Q: What’s Different About Buying a New Construction Home?

Buying new construction is different than buying an existing home.

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How is buying new construction different than buying an existing home? Clients considering buying new construction generally ask a few of the same questions:

1. Starting price: What do I get? You may see a sign that says these new construction homes start at $300,000. The first thing we’ll do is get the build specifications so we know exactly what’s included. Just know that they don’t come with all the bells and whistles. This is a starting price, a base price. If you’re looking for hardwood floors throughout the house or expensive appliances, those won’t be included in the starting price.

New construction homes can be delayed due to bad weather.

2. Down payment: How much money do I have to put down? The builder of a new construction home is going to want you to have more skin in the game than if you were buying an existing house. When you get to the design phase, you’re likely going to want to upgrade. The builder will want you to put down a larger deposit in case you back out; they want to be able to recoup their costs.

3. Moving: When will the house be ready? This is the most common question we hear. For an existing home, we’re looking at around 45 days before you can move into it. New construction builders will give you a date, but if the ground isn’t broken yet and there’s a lot of bad weather, your house will be delayed.

Make sure you have another place to live for a few months because things happen. I’ve seen a one-week delay, and I’ve seen up to three months of delay. Just be prepared for this possibility.

New construction homes are wonderful: You’re getting everything new and a house with a warranty. However, be aware of the costs and delays associated with your new home.

If you have any questions about new construction homes or real estate in general, give me a call at (267) 242-9976 or send me an email. I would love to help you.