The National Association of Realtors reports that 42% of shoppers in 2019 were first-time homeowners. The prospect of kick-starting your homeownership journey can conjure a flurry of emotions: excitement, anxiety, fulfillment, and many more across the emotional spectrum. It is an exciting and gratifying experience to have your dream home project finally actualized.
With emotions running high, it is relatively easy for homebuyers to make rush decisions that later bite them. Here, experts at Westwind Homes offer five smart tips to first-time buyers as they take on new home construction.
1. Research and Vet the Home Builder
Your new home purchase will arguably be one of the largest financial transactions of your life. You may need to be cautious to protect your investment. The first step to safeguarding yourself is by vetting the local home builder carrying out the construction. Verify their license with the local state Construction Contractors’ Board. Do they have any active complaints against them? Counter check their insurance and bonding certificates. Take a trip around the new home construction projects. What do other home buyers have to say about their experience with the home building company?
2. Compile a List of Non-Negotiables
Most new home builders will put up model houses to showcase their craftsmanship. You can visit these exquisite properties, physically or virtually. What most first-timers fail to understand is that some features are standard, while others will remain add-ons. Reflect on your family’s current and future lifestyle and see if the floor plan meets your desires. Create a checklist of amenities that should be the bare minimum for the new home construction.
3. Work Out Your Finances
Within the emotional bubble, most first-timers end up making a rush, impulse purchase without seeing the bigger picture. It is essential to think about how much you can afford and future costs such as property taxes, HOA fees, home insurance, and other maintenance costs.
If you cannot pay cash, you may need to figure out your mortgage options. New home builders may offer flexible financing options that may smoothen your path to homeownership. Additionally, you may also need to prioritize your upgrade options to avoid investing in add-ons that do not increase property value.
4. Get a Feel of the Community
Most shoppers become lost in the grandeur of the new home construction and fail to consider the neighborhood. While you may love your new home, your search should not end there. Take a drive or a stroll around the subdivision. Check out how close the preferred home is to communal amenities. Do you see the property value of your lot increasing in the future?
5. Have a Written Contract Agreement
It is imperative for you as a first-time homeowner to protect yourself during the home buying process. Ensure that all agreements with the new home construction company are on paper. It is wiser to have your attorney and realtor go through the contracts before signing. Ensure that all the warranties that you negotiated for are present in writing.
Become a Homeowner Today
New home construction allows first-time shoppers to customize their house to their preferences. Focusing on their home builder, finances, preferred amenities, the subdivision, and written contracts can help avoid common pitfalls during the home-buying process. For more information on your first house buy, feel free to contact Westwind Homes.
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