Buying a new development home can be extremely tempting. Knowing that you are the first people who have ever lived there, knowing that the house was constructed with the most modern techniques and designs in mind, knowing that there should be nothing wrong with the home, at least for the next few years, along with many other benefits. However, benign a ti be constructed home can come with certain problems you need to consider. So, to help you out, here is some advice on purchasing a new development home.
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This is your investment on probably the biggest purchase of your life, your home, so you need to do your homework. So do some investigation because if you don’t have the right strategy, the team around you, and the correct knowledge, you could lose a lot of money. Ensure you understand the neighborhood details and what the plans are for the future. This will help you decide if this development is right for you and your family. You really need to create a list of personal priorities and go from there. Make sure you do your research in the developer too. What is their track record, etc? Take a look at their website, such as Rockford Homes, and do a Google search to see if there are any articles about them. The more knowledge you have, the better equipped you are to deal with such a transaction.
The Mortgage Lender
The right mortgage lender can save you thousands of dollars, so you need to shop around. Additionally, you need to consider them as a team and teammate. The right lender will offer you some valuable advice too. Ask at least five lenders minimum for their rates and options.
The agent actually gets paid from the builder, so it is a no-brainer to hire a realtor who is able to get the best deal possible for you. It is wise to choose a realtor who is experienced in dealing with these sorts of transactions. You will want someone who you feel you can get along with and is prepared to tell you the truth no matter how good or bad it is. Once you have the realtor, you can develop a plan of action together.
When it comes to the negotiation having an expert realtor on side is a must. They will be able to negotiate certain upgrades to the property for you. If you want the space to be a little more luxurious and to your tastes, you are able to do this at the tie of negotiation. That way, the builder will keep the same asking price and get a little more for your money.
Get Everything in Writing
Verbal contracts are, of course, worth the money they’re printed on. Get everything in writing, every upgrade, the costs, timescales, everything, and signed and dated. The onus is on you to get this sorted. It is going to be your house after all. Also, create a copy of the builder so they can keep at the forefront of their mind what needs to be done.
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