Buying a new home can be an exciting process, especially if you are purchasing a newly constructed home. However, there's more to it than just finding a home that meets your needs in an area where you want to live. There are a lot of things to keep in mind when purchasing a new home including your budget, how the area may grow, and also the condition of the home itself. When buying a new home, there are a few things that you should consider doing in order to find the right home for you and your family.
Hiring a Real Estate Agent
It can be tempting to skip out on using a real estate agent. However, hiring a buyer's agent can be very helpful. When looking at new homes for sale, often the neighborhood has not yet reached its full potential. Real estate agents are thus a fantastic resource if you are looking into buying a home. They will know how the neighborhood will grow and can help you negotiate with the builder when buying. Buyer's agents are typically paid by commission, and the average commission is between 2.5 and 3 percent of the sale price of the home.
Getting a Home Inspection
If you are buying a brand new home, you may consider skipping out on the home inspection. While it can save you some time, it may end up being a costly mistake down the line. Even new construction homes can have serious issues. Many of these issues will be caught during a home inspection. An inspection can save you from making a big mistake. In some cases, you may even need to walk away from a new home. On average, home inspections cost between $278 and $390.
Getting Mortgage Pre-Approval
Whether you are looking at new homes or previously built homes, getting mortgage pre-approval can be very helpful. New construction homes cost an average of $60,000 more than existing homes. Since they tend to be more expensive, getting pre-approved for a mortgage can come in handy. This process typically only takes a few days and indicates that you are serious about owning a home. It can also help you determine exactly how much home you are able to afford.
If you are buying a new home, there are a few things that you may not want to skip. Hiring a real estate agent can be very helpful, especially if you are buying in a growing neighborhood.Share