5 Things to Do When Building A New Home
Building your dream home can be exciting. However the process involves many intricacies. The following 5 things should help you navigate the process.
1 Explore Your Options
Before tying yourself into a contract with a builder explore the options different companies offer. Most builders offer distinctive architectural features and may cater more to your specific budget. Ask your Realtor to take you to show you a few homes from different builders.
Also, take a look at the different areas of town. The physical structure is just part of the total cost, how much you pay for your lot can influence your decision- and building in a comparable community may allow you to get more bang for your buck.
2 Get As Much In Writing As Possible From The Start
It’s important to remember that builders are in the business to provide a great product AND make money. Therefore it’s important to get things, especially those you can be nickle-and-dimed for in writing as early as possible. When possible, this may save you quite a bit of money. Know what the basic package includes. For example (and these are just to name a few):
- The number of lights and outlets in each room
- The grade of flooring
- Feet of utilities included in the base price (this can add up if you’re looking to build your home further back in the lot)
- Level of countertops included in the base package
It’s never a good surprise showing up to the design center and finding out that the base package doesn’t include the much more expensive paint texture you fell in love with at the model home. Also, ask what the builder isn’t willing to do. For example, we recently showed luxury downtown condominiums where window coverings and fixtures weren’t included at all due to the unique tastes of the builder’s clientele.
3 Know What You’ll Compromise On
Sometimes you can’t get everything on your wish list. Know what is a must, what you can do without, and what you can compromise on before entering negotiations. For example, while that expansive outdoor kitchen may fulfill your dream, it may cost more to have the builder install it than having a private contractor do the work. It may be beneficial to have the builder install the gas and water tie-ins so you can have the work done at a later date.
4 Get a Fiduciary
Always remember that a builder’s sales agent is there to make the builder money. Having a Realtor typically will not cost you anything if you’re a buyer- Realtor’s commissions are paid by the seller. A good Realtor will know what questions to ask a builder and will be able to provide advice and answer questions throughout the builders process. Having a representative on your side will help ensure you don’t make costly mistakes.
5 Ask Your Realtor Questions
We work with a lot of builders and we’ve seen even more of their finished homes. Let us know if you are looking for a certain style of home, we’ll usually be able to help you narrow down your options. You may decide that a new build isn’t necessarily what you’re looking for after asking questions, or it may convince you that you are making the right decision.