Purchasing a new construction home marks a monumental investment, comparable to significant life events like weddings or the birth of a cherished child. Yet, navigating this pivotal purchase can be rife with common pitfalls that many individuals encounter unknowingly. In this discussion, we’ll dissect the transcript of a YouTube video focusing on five prevalent mistakes people often make when venturing into the realm of new build homes.
Inadequate Research on Community and Builder
One of the foremost blunders involves insufficient investigation into the community and builder. Comprehensive research methods are highlighted, such as consulting the Arizona Registrar of Contractors for filed complaints, requesting references from salespersons or realtors, and joining community-specific Facebook groups for firsthand insights from residents.
Skipping Third-Party Inspections
Neglecting third-party inspections is a crucial oversight. Despite assurances of city inspections, the transcript underscores the importance of hiring independent inspectors for three critical stages: before foundation laying, pre-drywall, and a final inspection before closing. These inspections uncover issues beyond the purview of municipal checks.
Sacrificing Preferred Location
Choosing a location solely based on cost or size can lead to regrets. Factors like proximity to busy streets, farmlands with potential pesticide drift, or long commutes may adversely impact quality of life, health, and convenience. It’s advised to prioritize location considerations and their long-term effects.
Moving Twice and Solutions
The discussion introduces several strategies to avoid moving twice during the transition between selling an existing home and waiting for the completion of the new build. This includes leveraging familial support on contracts, utilizing short-term rentals in apartment complexes, or taking advantage of special offers like short-term stays provided by certain realtors.
Not Engaging a Realtor
When you step into the world of new builds, you’ll notice that the salesperson represents the builder. Establishing a rapport with this individual is vital. However, the salesperson isn’t the boss; they report to the builder. You’re a number to the builder, but the salesperson cares a bit more. Your realtor, though, advocates solely for you.
Realtors shed light on lesser-known mortgage products, like “dating the rate” or “buydowns.” These may seem attractive initially, but understanding their long-term implications is vital. Refinancing comes with costs, and resetting your mortgage clock might not align with your goals.
Buying a new build home isn’t just about the exciting visualizations of your dream space; it’s a journey fraught with complexities. Having a realtor ensures you navigate this path with confidence, making informed decisions and protecting your investment.
So, if you’re contemplating a new build purchase, consider the benefits of partnering with a realtor. It might just be the best decision you make on this exhilarating journey!
