Buying, selling, financing, and furnishing your new home is a fun and exciting challenge. Look at the articles, columns, blog posts, radio shows and videos for advice on new construction home building. With these helpful home construction tips, building a new home is a whole lot easier.
Understanding Construction-To-Permanent Loans
Most large banks or major national lenders offer construction-to-permanent loans. Construction-to-permanent loans are desirable because you eliminate the need to have two closings (with all the commensurate fees) if you had a construction loan and then had to find a long-term loan once the property is completed. Construction-to-permanent financing can be costly, with a slightly higher interest rate.
Including Home Inspection Contingency In New Construction Contract
Make sure your new home still passes important inspections before closing. When purchasing a not-yet-built home, you should include a home inspection contingency as part of the contract. This way, if the home doesn't pass the home inspection, you as a buyer can delay closing until the problems are fixed.
Buying New Construction With Hopes Of Big Payoff
A home buyer is considering stretching his pocket book and buying a new construction home in hopes that it will result in a big profit in a few years. Buying a home and hoping it appreciates is a risky move without a lot of wiggle room. The years of buying a home and having it appreciate quickly are over, for now.
New Construction Condominium Floor Not Level
Home inspection can save you a big headache in the long run. In a new construction condo, the new owners have discovered that the floors are not level. They want to go back to the builder and have him fix the floors. Make sure a home inspector checks everything, like the floors. Some difference in the floor may be normal. The owners need to talk to a home inspector, the builder and a real estate attorney to find out what they can do to get their floors fixed.
Canceling Condo Contract
Builders are facing cancellation of new construction contracts all over the country. Unless it is specified in the contract, there is no obligation on the part of the builder to return your deposit if you cancel the contract. As the buyer, you are obligated to fulfill the term of your real estate contract.
Good Faith Estimate For New Construction
When you're buying new construction you'll have to make a down payment, or a good faith estimate to show that you're interested in the property. Developers set their own standards for down payments or good faith estimates. To get the best deal on new construction it's good to hire a buyer's agent so you don't go into negotiations unprepared.