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.
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.
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.
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).
Author:Michelle Mojica Phone: 602-687-0617 Dated: May 2nd 2018 Views: 361 About Michelle: ...
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Mojica & Associates Real Estate has over 55 years of combined real estate experience here in the Valley. Concentrating on evolving trends in a rapidly growing market, we specialize in finding the perfect opportunity for first time buyers, families looking to upgrade their home, 2nd home buyers and investors. Whether you are looking for the perfect place to hang your hat or finding qualified buyers to purchase your current property at top market prices, we can get it done for you.
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"I would give Michelle 100 stars if I could. She goes above and beyond for her clients. I have gone through two purchases and one sell with her and she made the processes for each as smooth as possible. Working all hours of the day/night to ensure a successful outcome. Six years ago I was buying my first home and she took my hand carefully walking me through the home buying process. I couldn't be more grateful for her patience. She always has my best interests in mind. She is honest, hard working and passionate about real estate. I highly recommend Michelle Mojica & Associates Real Estate!"