Thinking of Building a New Home?
Have you been looking for the perfect home and aren’t able to find one that’s just right? Have you thought about a new build or new renovation but aren’t sure where to start?
Your first move will be to set up a consultation with your real estate agent, but I’ll give you a quick overview of the process and some things you will want to think about ahead of time so you can make the most out of your meeting!
Everything you need to know about newbuild homes:
You may be asking why you would need to work with a real estate agent to build a home. “Don’t builders have sales reps that walk you through the process?” They sure do! And those sales reps are paid by the builder to look out for their interests and make a great sale with lots of extras.
When you go into a new build with representation, you have someone who knows your goals and budget and can help you balance decisions with what the market might find in demand versus emotion.
Your agent should be able to assist you with making profitable decisions through expertise and connections and help you to understand the long-term value of decisions being made. This can save you a ton of time and money on the front end and protect you on the back end.
Where do I start to build a new home of my own?
Your first major decision will be what kind of builder are you looking for.
Have you always dreamed of living in a subdivision, surrounded by neighbors?
Do too many choices give you anxiety?
Would a large lot be too much maintenance for you?
Then working with a national or regional builder might be the right road for you.
Does all of the above miss the mark?
Are you looking for a more custom experience where you design every detail of your home and possibly pick the lot, whether it be somewhere more urban or secluded sound more to your liking?
Then a custom build might be more your speed.
Regardless of if you’re in one of these categories or undecided, your Realtor can help you find the right fit.
How much does New Construction cost?
Well, your next step will be to determine the budget and decide on a lender.
Having a pre-approval is crucial to understanding your purchasing power and the upfront costs involved. Your realtor will be able to connect you with an experienced lender who can lead you through the process.
Next, your real estate agent will set up appointments with appropriate builders.
You will all meet to determine which builder and location are right for you. Your realtor should be able to help you develop a list of the right questions to ask during your meeting and interject with any additional questions or follow-ups during the meetings.
This will be the time to look through the builder’s website or any materials you have ahead of time, just be sure not to enter your information into any websites or give it to any sales reps without letting them know that you are working with a realtor and also giving your agent’s info.
Once the meetings are set, all you have to do is show up with your list of questions for the builder and your checkbook in case you find what you are looking for and want to put down a deposit.
Oh, and don’t forget to wear appropriate footwear. It can be pretty muddy if you are meeting at a building site!
How long does it take to build a new home?
You will then want to address the timeline.
Depending on your builder, it can take anywhere from 6-12 months for your home to be ready, and the wait in the beginning while the builder obtains permits and has designs approved can seem endless! If you are on a shorter timeline than the builder offers and you’re not too concerned with being able to make design choices, ask if they have any spec or market homes.
Sometimes a builder has gone ahead and taken the risk to build a home that wasn’t on order with the most popular design choices, or perhaps a buyer committed to building a home, then had some sort of life event that made that impossible. These homes can be a great way to cut down on the timeline, as they can be available in as little as a month or so!
Either way, make sure you are patient with the process. There are frequent delays due to obtaining materials, weather, permits, and inspections that can add up. Your realtor (hi!) can help you stay in touch with the builder and get as much info as is available to calm your nerves and help you plan.
Building your own home can be a rewarding and exciting experience.
Myself and the agents at TREO Realtors can help build a dream home and make sure the new build process is as smooth and enjoyable as possible.
Reach out today to start exploring your many options!
