Are you in the market for a new construction home in Monmouth County? Whether you’re looking to upgrade your lifestyle or expand your living space, this area on the Jersey Shore has some excellent residential options. There’s no doubt that purchasing a brand-new house is an exciting endeavor and can offer many benefits, but there are several key things prospective buyers must keep in mind before signing any contracts. Here are the six things you should keep in mind when buying new construction!
When considering purchasing a New Construction home, the first thing you should do is look into the builder. Researching the company – their financing, quality of homes, and past clients is highly important. Furthermore, it would be wise to inspect some of the completed developments they have put together as well as consulting any Better Business Bureau ratings. Doing so will provide you with peace of mind in knowing you are making an informed decision. Ultimately, taking these few steps can give you confidence that your New Construction home purchase is backed by a reputable and reliable builder.
Upgrades and What To Know!
When searching through model homes, you’ll see stunning features and furniture, but those are likely all upgrades that you’d be paying extra for if you choose them. To get the look of your perfect dream home, consider going through your builder or even a local contractor. Going through your builder can be more expensive but may keep things simpler in terms of paperwork down the line. On the other hand, using a local contractor could save you money while still allowing you to customize exactly how you envision your new home looking on closing day – whichever route you decide to go is ultimately up to you.
With A Realtor VS Without
New construction can be a tricky process, so if you’re considering making the purchase, it’s important to get some assistance. It’s a common misconception that utilizing the services of a realtor when buying new construction will cost you more- but don’t let this hold you back! In reality, builders actually benefit from your saving; putting the saved money back into their marketing and advertising budgets. But when you partner with the right realtor they can help you negotiate the best deal possible, determine which upgrades are necessary, and ultimately save you both time and money. As someone who has sold homes for new construction clients who ultimately regretted not working with me- trust me- having an expert on your team is worth more than any extra cost.
Home inspections are essential for any new construction, ensuring your dream home is up to standard and meets your high expectations. It’s important that the inspections happen throughout different phases of the building, from when the stick frame goes up to when the drywall and electrical is completed, and then a final inspection once everything is finished. If it’s a spec or model home you’ve purchased instead of constructing yourself, adding an inspection contingency to your sales contract could be the perfect way to proceed. Accompanying your inspector gives you the opportunity to learn how to best operate and maintain your new home too, while also avoiding potential issues down the road – all due to having that independent home inspection.
Review The Sales Contract!
Real estate transactions often come with a lot of paperwork and details to sort through, so having a professional review that paperwork is invaluable. Here in New Jersey, a real estate attorney is necessary for most transactions. In the case of new construction, standard contracts don’t always apply. Builders may add clauses that penalize buyers if they can’t close on time and give themselves leeway as well. Hiring an experienced real estate attorney can help protect your interests and ensure a smooth transaction – and it’s worth every penny!
Last But Not Least – Closing On Your New Property
When purchasing new construction, it is especially important to note that delays are expected as there can be various issues, ranging from bad weather and building material issues to obtaining the proper permits and approvals from the township. In my experience as an agent, I have almost never had a client who purchases new construction and closes on time. In fact, I recall one instance where my clients secured their new home during the pandemic but it took almost two years for them to close! Needless to say, this created disruption in their life and financial plans as they had to secure a rental due to their double move, thus causing them additional expenses.
Ready To Buy?
These were my six tips to buying new construction and the essentials of what you should do with a realtor or without one. If you are interested in more tips about new construction, Monmouth County real estate and enjoyed this blog, check out my YouTube channel for more videos and blogs like this!