Buying A New Build 101

Buying A New Build 101

When purchasing a home, there are options, both resale and new build. Resale homes include homes that have been flipped, renovated, etc where the buyer is typically not the first occupant. On the other hand, new build homes are homes where the buyer is typically the first occupant. The process for buying a resale home and a new build home are different. For today, we will  focus on some aspects of the buying process for a new build home.

  1. Realtor - Your realtor will not be as involved as they normally would be in a resale purchase. Regardless, I highly recommend you go with a realtor so they can advocate for you and provide you with representation since the realtors at new build represent the seller.

  1. Move In Date - The move in date is determined by when the home is finished being built which normally several months. This is because most new builds allow you to select upgrades (tile style, tandem garage, carpet, lighting, etc). Some homes, called “spec” homes, may be move in ready immediately or within a month or two.

  1. In House Lenders - New builds usually have lenders that work closely with them, and may offer incentives for you to encourage you to obtain your loan from them. However, you can also work with an outside lender of your preference.

The aforementioned topics are just some of the differences of buying a new build versus a resale home. If you are considering purchasing a new build, ensure you have a conversation with your realtor to make the best selection, and so they can also advise you on additional steps you can take (such as researching the different builders).

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Phone: 928-366-8024
Dated: May 1st 2018
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