Questions You Should Ask Before Buying New Construction
We want to keep you covered in all aspects, so we have come up with a list of questions to ask before buying a new construction home in Wilmington, NC. These are only a few of the many questions you could potentially ask, but here is at least a start for your process!
1. Do I need to use a real estate agent?
2. What's the builder's reputation?
3. What’s the average build time?
4. Choose square footage and location over upgrades.
5. Have you had a lawyer review the contract?
6. Have you gotten everything in writing?
7. Is there a builder's warranty on the home?
1. Use a real estate agent!
It’s always nice to have a real estate agent when making these kinds of decisions. A seller typically pays commission costs, so it costs nothing to the buyer to take advantage of the knowledge and expertise of the real estate agent. Top real estate agents generally know the builders and the communities that they are building in, so it would be beneficial to have their insight.
2. Check the builder.
What’s their reputation? When looking at new construction homes in areas or subdivisions that you are interested in, you always want to check the builder’s credentials. Their credentials, experience, and abilities will affect the quality of the new construction home. Check the builder’s reviews, ask around and talk to several different buyers, and cover all of your bases before you choose a builder. After all, you are pouring a lot of money into this new property—you want to be sure that you are checking to make sure your needs are being met.
3. What’s the average build time?
Planning is always nice, right? Although your salesman may inform you that the builder you chose has completed a home in 4-5 months, you may have a contract that states that a builder has longer than that before they have to complete the home. However, if you are renting currently or planning to sell your current home, you might want to gather a more accurate build time so that you can prepare to move into this new construction home that you have worked so hard for.
4. Choose square footage and location over upgrades.
In the long run, upgrades are much easier to incorporate as opposed to location and square footage. Location is impossible to change (which is a given) but you can upgrade your kitchen countertops later. If you are choosing between a house with an extra bedroom over a house with hardwood floors, choose the house with the extra bedroom, which would be way more expensive to add to later as opposed to putting in hardwood floors.
5. Have a lawyer review the contract.
Contracts for new construction can be complex and loaded with real estate jargon. It’s always beneficial to hire an expert who can be sure that you are not missing any crucial factor to the agreements that you are signing.
6. Get everything in writing.
Our previous points reminded us of something crucial—get everything in writing! Don’t sign anything until all aspects of the project have been negotiated, agreed upon, and written into a contract. Everything should be written down into that contract from what will happen if the construction is not completed on time, deadlines, what’s included, etc. Verbal conversations have no binding weight once deals are made, so make sure everything is in writing and signed by all the appropriate parties.
7. Check the warranties.
Check to see if the builder is offering a warranty on a new home that covers material and workmanship and even coverage of structural elements to the house. Types of warranty questions you should ask are: - What isn’t covered? - What happens if I have a claim or dispute? - What’s the extent of your liability?
Are you still not sure if buying a new construction home is right for you? Click here to learn more about advantages and disadvantages of buying a new construction home.
We Can Help!
Are you looking for the best real estate agency in Wilmington, NC? When choosing a real estate agent, be sure to go with someone who has expert knowledge of listings and selling a property. The Regina Drury Real Estate Group has that and more. We are a Full-Time real estate company in Wilmington, NC; our crew can provide you with all of our expert knowledge and focus on maintaining a high degree of customer service that will leave a lasting impression. Contact us today to talk more about your Wilmington, NC Real Estate needs.
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