Buyer Dilemma: You Found The Perfect Home…But It’s Not Done Yet
You saw the plans & the specs, maybe you even saw a model home. You love the location & you really want to put an offer in…but it’s not finished! There are so many questions running through your head. When will it be done? What if it looks different from the model? What are the finishes going to be? Which brings me to this: how do you protect yourself when buying pre construction?
1. dig up any info you can on the builder
If there is no model home to tour ask to see examples of their past work. Try to find out the builders reputation for finishing construction on time.
2. add everything into your agreement of sale
By everything, I mean everything. Site plans, floor plans, spec sheets, photos of finishes & finish allowances can all be added in as appendixes to the agreement of sale.
3. don’t dawdle picking finishes if given the option
Customizing a home sounds like fun, but it’s a big commitment that can be overwhelming if you’ve never done it before. The longer you take to pick your finishes the longer it will take to finish the home. What you picked might not be re stocked for a couple of months or it could take 6-8 weeks to come in (think Italian tile). This can cause delays & it will be your fault. Pick them as quickly as you can & ask the builder to let you know as soon as possible if something isn’t available so you can re evaluate your choices.
4. expect slight delays
Now, long delays aren’t normal, but some things are out of a builders control. Inclement weather, electrical or plumbing inspections & the final inspection for the certificate of occupancy are all things that COULD delay closing. If you are locking your rate see if you can lock it for longer than the settlement date. It’s usually not a good idea to settle on new construction the same day you are selling your home or moving out of an apartment unless you have somewhere to go & are okay with storing your belongings for a bit.
5. schedule a home inspection for before closing
New construction is built to code but it’s not a bad idea to get a home inspection. A home inspector has a trained eye & can help you with your punch list or point out items you may have missed that you want the builder to fix. You learn so much about a home during a home inspection.
Pre construction isn’t as scary as it seems when you have an agent who knows how to protect you. Have any questions about buying pre construction? Ask us here!