Buying a new construction home can be an exciting and rewarding experience. While it seems as though land is limited on Seacoast of New Hampshire and Maine, each year there are numerous new construction developments being built and sold. These developments range from a garden style 55+ community to a 15-20 home single family community, to free standing condos within a development.
Here are some tips for buyers to keep in mind when considering purchasing a new construction home:
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Research the builder: Before committing to a new construction home, do some research on the builder. Look into their reputation, the quality of their previous work, and their experience building in the Seacoast area. You can also ask for references from previous clients to get a better idea of what it's like to work with them. If they're a larger builder, there may be spec homes in other developments that you can walk through to see their work firsthand.
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Get pre-approved for financing: It's important to get pre-approved for financing before starting your search for a new construction home. This will give you a better idea of your budget and what you can afford. Ensure that your lender knows you intend to purchase a new construction home as different rate lock terms & programs will apply. Also, keep in mind that some builders may have preferred lenders or require specific financing options.
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Understand the timeline: When buying a new construction home, it's important to understand the timeline for completion. This can vary depending on the builder and the size of the project. Make sure you have a clear understanding of when the home will be ready for move-in, and plan accordingly.
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Consider customization options: Many new construction homes offer customization options, allowing you to personalize the home to your preferences. This can include choosing finishes, colors, and even floor plans. Some of the bigger local builders even have their own showrooms that you can explore, while others have trusted vendors that you can visit individually. Make sure to discuss these options with the builder to see what's possible and what may impact the timeline or cost.
- Work with a Realtor: Although it may seem more convenient to work directly with a builder & their agent, it's essential to work with buyer's agent that has experience in the new construction process. New construction can be more complex than a typical home sale so it's important to have a realtor representing your best interest and guiding you through what is typical and what may not be so typical.
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Get a home inspection: Just because the home is new doesn't mean it's perfect. It's important to get a home inspection to ensure everything is up to code and functioning properly. This can also help identify any potential issues before they become bigger problems.
Buying a new construction home can be a great investment for buyers. By keeping these tips in mind, buyers can make an informed decision and enjoy their new home for years to come. Connect with me for a list of current new construction projects in Maine & New Hampshire!