negotiate the price of your upgrades. The general guideline here is that the more add-ons you opt for, the greater the price cut you should shoot for.
2. Have Your Contract Proofed by a Lawyer
Your property’s sales contract is loaded with small print and legalese. If you endorse it without legal counsel, you could get stuck with all sorts of unwanted substitutions and exclusions that could diminish your house’s future worth, and you won’t be able to re-negotiate its terms.
For this reason, it’s probably worth it to pay a few hundred dollars and have an attorney analyze your contract before you sign it. If you’re displeased with their findings, you can always say no to the deal.
3. Have the Home Inspected
Having a skilled property inspector perform a post-move walk through before your home warranty expires is essential. You’ll have the first year to settle into your new home and allow for any potential issues to arise. Any necessary repairs will be covered as stipulated in the first phase of your new home warranty, which handles labour and material defects.
5. Don’t Wait to Make a Warranty Claim
In order to properly fix any problems that may crop up, you must be proactive and realize that there are rigid deadlines for filing claims. To avoid being late, study the package you receive during your pre-sale inspection carefully and write any deadlines down on a calendar, and later on be sure you file your claim a minimum of five days prior to the deadline.
6. Buy During the Right Time
Remember that buying a home during the right season can actually help you save thousands of dollars. Summer is the optimal season to look for a new home, since people usually take their vacations then and don’t spend much time looking at houses. And when a builder’s selling season hits a slump, as a buyer you have stronger negotiating power.
While buying a new home has a long list of pluses, there is still an opportunity for snags and mishaps to develop along the way if you’re not attentive. By following the tips outlined above, you will effectively raise your chances of home-buying success, and you and your property will be well-protected in the event anything unforeseen does happen.
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