10 Questions You Should Ask when Buying New Construction
The Top Ten Questions To Ask When Buying A New Construction
If you are in the market for a new construction home, there are numerous options available to you ranging from apartments in contemporary urban areas to larger homesteads is country settings. According to statistics from the US Department of Housing and Urban Development, the sales of new homes were predicted to reach an eight-year high in 2015 with the single-family home production reaching approximately 840,000 in the year 2016.
Unfortunately, despite these growing sales, the construction of new residential property continues to be costly. This is a particularly challenging issue to consider if you are a new buyer or first-time buyer working on a budget. Nonetheless, it is possible to find the ideal home construction and save money as well – all you need is the correct strategy. This article will provide information on the top ten questions to ask when purchasing a new home construction.
1. What Are The Builder’s Skills?
The expertise, abilities, and experience of each construction builder differ and it will influence the quality of the final product – the new property. This is one of the reasons why it is so important that you carefully consider each builder early on in the procedure of purchasing a new construction home. If you are choosing to embark upon the construction project independently and deal with builders directly, then you should ask the builders about their businesses and experience. If, however, you are working with a property manager or real estate broker, it is essential that they speak with the builder as a mediator for you.
2. Does The Builder Specialize In This Type Of Construction?
All building contractors specialize in different types of construction. For example, one builder will specialize in luxury apartment constructions, and other will specialize in commercial construction. New construction property buyers should utilize a contractor that builds the type of property he or she is searching for. To determine if you are using a company with the correct service, it is recommended that you review the contractor’s portfolio and discuss their previous projects.
3. Is It Possible To View An Existing Project?
Too many home buyers will fail to ask builders this question or neglect it altogether thinking it an absurd option, but do not be afraid to ask about viewing any existing projects. The more reputable and larger construction companies tend to have several projects happening at a single time making it easy to request presence on one. This will allow you first-hand insight into the team’s quality of service, the products they use, how clean they keep their worksite, and the level of craftsmanship.
4. Is There A Specifications Report?
Dependent on the building contractor, certain features will be standard with any basic home model and other features are considered “add-ons”. It is here under specifications that you will find living square footage. Make sure you understand what is considered actual living square footage. All builders must provide a specifications report listing the different features and including a list of available upgrades should you wish to “add on” any items. The features should be presented alongside the cost of the item, so you can budget accordingly.
5. Is There Time To Think Things Over?
Many individuals believe that their decision regarding the construction is final and no changes can be made on an upgrade once construction has begun, but this is not always the case. Some builders are flexible and will allow you to switch from certain features to another provided that the changes are made within a certain timeframe. It is recommended that you ask about any window for changes before construction begins.
6. Is There A New Construction Home Warranty?
This is potentially one of the most important questions to ask when buying a construction home. The majority of contractors will offer some form of home warranty, but it tends to differ from builder to builder; therefore, it is crucial that you review the warranty before committing to the contractor. It is essential that you understand what the warranty covers, for how long, and the overall cost.
7. Who Are The People To Keep In Touch With?
When purchasing a construction home, it is important to remember that the builder is not the only professional you will need to deal with. It is recommended that you question the building contractor and the staff about the people who will be doing daily work on the home; for example, the individuals who are in charge of administrative operations. This is significant because it will help you track the progress of your home and remain aware of issues that occur during construction.
8. What Are The Construction Visitation Policies?
Of course, it is not recommended that you visit the new property construction site on a daily basis. It is, however, advised that you make regular checks and tours of the home that you are paying to be built. While many contractors do not mind having the property owner view the site, there are those that prefer to operate according to “visiting hours”. This should be discussed before signing any contracts.
9. What Is The Deadline?
Deadlines are significant for any project, but construction requires flexibility and patience. This is because numerous issues can cause delays in construction, such as permit problems, bad weather, or a delay in material shipment. It is suggested that a timeline is drafted before any contracts are signed, and both parties are in agreement of what will happen should the deadline not be reached.
10. What Is The Overall Cost?
Cost is a vital factor that needs to be questioned when contracting a builder for home construction. When asking about cost, it is recommended that you speak with different building contractors to locate the service that suits your particular budget. New Construction home builders often offer incentives for home buyers when suing their preferred mortgage or title company. These builder incentives can save you thousand of dollars in closing cost.
These are just a few of the questions that a new or first time home buyer should ask when buying a new construction home.