Buying New Construction
Buying New Construction
If you know or it becomes apparent after viewing properties that you're quite particular about your personal list of "must haves" in a home, your real estate professional may suggest considering new construction since you generally have the opportunity to choose some or all of your personal preferences.
There are multiple ways to go about buying a newly constructed home. Your real estate professional can assist you with your search for new construction homes for sale that are in various stages of completion. These properties may be listed by the builder or developer directly, or by their real estate agent. There are also home listings "to-be-built" that typically require you to work closely with a specific home builder who owns the development, or perhaps with a contractor and/or real estate professional hired by the developer. This option generally opens up a wide range of personal preference possibilities since you'll be involved in the construction process from breaking ground to completion, however you'll need to be prepared to deal with a potentially stressful, rather lengthy period of time until your home is completed. Your agent will be with you from start to finish, providing moral support and helping you navigate through the entire construction process.
The price range of new construction options vary widely to fit a variety of budgets and can include listings from economical modular homes all the way up to the best-of-the-best in luxury homes for sale.
What to Consider
- Location, neighborhood, and style:Your real estate agent will guide you through the options that are available to you, such as purchasing a parcel of land for sale, where you hire a builder to complete your project, or a builder's to-be-built listing or a home in a planned neighborhood development. No matter which option you choose to go with you'll need to be prepared to devote a great deal of time and effort working closely with the builder throughout the construction process. Typically, if your home is part of a development, there is already a plan in place that dictates a general range of home size, a list of home styles and features available and a price range the developer has established. In other words, a luxury home development builder will not likely accommodate a buyer who wants to build a small, modest ranch-style home. In the same respect, you probably don't want to build an expansive luxury home in a development consisting of smaller homes.
- Cost of the new home: If a builder has a general plan in place, for example, a 2,000 square foot colonial and lot for $550,000, they will likely have a specification list describing what comes standard with the base unit accompanied by a list of upgrades and pricing. You can then sit down with the builder and modify the plans (within reason) to fit your wish list and budget. For example, the standard model might have laminate counter tops, but you may prefer granite throughout. You might want to add a garage or a great room at an additional cost, or you might scale the plans down to 1,500 square feet in order to trim the budget. Once you've narrowed down your wants and needs, it's time to review everything with the builder so your final completion cost can be determined. Your agent will be there to help guide you through this sometimes stressful process.
- Obtaining financing: As with any loan, it will require lots of documentation pertaining to your earnings, credit status, design plans and final construction cost. On occasion a buyer may have to revise their original building plans in order to obtain lender approval if the final cost exceeds their affordability or the appraised value falls short. Patience and flexibility are helpful throughout the loan process. I would recommend checking out my guide on obtaining a mortgage in order to access some valuable financing information.
Once you've settled on a final design and obtained your financing, it's finally on to construction. This may be the most rewarding period as you see your dreams and wants on their way to becoming reality. Changes in design or product choices should be kept to a minimum in the interest of time, cost, and everyone's peace of mind. But in the end, you will get the keys to the home you always imagined.
Click Here to Contact Me for Assistance<
MARK SIMPSON, Assoc. Broker/REALTOR®
Licensed in NH & ME
Cell: 603-370-0253
simpsonrealty@comcast.net
Serving Your Real Estate Needs Throughout The Greater Seacoast Regions Of Southern New Hampshire & Southeastern Maine
- Referral Assistance: I'd be happy to assist you with locating a real estate professional proficient in any areas of the country that may be located beyond the scope of my coverage.
Testimonials
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He was excellent with every detail
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Mark is very professional, knowledgeable, & wonderful to work with.
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Mark is amazing! He made the whole process of buying a house in a different state so easy, eased our stress! He works with great integrity from how he dealt with us! We will definitely call Mark again for buying another home or selling ours!
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Great communication and insight was provided by Mark.
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Mark was our agent when we purchased the condo many years ago. We were very pleased to have him represent us as our agent again. Charlie and Lorilee Buzby
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Simply said, Mark is the best!
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Mark was recommended by our lawyer, Jack McGee. From the moment we met Mark and Kelly, we found them to be very nice, honest, and helpful. We felt very comfortable with them and felt that they would work hard to get us the best price for our house as they could. We live in Massachusetts and the house we were selling is in Portsmouth, N.H. so I made a lot of calls to Mark with questions that I had, and he always answered when I called and always either had the answer right then or would find the answer and get right back to me. We felt that we could trust him, as he was always respectful of us and of the house that he knew held a lot of memories for me. We would recommend Mark very highly, and we appreciate everything he did for us. Sincerely, Sharon and Don Foss w
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Mark has been incredible! My family and I have been working with him for over 15 years. He knows the market and New England area, he is very professional, approachable and has outstanding communication skills. Thank you!
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Mark was great to work with. He took pride in assisting us and was there for us whenever we needed anything.
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