In today’s market, building a home from scratch can be just as affordable as an existing property – plus, it allows you to customize the house exactly to your needs and preferences.
But building a new home is also a huge undertaking. From the initial negotiations with the builder to the dozens of meetings, inspections and appointments you’ll have, it can often take much longer than a traditional home purchase would. If you’re not careful, it may even cost more than you bargained for, too.
Do you want to make sure your new build stays on track (and on budget) as you go about the process? Here are some tips to help:
- Get a great real estate agent – Building a new home isn’t an excuse to forgo an agent. In fact, a real estate agent can be a vital ally as you go about the building process. For one, they can help you negotiate with the builder at the outset, often saving you thousands of dollars on the final price of your home. They can also help you navigate the often confusing building process – from the initial builder meeting down to closing day.
- Choose the right builder – Not all home builders are created equal. Do your research and make sure you’re choosing a builder that’s known for its quality and integrity. Look online for reviews and testimonials, and don’t be afraid to ask local homeowners for their input when driving through new communities. Are they having any problems with their homes? What was their building and purchasing process like?
- Negotiate – There might be a “set” price on the floor plan you’ve chosen, but there’s always a little wiggle room. Your agent may be able to help you negotiate a lower price on the home, get certain upgrades for free or have the builder cover a portion of your closing costs. It’s always worth a shot to save some cash.
- Get a contract – After negotiations are done, get everything you agreed to in writing. The contract should stipulate deadlines, pricing, warranties and other important details. Your agent can help you with this process as well.
- Hire a home inspector – An existing home typically needs just one home inspection, but when you’re building a new home? You’ll want at least three: one after the foundation is poured, another just before the sheetrock is installed and a final inspection once the home has been completed. This ensures the home is safe from top to bottom and that it adheres to all local building and safety codes.
Building a new home can be a great way to get the exact house, with the exact features you need – especially in today’s inventory-strapped market. But if you’re not careful, it can also be an easy way to go off-budget. Do you want to make sure your new build stays on track and within your financial means? Contact The Claus Team today for help.