Tips for Buying a New Construction Home
Buying new construction is the ultimate path to a dream home for many. Not only can it give you the option of choosing every element of your home, including its layout, but it can also give you something unique to pass on to your children. Before you commit to the new construction route, be aware that there’s a lot that goes into building a home. Here is a look at some of the major considerations that come with purchasing a Bend, Oregon new construction home.
Understand Your Options
“New construction” refers to a recently constructed home in which no one has lived before you. You can get a new construction home by buying land and contracting a builder to construct it according to your specs. Alternatively, you may purchase a new home and the property on which it is located. You can also purchase an older home to demolish and rebuild. Some options lie between these, such as buying an empty lot and choosing a floor plan for a developer to install.
Find the Right Lender
Unless you plan on paying cash for your new construction home, you’re going to need a different kind of loan from the traditional mortgage. According to the Consumer Financial Protection Bureau, home construction loans allow for advances during the construction. This is done instead of giving you the whole amount at one time. The loan becomes a mortgage upon completion of the construction, or you may then be required to get a traditional mortgage. You won’t get this kind of loan from every lender, so you will have to do some research. Along with factors like rates and understandable loan terms, make sure that your lender’s customer service has a good reputation.
Know How Long It Can Take to Construct a Home
If you are having your new home built, be aware of how long it can take. The process can last anywhere from three months to almost a year. A lot of it has to do with delays encountered along the way. The delays can result from bad weather as well as other issues to do with permitting and getting materials to the site. What all of this means is that you will have to wait before moving in. Sometimes that wait will be much longer than you originally planned. In Bend, new construction homes are a frequent project, so you may not need to wait as long.
Understand your Customization Options
New construction homes come with different options for putting your stamp on the design. You can have it built to your specifications or maybe you will want to purchase a home that the builder designed. Some options fall in between those two where the home is sold mostly complete, but the buyer — you — gets to add some minor customizations.
Choose Your Builder Carefully
Invest some time and effort into researching builders in your area online. If they have no online presence, this does not necessarily mean that they are shady characters, but there is no way for you to know, so you may want to avoid them. Look into builders’ reputations via local social media channels, public records, and feedback on search engine results pages. If you are worried about finding a builder for your Bend, Oregon new construction home, don’t worry- we can help.
Have your New Construction Home Inspected Before Closing
Even though the builder will have to get everything inspected during construction, you should still take the additional step of having your inspector take a look. An independent inspector can catch the corners that builders — even ones with stellar reputations — may cut to extend their profit margins. Remember, once you close, any issues will be on your hands. Find the problems and have them fixed before the house becomes yours.
Choosing new construction over existing homes is not a decision that you should take lightly. Having realistic expectations and planning your finances carefully are all important for ensuring that you invest in the home you want.
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