New home building is back! The Atlanta real estate market is booming again. And there is a shortage of available homes in many areas. Builders are now busy trying to increase the supply. Many people want a brand new home, one that no one else has ever lived in. If you are considering buying a new home that is not yet built or one that is under construction, there are many things to consider. Once you’ve decided on the location that you want and the builder that you’d like to work with, you’ll need to decide on a floorplan that will work for your family and your lifestyle. Many times you will also get to choose which of the builder’s lots that you want that plan built on.
Many people choose their builder first and then choose from what that builder has to offer. Others decide on the area or neighborhood that they want to be in and then see which builders are building in that area in order to choose their builder.
Tips for choosing a builder
- Ask questions. How long have they been in business? How many houses have they built? What is their reputation? What kind of warranty do they give?
- Meet with the builder. Do you have a good feeling about him/her?
- Get references. Talk to their past buyers.
- Find out how much flexibility you have and what choices you can make.
- Find out what incentives they are offering, if any. For instance, many builders have a preferred lender and there is usually a financial incentive for you to use them.
Tips for choosing a floorplan
- Decide on your budget.
- Determine how much square footage you want.
- Figure out how many bedrooms and baths you need.
- Distinguish between your wants and needs. They can be very different.
Tips for Working with Your Builder
- Be flexible in negotiating. Most builders will not reduce their prices. Instead they may include some upgrades or pay some of your closing costs.
- Get everything in writing! Oral agreements mean nothing.
- Carefully go over the contract and make sure you understand the obligations on both sides.
- Know your deadline for decisions. If you have not made your choices by the builder’s deadline he/she will choose for you.
- Have realistic expectations and be flexible. There are many factors that can throw a construction schedule off so be willing to adjust accordingly.
- Know what’s covered in your warranty. Don’t assume anything.
In summary, when buying new construction, do your homework, ask lots of questions, be flexible and enjoy the process. You will love that sparkling new home that you helped to create!