DIY : Questions To Ask When Buying New Construction – PadScouts – Medium
If you’re in the market for a new construction home, you’ve got a ton of great options to choose from. But with buying a new home still under construction (and sight unseen) there are some aspects to consider that aren’t present when buying a finished home.
Ask prospective builders these six questions in order to find the perfect home for you at the right price for your budget.
Is the lot cost included?
When exploring new construction homes, you’ll find that each home comes with a base cost which includes the structure itself as well as base features. But what might not be included in this base cost is the price of the lot that the home will be built on, so be sure to ask your builder this question first.
If the lot cost is included in the base cost, double check that there are no premium costs associated with the lot. Oftentimes, some lots in the development will contain added costs for features that you can’t opt out of, so make sure you know the exact cost of the lot you are purchasing from the get go.
If the lot cost is not included in the base price, ask what the lot cost is, and be sure to factor this cost into the base price for the house. Asking if there are any additional premium costs is always a good idea, as well.
What are the standard finishes?
If the base price looks too good to be true, it could be because the builder is hoping you’ll spend big when it comes to special finishes, such as flooring and countertops. We suggest walking through the model unit with the sales representative to have them identify which finishes in the home are standard, and which are upgrades. Before you go under contract it is important that you understand the exact finishes that are included in the base price of the home.
What are your long-term plans for the community?
The long-term plans for your community could definitely affect your decision to buy. For example, if the developer is planning to build additional homes in the area but you are the first one to buy, you may have to deal with loud construction for several months or a year.
And vice versa, if you’re interested in purchasing a home in a large subdivision, but the developer has other plans, this is something you’ll want to know from the very beginning.
What warranties are provided with the house?
Most new construction homes come with some type of warranty, including a short-term whole house warranty and a longer structural warranty. Ask what the warranties include and how long they will last. You should also receive manufacturer’s warranties for appliances in the home, such as washers, dryers, and your roof.
How long will building take?
When buying or selling a home, timing is everything. It is important to know exactly what you’re getting into timing-wise for a new construction build, especially if you have a house to sell first, or if you’ll need to break a renters lease. Building processes are prone to delays, but you should still ask the developer the estimated timeline for the completion of your home. Also ask if this build time includes the time it takes to get permits, as this will typically take 30 to 45 days to get.
Is there a homeowners association? If so, what are the rules and regulations?
Buying a home with an HOA is a big commitment, and comes with a ton of pros and cons. You’ll want to clarify whether or not your home will be a part of an HOA as well as what rules or regulations that HOA will have. If the development will not have HOA, the builder may still set some guidelines as far as what is allowed on your property — be sure to ask about these rules before signing anything.
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