New Construction Homes
New Construction Living
Buying a new construction home is a different process from buying a home that has been previously-owned. One of the more noticeable differences is that you will only interact with the builder, rather than previous homeowners. However, as with buying any home, you will have to work out what your budget is, whether you will need any financial assistance, and what community or development you would like to live in. We’ve put together the following information to help you review the advantages and challenges of buying a new construction home.
Benefits of New Construction Homes
With new developments, your neighbors will often be young families or married couples; most developments have a strong, welcoming community.
New construction homes are often in master-planned communities; fast-growing market with lots of new developments; homes have a higher resale value.
Master-planned communities offer more modern amenities and entertainment; your living space can match your lifestyle.
Brand new homes; the opportunity to have an input in the building of your home; new construction homes are often more energy efficient; lower expenditures on maintenance and repairs.
Designing your own living spaces; low-cost ownership; environmentally friendly living.
Explore the range of new construction homes in Connecticut.Click here to search new construction listings.
Buyer's Guide for New Construction Homes
Things to consider when buying a new construction home
Before you get too taken with the idea of living in a brand new home, with new fixtures and clean, sparkling rooms, it is important to weigh the pros and cons of buying a newly built home. Another thing to consider is what type of new home you're looking to buy: a house already being built; a semi-custom home that is part of a development; or a custom house built to your designs. You should also ask yourself the following questions:
- As new homes are usually further from the city center, are you willing to commute?
- If you buy a home as part of a development, will the similar-looking homes around you become annoying?
- New homes are often built very close together - would you mind the lack of space?
- As your yard will be brand new, are you willing to wait for a lawn to grow?
Research builders and neighborhoods thoroughly
Before making a rash decision about where you want to live and which builder you will be dealing with, make sure you conduct some research. Remember that the listing agent is working for the builder, so your interests may not be their priority. Find out whether the builder has a good reputation in the community, and whether there have been any complaints filed against them. If possible, visit a completed home or show home and check everything you can. When researching neighborhoods:
- Search online for new construction listings or developments
- Drive or walk around the neighborhood and check amenities. Can you see yourself living there?
- Check whether there will be any homeowner's association fees involved with homes on a development.
- Find out whether things such as cable and internet are readily available and from which providers.
- Research the zoning laws in the community.
Make sure the home passes inspection
Just because a home is newly built doesn't guarantee that it won't have defects. Before you complete the purchase of the home, have an independent professional complete a thorough inspection to make sure the home passes building codes. It is recommended that you have the home inspected several times throughout the build, as it makes it easier to spot and fix any issues. You should also consider attending the inspections, as this provides an opportunity to learn about what goes in inside the walls of your new home. The following form the basis of most inspections, though you can always choose to have all aspects of the house finely looked over:
- The foundation
- Plumbing and electricity
- Heating, ventilation and air-conditioning
- Final inspection
Finalizing a deal
No matter what stage of the home or development building process, closing the deal with the buyer remains one of the more important aspects of buying a new home. Builders will often have pre-approved lenders or agents, but this does not mean you can't contact others. While negotiating prices, you could also discuss upgrades and try to strike a deal on those.
- Upgrades These can be very expensive, but if many homes in a development have already been sold, there may be discounts available.
- Buy early By purchasing a new construction home early in the development, you may be able to get a discount from the builder, who wants to show that the homes are popular to investors and other potential homeowners.
- Research financing If you need financing, make sure you contact at least two lenders to compare fees, rates, etc.
- Read the contract Make sure you read the contract in its entirety. If you have any questions, don't be afraid to ask the builder, the sales representative, or even an attorney.