Did you know that last year roughly 5.64 million homes were sold in the United States? While most buyers purchased these homes once they were constructed this is not the only method of home buying.
Most buyers choose to purchase their home in the pre-construction phase. This provides the individuals with more freedom in terms of locations and upgrades. If you’re curious about this type of homebuying strategy, then you’re in the right place.
In this article, we’ll walk you through everything you need to know about buying in the pre-construction phase. Let’s get started!
Make Sure You Can Trust the Builder
Before anything else you should make sure that you can trust the reputation of the builder in charge of the construction. The last thing you want is a builder that procrastinates the actual building.
As such, we recommend getting contractual assurances before putting down a down payment. If you need recommendations, then we suggest BlokHaus for a great preconstruction condominium.
Find a Lender
Next, it’s time to shop around for a lender. More often than not the builder will try and get you to go with their approved lender. In some cases, this can be a good call.
However, keep in mind that it’s your right to find a lender on your own. That way you can find a financing option with low-interest rates that meet your needs. Make sure that this interest rate is in effect despite six month waiting period for construction.
If You Want Upgrades, Then See Whether Or Not They’re Possible
Most pre-constructed homes come with a basic model home design. If you’re happy with this model home, then go with it. However, some people prefer to add certain upgrades, like a larger kitchen, bedroom, or similar floorplan change.
Just make sure that your builder can accommodate these upgrades if you want them. It’s much more affordable to add them early on than install them later.
Decide On Which Plot You Want
One of the biggest advantages that come with buying a home in the pre-construction phase is getting to decide which plot of land you want. In order, to be fully informed we recommend looking at a map of your community.
Pay attention to things like traffic patterns, woodland areas, and other houses. This will likely factor into your final decision. The better your lot, the more real estate value and privacy that you can take advantage of.
Want More Content? Keep Reading
We hope this article helped you learn more about buying a home in the pre-construction phase. As you can see, there are a lot of considerations to keep in mind. However, as long as you follow the advice in this guide, then you should be fine.
Did you enjoy this article? If the answer is yes, then you’re in the right place. Keep reading to find more topics that you’re sure to love.