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2016-01-03 18:06:42
4 Things to Know about Buying New Construction

buying new homesThinking of getting out to look at new houses this weekend? There are way more than 4 things to know about buying new construction in Tooele UT. But that's all I'm going to cover today.

Visit this site from time to time though as I will elaborate on each of the parts of the process as we get closer to making a decision.

For this article I am going to break out and identify the players in the transaction. They are:

  • Your Family
  • The Agent
  • The Lender
  • The Builder

Sure, there are other considerations when you decide to purchase a newly constructed home rather than an existing one, but let’s take a walk through the purchase process so you know what to expect from the minute you step into the new home community’s office.

The Family

Think about it, the first consideration needs to be your family. The first part of you're plan needs to take into consideration the needs and wants of your family. Things you need to address are basic but unless you all agree on the importance they will have on the way the family is going to live their life it is likely mistakes will be made. Topics worthy of discussion are.

  1. Location: What area best suits the needs of the family regarding schools, shopping, work (commute), recreation and special needs your family may have.
  2. Budget: How much are you ready to invest to have the exact home you want. Brand new.
  3. Type Of Home:

 

The Real Estate Agent

New home communities are typically laid out so that visitors are directed to the builder’s office before they reach the model homes. They are greeted by the builder’s real estate agent. Read that again: the builder’s real estate agent. Although he/she may have a great personality, full of information about the project, the models, the builder & buying a new home in general, they are NOT your real estate agent. They have a duty to the builder, and are hired to look out for the home builders interests.

Avoid the temptation to take the easy way out. Do not let them handle your side of the transaction.  Simply mention mention that you’re working with a real estate agent. Ethically, the builder’s agent must back off trying to recruit you as a client.

The builder pays the real estate commissions so there is no reason not to have your own representation during the purchase process and many reasons to have it. Real estate agents have what are known as “fiduciary” duties to their clients. The duties for the buyer’s agent are different from those of the seller and believe us, they do conflict.

The Lender

The builder may also suggest a preferred lender. You will no doubt be urged to use it to obtain your home loan. Unlike the real estate agent, there is nothing inherently wrong with using an in house lender, as long as you’re being offered a deal that is competitive, and in your best interest.

Never feel that you have to use the builder’s in-house lender; you are within your rights to use any lender you prefer. Your real estate agent can help you evaluate between mortgage products

The Builder

Like most professions, there are quality builders and there are those that take short cuts, do a lousy job, or cannot be trusted to do what they say they will do. (all real estate agreement must be in writing).

If you don't know the builder, do some checking. Start with the Better Business Bureau in your area and then check public records for lawsuits against the builder. Check with homeowners that have bought a house from them. Plus, once again rely on your own agent to help evaluate a builder before you sign on the dotted line.

There is a lot more to buying a newly-constructed home than an existing home. Carefully choosing your real estate agent and then investigating the builder will go a long way to helping the transaction run smoothly.

I hope this has been a helpful article, and we have contributed to a smooth new home purchase for you and your family. If we can be of further help or if you would like to consider us as you agent, call me, Berna Sloan 435-840-5029.

We can talk about more than 4 things to know about buying new construction in Tooele UT

 
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