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How to buy a brand new home?
Buying a newly constructed home can be an extremely satisfying endeavor. Probably the two best things about a brand new home is that no one has ever lived there before you and, depending on the timing of your purchase, you can personalize the home to your own taste with colors, finishes and other upgrades.
As with all home purchases, a professional real estate agent can best help you through the buying process. The key pieces to the puzzle are finding a home you like at a price you can afford with a builder you can trust.
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Here are some easy steps to follow when buying a newly constructed home.
1. Contact the listing agent at the new home community that represents the builder. You can either stop by the model home or sales office or contact them directly through a web site. Have your own agent make contact if you already have someone you’re working with.
2. View the home and the community. If you find a home you are interested in, discuss an offer to buy with either the builder or the listing agent. Make sure to discuss price and any incentives or upgrades offered by the builder. Builders often offer price discounts, rebates, special financing and free upgrades on items such as flooring, light fixtures, cabinets and door hardware to motivate buyers.
3. Submit an offer and negotiate the terms of the deal. Sign a purchase and sales agreement once you have worked out all of the details. Make sure your offer is contingent on a successful home inspection and proper appraisal.
4. Apply for a mortgage loan if you are borrowing your purchase money. Many builders have special financing available through a preferred lender so be sure to investigate all of your options.
5. Have a professional home inspection done. Even with brand new construction, an inspector may still find a few problems that need to be addressed before you close the deal.
6. If all is well with the inspection and your mortgage loan, attend the closing to sign all of the purchase documents.
7. Accept the keys from the builder and move into your brand new home!