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Every home buyer has their own needs
and expectations regarding a new home. We have found great success
shopping for "inventory" or "spec" homes. These are homes the
builder has started, but has not yet sold. If you find a home at
stud stage that will fill your needs you can exploit several advantages
regarding the builder's eagerness to obtain a commitment on the property.
On the downside, the builder may have already pre-selected a package of
upgrades that may or may not be changed. Alternatively, buyers may
find that package appealing and enjoy a bundled discount.
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It won't work everywhere, but you never
really know how anxious a builder might be to sell an inventory home.
If you find a home that interests you, make an offer just as you would for an
existing home. The worse they can do is say "no", but they may also
submit a counter offer that is more favorable than full price. This
worked for us saving us tens of thousands of dollars.
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If purchasing a home that has not been
completed, think carefully about structural aspects you would change or
add and tell the builder your purchase off the home is conditional on
making those changes. Many changes may not really cost the builder a
lot to make, but the builder will charge a great deal of money if the
changes are ordered after the builder accepts the buyer's offer.
In
our current home, we asked for a wall to be reworked, a new ceiling fan
fixture to be installed and all of the upgraded decorator options originally
planned for the home to be included in the price. We were pleased when we learned
that the builder accepted all three conditions.
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While waiting for the home to be
completed, visit the home site frequently and take many photographs.
Digital cameras are perfect for this because you can take as many
photographs as you want and save them to disc at essentially no cost. You
will enjoy having the photos and they will come in handy when making
improvements in the home later. I have referred to photos of our
home at stud stage many times. They help me determine where wiring
and studs are located in the walls. The photos will also help
identify when problems may have initiated if, after move-in, you need the
builder to examine something.
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Get to know more than just the
salespeople in your new housing development. Also get to know the
job foreman and the quality control supervisor. Having a first name
relationship with these individuals will pay off long term. It's
human nature to care just a little more and work a little harder for
people that know each other than for complete strangers.
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As soon as possible after move-in
examine the effectiveness of the central air conditioner. Most
specifically, make sure that it works effectively in every room. Be
picky and ask the builder to have their air conditioning sub-contractor
come back to perform "balancing service". The service we experienced
from Del-Air in our current home was incredibly thorough. We
corrected a problem where Lynn's office was not receiving adequate air
flow and every other room of the home was examined as well. Since we
took issue with this immediately after move-in, the service was provided at no charge.
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Make certain you ask the builder for
paint and tile samples so you can take them with you to the store when
purchasing accessories and other decor. In fact, make certain you
get these samples for the exterior as well as the interior of the home.
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If you have plans to add things such as
surround sound or special lighting, ask the builder if they will permit you
to install the low voltage wiring along the studs before they go to
drywall. Make sure you leave extra coiled wire at each end in a way
that will not obstruct the drywall installation.
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At stud stage, mark key positions on
studs that you will later see in the attic. Had I thought about this
myself, I would have been able to find specific positions in the attic
after the insulation had been blown in.
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Try not to move in until a few days
after closing. Use the first couple of days to install shades and
ceiling fans and seal tile grout without having furniture in the way.
Spending the time in the home will reveal some things that were missed
during the walk through and addressing them with the builder will be much
easier if the builder knows the damage was not caused during move-in.
It may also be easier to make repairs if the rooms are still empty.
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USE A REALTOR and use common sense to
select one; especially when buying a home and even a new home.
Sellers pay Realtor commissions and although the theory might be that the
home can be obtained for less without a realtor, the fact is that buyers
who do not use Realtors are doing the seller a financial favor.
Realtors are responsible to know the areas they tour and can save buyers a
lot of problems. We've had great results with
Coldwell Banker. They
have a great referral network and an impressive concierge system. Of
course other Realtors have excellent track records too.
Demand a great deal from your Realtor and do not hesitate to look at new
homes without them. At the same time, be faithful to a Realtor that
is doing a good job. The home we selected here in Florida was
greatly influenced by literally dozens of homes our Realtor showed us, but
the Realtor did not happen to be with us when we first looked in Osprey
Lakes. When we submitted our offer, we made it clear that our
offer was pending their willingness to work with our Realtor,
Respectable builders always work with your Realtor.
DO NOT HESITATE TO
FIRE YOUR REALTOR if they are not doing their job. When you sign on
with a Realtor, make sure you have rights to cancel the contract under
non-performance circumstances. Reputable Realtors will not want to
continue a relationship with buyers or sellers that are not happy with
them.
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The mortgage company we selected was
recommended by our builder; primarily because they happen to be sister
companies. There was a financial motive to consider working with
them, but we still shopped around a great deal to keep them competitive.
In fact, we successfully negotiated a lower APR by shopping around and
showing them what we found.
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Make sure your mortgage terms include a
float down opportunity prior to closing. Get this in writing and
make sure it reads that way. Do not let the mortgage company tell
you that something means something other than what the paperwork states.
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Many mortgage companies add a great
number of "junk" fees to their closing costs. Have your Realtor
examine the fees and negotiate inappropriate ones to be removed from the
terms.
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Make sure you took measurements of your
large furniture pieces and carry them with you while looking for homes.
The measurements will help ensure that the space in the new home
will be adequate. Also consider how large pieces may fit through
doorways. We know of a couple who had to buy a new bed when they
moved in and discovered their existing bed was too large to be taken up a
staircase.
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When selecting handles for cabinets in
the kitchen and bathrooms, buy several different candidates and take them
to the home. Return the ones you do not like when actually seeing
them next to the cabinets.
