Buying a new construction home is an exciting time, you’ll be purchasing a brand new property that hasn’t been lived in by anyone else. Getting a brand new build comes with many benefits, the main one being you get to live in a completely new build. A blank canvas for you to add your own personal touches and make new memories in. There are a few things to consider before making the leap and purchasing a new construction home, here are some of our tips.
What is a new construction home?
Before we jump into it, it’s a good idea to understand what a new construction home actually means. By definition, it’s a new build that no one has lived in before. There are a few ways in which this can be achieved, from purchasing the land yourself and creating a build through to buying a property already completed or in completion from the developer. The terminology used to describe the variations in new construction homes are:
Built on spec: you have no opportunity for customization and buy as-is
Semi-custom: the house is mainly built without your customization but you get a say in some of it
Full custom: you have full customization over the build
Usually, the cost will go up the more customization is added. These tips mainly refer to purchasing a build while it’s still in completion and some things to watch out for.
Use your own Broker/agent
Using your own agent when purchasing a new construction home is strongly advised. They’ll have your best interests at heart rather than using the developers who are involved in the build. Sales representatives who belong to the new property will be an extension of the developers, therefore, are not inclined to put you first as their job is to sell the property. Getting your broker/agent organized before you start shopping means you can go through them the whole way rather than getting sales reps involved.
Add more time to the completion date
If your home is still under construction when you purchase be prepared the completion date could be further back than you thought. Often these completion dates get pushed back due to uncontrollable factors, such as weather or staffing. Be prepared to add an extra month onto the date it was due to be completed.
The floor plan may not be exact
The floor plan you receive always will look perfectly neat with gridded lines and nice outlined fittings. It’s important to note that things may vary slightly from what you have seen in the floor plan. For example, the sink may be a squared shape in the floorplan but on completion, it’s in more of a circle shape. The room sizes may differ by a few inches or so. These things happen quite often in built-on-spec constructions as it’s difficult to determine the exact when building in large numbers. Things will follow closely to what you see on the floor plan but be prepared that it might not be down to the exact inch.
Get a home inspection
You might think because it’s a new build there’s no need for one but they become very useful for new builds. You can get one before they have finished the walls for any issues with electrical or plumbing, this saves labour as it is much easier to do before the walls are finished. You should also get a second home inspection before the builders have finalized. This will allow any red flags to be spotted and anything to watch out for. It’s wise to include these two inspections as prerequisites for the purchase of your new home, this means if any issues do arise you can not go ahead with the sale.
Check your builders
Whether you are choosing a builder yourself or purchasing from them already in action it’s important to do some research to make sure they’re well qualified. You can read up on The National Builders association which has a list of registered builders. Giving the builders a quick online search too should bring up reviews about their services. You can look at their past work to make sure that it will be something that you’re happy with.
Request leftover scraps from the build
There’s always leftover materials from a build that can be useful to keep around should you scrape something or want to give something a freshen up. Things like leftover paint, vinyl, tiles and carpet scraps can be worth their weight in gold. It means you don’t have to run around trying to find a match but instead have them readily available.
Understand the warranty
Different builders have different warranties, some cover all their work and some only partially. Some also have different years in which the warranties last, some will cover things like plumbing leaks etc. It’s good to find out what exactly your warranty will cover and for how long. This will give you peace of mind and not leave any surprises.
You won’t be able to reduce the price
Unlike an existing build that goes to auction or sale, it’s much harder to rescue the price on new builds. This is because the materials and labour have been calculated and the developers aren’t likely to budge on the price that is put on the homes. Buying a new construction home is an exciting time. Your new home will be sparkly new and ready for you to create your own memories in and add your personal touches. Being aware of how new construction homes work and the strings that come with them will make the purchase go smoothly.