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Basic Guide to Buying New Homes
Some people like buying existing or older homes, fixing them up, and enjoying the characteristics that have been built over the years while other people prefer new homes. A buyer that wants a fresh start, homes that have no previous owner, choosing a brand new property is the right solution. With this, buyers have the unique opportunity of choosing appliances, fixtures, flooring, paint color, and all other components for personalized space. In addition, a new property versus an existing home comes with a builder’s warranty, meaning the buyer has protection for damage for a set amount of time.
In buying homes that have never been lived in before, it is still important for the buyer to follow a guide so the overall process is pleasant and the results are what the buyer expected. Some of the steps that would make the purchase of a new property easier include:
• Agent – One important guide is that some buyers will make the mistake of working with the builder’s agent, a professional working for the builder, not the buyer. Therefore, homebuyers should always hire an agent that represents them, otherwise known as the “buyer’s agent”. This professional would have strong negotiation skills and expertise in providing insight for making the home purchase a great investment.
• Lenders – Another important guide to buying homes that are brand new is for the buyer to work with the right lender. Again, some buyers choose to work with the builder’s lender but often, this professional might not provide the best deal possible. With a new home, the buyer should look at a variety of reputable lenders through a mortgage company or bank to compare rates, loan programs, fees, and so on.
• Attorney Advice – Because new property is a big investment, buyers that have questions or contract concerns should take time to get attorney advice. The attorney would guide the buyer through the contract language, which can be confusing. Additionally, working with an attorney that handles contracts for homes just built would provide opportunity for questions to be answered and concerns addressed.
• Upgrades – A general rule is that many builders offer only the necessities, which means for nicer flooring, fixtures, and appliances, the buyer has to pay. This is why most often a buyer’s guide advises the buyer to talk to the lender to determine the degree that would be included in the loan specific to upgrades. Often, lenders do not provide 100% financing so the cost would fall back on the buyer. To get the most and best upgrades, buyers should choose a respected builder, one that creates homes with quality as 'basic' construction.