Here is some more helpful info about buying new construction homes.
We’re back with part two of our new home series to answer some more common questions we get from homebuyers who are considering a new construction home:
What are quick move-ins and spec homes?
These are great questions. When builders are in a hot market, they’ll often build properties knowing that they’ll sell them without having to wait for a buyer to come along before construction begins. The builder will choose countertops, cabinets, and other finishes prior to selling it. These are called “quick move-in homes” or “spec homes.” You don’t get to fully customize them, but you don’t have to wait six months for the home to be built either.
If I buy a new home, do I have to use the builder’s lender?
The simple answer is absolutely not. You can use whatever lender you’d like to finance the home. However, there may be incentives tied to using the builders’ preferred lender, such as closing cost credits or design center credits. Some builders may or may not honor those incentives with an outside lender. It’s a good question to ask when you’re looking at possible homes.
What are the warranties that come with new builds?
They’re usually really good: a 10-year structural warranty and a one-year warranty on everything in the home from the foundation to the roof. It’s a good warranty to have and one of the reasons why people prefer new builds.
Do I need a home inspection when I buy a new home?
My answer is yes, but not right before closing. If you do one within the first year that you’re living in the home, you can find all the imperfections, submit your claim to the builder’s warranty, and they’ll come and fix everything without you having to pay for it.
If you have any other questions similar to these or about real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you.