Questions To Ask When Buying A New Construction Home

Posted by Florida Realty Marketplace on Monday, December 28th, 2020 at 8:00am

Questions To Ask When Buying A New Construction HomeThere are many advantages to buying a new construction home. From picking out the finishes, to the pride of being the first to live in the home, a new home purchase can be an incredibly exciting time. To ensure your new construction experience is everything you want it to be, there are some questions you should ask early on in the process. 

Does This Include The Lot Cost?

When speaking with a builder’s rep or looking online, you will see starting prices for different models of New Homes For Sale In Clermont FL. These prices include the structure and base interior and exterior finishes, but they may not include the price of the land itself. Be sure to ask if the price you see includes the lot cost and if there is an additional premium for a specific lot that may be more desirable. 

Do You Have Any Lender Incentives?

Many builders will offer closing cost assistance or some other monetary incentives for using one of their preferred lenders. Take some time to speak with these lenders to see if there is an opportunity that would benefit you. Don't make a commitment to a lender specifically based on incentives, but it's important to understand all of your options. 

How Long Will Construction Take?

It's important to know early on what kind of timeframe you are committing to when buying one of the New Homes For Sale In Clermont FL. If you have to sell your home or arrange for your lease to end, knowing when to expect your new home to be completed is crucial. The home building process can encounter all sorts of delays, but an average time of completion can go a long way to helping you set a timeline. 

Is There An Escalation Clause?

Some builders include a cost escalation clause to cover themselves in the event of a price increase in certain materials. This clause allows them to charge you more money to cover their increased costs and can leave you on the hook for much more than you were prepared for. Speak with the builder’s rep to see if they include this clause and if so what it could mean to you moving forward.

What Comes Standard?

The prices you see online or in a showroom may look good at first, but keep in mind these are almost certainly for base finishes across the board. Many of the sought-after materials and finishes that you would likely see in the model home are usually from an upgraded package that will cost more money. Take the time to compare what is standard and what is included in these upgrade packages to understand the real cost and how much money you need to buy that home

Do I Have To Use Your Materials?

Some materials or appliances that you had your heart set on may not be available through a particular builder, but that doesn't always mean you can't have it anyway. Feel free to ask the builder if you can purchase these items separately to be included in the home. If they do allow you to purchase an item on your own, see if they will provide you with a credit for the standard item they no longer need to use for your home. 

Do You Provide Any Warranties?

Just because a home is new, doesn't mean that something can’t go wrong along the way. Most builders include some sort of warranty to cover these issues when they come up and you should ensure you have a good grasp on what is and isn't covered. Also take the time to ask about any additional warranties that are available to extend or expand your coverage. 

What About Landscaping? 

An aspect of the new construction process many buyers forget to ask about is the landscaping. Sod, shrubs, and trees can be very expensive, especially if your new home has a large yard. Some builders will include basic landscaping in the cost of the home, but be sure you know exactly what to expect from them and what you will have to cover separately. 

What Are The Community Regulations?

Even if the neighborhood you are moving into doesnt have a homeowners association, the builder may have regulations in place about what can and can't be done with the property in the future. These regulations can affect what types of fencing, sheds, or exterior changes that you can make. It’s better to understand any limitations that may follow the home now, instead of finding out down the road when something becomes an issue. 

You will have many other questions along the way but this list is a great place to start. Don't be afraid to ask questions to ensure you understand exactly what you are getting into. While it can become confusing when comparing several different builders or communities, asking the right questions will set you up for success.

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