Making a decision to purchase a newly constructed home is a great way to enjoy a truly move-in ready home-buying experience. Unlike purchasing an existing home that may need some new paint, flooring or repairs before occupancy, buyers of a new construction home usually have the ability to choose flooring, paint colors, and make other decisions that will affect the appearance and comfort of their new home. If you or someone you know is considering the purchase of a newly constructed home, these three tips will help ensure that it will meet all your housing goals and dreams.
Vet the builder before making a purchase offer
Before purchasing any new home, buyers should always take time to learn about the builder's history and the quality of the homes produced. If the home is located in a development where the builder has built other homes in the past, prospective buyers should consider seeking out owners of these homes and asking about their experience and level of satisfaction. If the home is located in an area where this is not possible, ask the builder for a list of their past clients and contact several of them before making a definite decision.
Make sure a binding warranty is part of any purchase agreement
Most home builders offer some type of warranty on the workmanship of each new construction home they are selling. While it is not uncommon for there to be some minor repair issues in any new home, it is important to only work with a builder who will take care of these repairs for an agreed upon amount of time after the sale and is willing to state this in the form of a written warranty.
Insist on a punch list option
Whether it is a paint drip on the flooring, a loose door knob, or any other construction flaw, reputable builders are always willing to fix these small problems and most use a punch list to do so. A punch list is simply a list of flaws, mistakes, or issues found in the home by the buyers, their home inspector, or sometimes the builder, that need to be addressed and remedied. Buyers should always ask for a punch list option and make sure that the builder understands that all items on the list must be taken care of before the sale closes. Doing this helps to ensure that there are no outstanding repair or condition issues when the buyer assumes ownership.
For more great tips about buying a new construction home, buyers should consider working only with a real estate professional who specializes in this type of sale. They will be best able to help their client navigate the new construction home buying process with confidence.
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