Purchasing a new construction home can be an exciting adventure when you plan ahead and stay prepared! Below are eight recommendations that will assist you in making the right choices when buying new construction in the Capital Region.
Choose a Knowledgeable New Construction Agent
Finding the right agent can make a world of difference when buying new construction. Look for someone who specializes in new builds and has a strong background in the industry. At Sterling Real Estate Group, our new construction agents help guide you through the complexities of the building process, ensuring you understand the contracts you’re signing and the milestones involved.
Working with a new construction expert creates confidence throughout the process, allowing you to focus on personalizing your dream home instead of getting lost in the details.
Research Lenders
Different lenders offer various new construction loan programs, so it pays to do your homework. Loan programs can vary to provide different percentages of down payments, long-term rate locks, or competitive interest rates.
Once you’ve narrowed down your lender choices, it’s time to get pre-qualified. Being pre-qualified gives you an idea of the loan amount you’ll likely qualify for and suggests to builders that you’re serious about moving forward in the new construction process.
Know Your Budget
Before diving into neighborhoods and floorplans, take some time to assess what you can actually afford. Knowing your average budget will help you filter through options successfully and prevent you from falling in love with something out of reach. It’s also important to remember to factor in not just the base price of the home, but also taxes, insurance, and other homeowner costs that may occur down the line.
Leave Room in Your Budget for Selections & Extras
In addition to the taxes, insurance, and other costs, it’s important to leave some wiggle room in your budget for your home’s selections. New construction homes often come with a ramification process where you pick out finishes, appliances, and extras if you want. Leaving some room in the budget for these costs allows you to upgrade the base offerings to cater to your taste and style, making it feel more uniquely yours.
Envision You & Your Loved Ones in Your New Home
After figuring out the numbers, it’s time for the fun part! As you compare different floor plans, visualize how your everyday life will unfold in those spaces. Consider the number of bedrooms you need (or will need), if you require a home office or playroom, or even the cooking space you want within the kitchen.
Visualizing your day-to-day life will help you determine a layout that meets your needs and works with your family’s lifestyle. After all, one of the best things about building a home is the ability to customize it exactly to your liking!
Recognize Your Style
Once you’ve decided on a floor plan that best suits you, customize it even more by choosing finishes that make your house feel like a home.
Before heading into your selection appointments, take the time to brainstorm about your dream home. What will you want it to look like? What ambiance would you want your home to have? Bringing inspirational photos and swatches that replicate your style will help keep your ideas on track and give your representative a clear idea of what you’re looking for.
Additionally, since you already included these costs in your budget, you’ll know what you are willing to spend on upgrades, meaning you’ll save time looking at finishes outside your price range. A properly organized approach to selections will not only save time during appointments but will also help guide you in making choices that align with your vision.
Count on Delays
While it may be frustrating, preparing for possible delays in new construction is essential. Various factors can affect timelines, from climate situations to supply chain issues. It’s crucial to have a backup plan for where you might live and where you’ll store your belongings if the process takes longer than expected. This preparation is very important as it will ease the strain of moving and prevent any last-minute surprises.
Don’t Change Jobs or Increase Your Debt
As you approach closing on your new construction dream home, it’s necessary to maintain your financial health. Avoid changing jobs, purchasing big-ticket items on credit cards, or increasing your debt, as these actions may impact your loan approval. Lenders often pull credit reports right before closing, so maintaining your financial stability will assist in a smooth transition to your new home.
With these 8 tips, you are properly equipped to navigate the exciting process of purchasing a new construction home in the Capital Region! If you’re interested in building your dream home, contact one of our experienced new construction agents to get started today!