Considering buying new construction? Time to do your homework!
I've spent a lot of time on this blog talking about buying new construction and if it is the right option for you in your retirement. As mentioned in a previous post, 45%-55% of our buyer clients over the past 5 years alone have purchased new construction homes. Recently, I came upon this fantastic article fromUS News & World Report, on the 10 Things You Must do Before Buying a New Construction House.
"Buying a newly built home provides some exciting options that may not be available to you when purchasing an existing home, such as the ability to choose the exact kitchen cabinets, flooring and even floor plan you want.
But it also creates some additional challenges, including making sure your builder is reputable, the community is sound and your home will be ready when you are."
Some of the favorite highlights:
- Use a real estate agent - Typically, it's the sellers that pay the commission, so it costs the buyers nothing to be represented by an agent. (In Delaware, the sellers always pay the commission.) You'll want an agent who regularly deals with the builders and is familiar with the local communities.
- Check out the builder -Check review sites. Check state licensing boards and the local court records to see whether the builder you're considering has run into trouble. This includes any lawsuits, complaints with licensing agencies and disciplinary actions by state and local agencies.
- Research the community -Before you buy, find out as much as you can both about the area and the subdivision or condo itself. Talk to local residents to see what they like and don't like. (And check out our neighborhood pages for more insight and info). Watch out for the Negative Nellies; every neighborhood has at least one!
- Choose square footage and location over upgrades - Choose how youwant to spend your budget wisely. You can never change your home's location, for example, but you canupgrade flooring later.
- Don't over-improve- Be sure to choose a home size and options that are comparable to that of your neighbors.
- Ask about warranties -Most builders offer warranties on materials and workmanship. Understand what is and isn't covered and the process you have to follow to get something fixed.
Read on for the rest of the article here.
Check out my video series on buying new construction
Buying a new home can be overwhelming, especially if you plan on retiring and relocating to another state. To help you navigate the process of buying new construction, I havecreated a video series on the ins and outs of buying a new construction home.View the entire video series on my YouTube Channel by Clicking Here.
Ready to explore new construction communities here in Delaware? Our team at Active Adults Realty is ready to help! From helping you find that perfect property, to the design and build process, and right up to the final inspections and settlement, we'll be on your side. Call us at 302-424-1890 or email Broker@ActiveAdultsRealty.com to find out more!