We love new construction homes, and today we’ll be filling you in on everything you need to know about these properties.
I’ve been dealing with new construction homes for a long time, and it’s become something of a passion of mine. The benefits of new construction are numerous, and buyers are able to customize their home to be exactly how they want it. New construction homes today are very different from how they were in the past, and builders continue pushing the envelope on what they include in their properties.
There are two main types of builders: custom home builders and production home builders. Production homes are in the process of being built or are already constructed, but buyers are still allowed to pick and choose paint colors, flooring types, and more. Generally, these builders stick to their tried-and-true systems of making homes. On the other hand, custom builders can basically create anything within the buyer’s budget. Buyers are able to customize to their heart’s content. New construction homes carry the benefit of longer-lasting warranties, which you won’t find in a resale home.
Typically when buying a lot, the lot is supposed to be 20% of the home build. So when buying an $80,000 lot in a suburb, you’d have a $400,000 house on it (this may fluctuate when dealing with acreages or tight markets).
The timeline of selling your current property and buying a new construction home is tricky to gauge, but you can figure out a good estimate by speaking with your Realtor. You usually want to list your home a month after the foundations of your new construction home are laid.
Other things that can change the time frame include whether you’re moving into a cheaper or more expensive property. Each market has a different level of supply and demand, so lower-priced houses typically sell more quickly than expensive ones.
New construction homes carry the benefit of longer-lasting warranties, which you won’t find in a resale home.
When your home is being built, you’ll help design the interior and exterior. There are many types of exteriors to choose from, but each one can affect the cost of your roofline and building materials. Inside the home, you’ll need to pick trim packages, floors, and more. These can affect both the price of the home and the construction timeline.
There may be multiple times when the builder asks you to tour the home and choose where you want outlets, cables, and other electrical items. Before the home is finished, they’ll ask you to walk through the home and inspect it. You place blue tape over any dings, marks, or blemishes you find, and they’ll be corrected.
Warranties typically last one year, and each builder has different processes for warranties. They’ll give you a list for emergency items or ask you to create a list of things that need to be fixed. Make sure you turn these in at least a month before your warranty ends so they have time to correct the issues. Drywall cracks are often a problem because lumber dries out within the first year, but it’s not something that will cause long-term damage to a home.
If you’ve been thinking about buying your own new construction home, I’d be happy to talk with you about your options. Feel free to reach out to me so we can discuss your plans and goals. Until then, I look forward to hearing from you soon.