After three years of climbing out of the economic bust, the real estate market is finally returning to some semblance of normal with the increasing of home prices and sales tapering off to a slow crawl upward. Some real estate professionals say 2016 will be the best time to buy with millennials coming into the housing market and baby boomers finding the perfect home to retire. This influx of real estate purchases will inevitably lead to an increase in new construction homes as home builders will be looking to find the prime price point to attract these buyers. Before you launch yourself into a new home building process, make sure you take the necessary steps to simplify your journey. Know before you buy with these tips to purchasing a new construction home.
Decide on a Budget
Don’t get overwhelmed with hundreds of homes when there is only a certain amount of money you know you will be able to spend. The best way to start your new luxury home buying experience is to calculate your exact budget and know just how much more you are willing to spend if you find the right house. Don’t forget to take into account the “extras” like property taxes, homeowner’s insurance, landscaping costs, Homeowners’ Association fees, memberships, and furnishings.
Luxury Home Community or On Your Lot?
Maybe you think that living in a luxury home community is the ideal way to spend your retirement, with a plethora of luxury amenities and a homeowners’ association to take care of it all. Then again, maybe you are the type to not want to be bogged down by rules and appreciate a little more land in which to build your dream home. These are the types of things you need to know about yourself before deciding to build a new home.
London Bay Homes can meet your every need with select home sites throughout Southwest Florida and a preferred luxury home builder status in many luxury home communities in Naples and Sarasota. Whichever type of home you prefer, we can make sure you get the dream home you deserve.
Tour Model Homes
Before you begin the home building journey, make sure you tour the model homes available from the builder to see the quality of work they deliver. During your tour, ask a lot of questions to determine what finishes and furnishings are available as standard and what may come at an additional cost.
If you happen to find a model home that is exactly what you need, ask the builder if the home is for sale. Home builders will sell their model homes, which may have had hundreds of people walk through it, but is still a new construction home that no one has lived in. This is a quick and easy way to get a new home without the wait, but you will be paying for the optional finishes and furnishings included and there is no leeway for customization. If you’re happy with that, then your search is over.
If purchasing a model home sounds ideal, view our Move-In-Ready model homes to find the perfect one for you.
Review the Contract More Than Once
We all know it is necessary to read everything in detail before signing a contract, but when it comes to purchasing a home, make sure all of the details you’ve discussed with the builder are included in the specifications you have laid out.
In your contract, you’ll find an estimated date of completion, but it is important to keep in mind that this is just an estimate. Many things can occur during the construction of a new home that may delay the completion date. That doesn’t mean that the builder will have free range on the completion of your home, but it does mean that the home may not be completed on that exact day. That being said, make sure the contract states the processes the builder has in place to deal with delays.
Get to Know Your Project Manager
Building a new home is an exciting time and you may find yourself wanting to walk the home site to see how far the construction crew has gotten in the build. If you have enlisted the help of a knowledgeable and professional luxury home builder, then you will be getting timely updates on your home and should not need to walk the home site. Of course, if you are just itching to see what they have done, call your project manager and set up an appointment. The project manager will be able to walk the site with you to make sure you are safe from the physical hazards involved in building a home, such as the piles of lumber, exposed wires, tools, nails, and any other items that may cause you harm. They will also be able to guide you through the home without stepping on newly laid floor tile or exposed carpet tack strips.
London Bay Homes keeps their home buyers in the know with timely updates on the home building process, as well as a personalized website with pictures so that the home buyer can actually see the progress of their home any time they want. The website can be accessed with a username and password so homeowners can be sure it is private and safe.
Get to Know Your New Luxury Home: Home Inspection, Warranty, and All
Your chosen home builder will provide an inspection of the home at completion, as well as a walk-through with you to ensure everything is how you requested it, but it is always a good idea to get a home inspection of your own. Make sure your contract states that you can have a private home inspector assess the home before closing. Your home inspector will be able to determine if everything is in working order and the builder will repair anything that is not up to par.
London Bay Homes provides an extensive New Home Orientation with each closing to thoroughly explain every aspect of your new home. Learn the location and operation of key systems and components, go over any warranties to see what is covered by the builder and what is covered by the manufacturers of the products in your home, review any home watch services provided, and keep a backup supply of paint colors, carpets/flooring, and any other key elements of your finishes just in case anything gets bumped or damaged in the future. Also make sure you receive the user manuals that come with every appliance and system included in your home for reference.
The next step is adding your personal touch to the design of the home. If you’ve purchased one of London Bay Homes’ Move-In-Ready models or furnished your new custom estate home with the help of Romanza Interior Design, you are probably excited to see all of the finishes and furnishings selected. Keep that momentum going by adding a few personal items and a level of comfort to your new home and making it your own. If you’ve opted for an unfurnished home, we recommend that you start in your bedroom when unpacking and getting settled. Our bedroom is our safe haven and when you have all of your things in place, it will automatically make you feel as though you have arrived home.
Finally, make your new home official by submitting change of address forms to the post office, utility companies, credit card companies, DMV, auto insurance company, and others. You can also consider having a housewarming party to invite your family and friends to check out your new place. The more you spread the word, the more “real” your new home becomes.
Ready to get started? Download our brochure to learn more about what London Bay Homes can build for you.