Oct. 13, 2018
What’s not to love about new construction? It’s brand stinking new! But seriously, the beauty of new construction is that if you buy a new home built from the ground up, you can pick the cabinets and flooring. How fun is that? From choosing the colors of the tile or carpet to choosing if you want subway tile on the backsplash, this is what most people live for with new construction.
Pro tip: If you want to be involved with the details such as design, you will need to build from “dirt”. Anything that has been started has also been planned out. That means it’s usually to late in the process to choose materials and styles.
You also should know that a lot of new builds under 300K usually don’t have options to pick from. They opt for a more of a “standard features” approach. Still very nice, but the designer in you might not agree. I bought a home like this a couple of years ago. The carpet was the one thing I wished I could have changed. The layout and size of the home sold it for us. We can live with the carpet a couple more years.
You might not believe this, but there are a couple of new home builders in the DFW area that will run programs to help buyers qualify. That translates to great savings on your closing costs. I know of a certain builder that gives a $1000 credit to teachers and other heroes in the community. This is just one simple example of an incentive that a builder may offer. I’ve seen thousands of dollars of incentive applied to closing costs. Not every builder does this, but we have to ask.
The catch: Everything has a catch to it, am I right? In order to receive any incentives, the buyer has to use the builder’s preferred lender. I actually used the builder’s lender over my preferred lender when we purchased and it was a great deal.
Pro Tip: If you are skeptical about using an unfamiliar lender, ask them to give you a breakdown and compare it to a breakdown that your own lender can offer. With an “apples to apples” comparison, you’ll have it laid out for you.
Most builders offer a warranty on a few basic items, while other builder have ten year warranties on foundation. It’s important to note that these warranties have stipulations that the buyer must adhere to. Some builders have a certain timeline for filing claims and if you aren’t a super detail-oriented person, those deadlines can come and go. That’s why it’s important to get have important date reminders set up to make any claims.
The most common question I get from people moving to DFW from out of state is “what do I get with the HOA?” It’s not really what you get, but more of what you don’t get to do.
HOA’s have restrictions in Texas. That’s a great thing if you consider that your neighbor might own his own trucking company and wants to park his semi in the driveway. You might laugh, but I’ve seen it firsthand.
When you are considering a new home, you should ask about the community areas. Does it have a pool or a kids playground? You’re paying a lot of money for a new home and that’s a great incentive to buying in a community that is up and coming.
Building can take from 6-10 months. Depending on what your timeframe is, this point could actually be a positive. Are you in a lease? Are you trying to sell another home? All this matters.
I had some clients that sold a home in Grand Prairie and bought a brand new house just a few miles away. The home took about 10 months to build and the purchase was contingent on the sale of their current home. We had to time it just right. Listing the home had to be within a very targeted timeframe. In this case it worked out just perfectly. Sometimes it means having to rent a temporary place to live. It’s inconvenient, but the benefits sometimes outweigh the issues.
Pro tip: If you buy something in the later stages you might not get to choose the color of the cabinets, but there is a silver lining. Your house will be ready sooner.
I bought a new home about two years ago and guess what…the builder is just now finishing up the subdivision. I hate to say it, especially since I want to sell you a brand new home, but it takes a while to complete a brand new building phase. The positive side: the incentives I mentioned. You can’t match those.
All in all, you will need to make your own list of pros and cons. I hope my list got you to think, but ultimately you will have to balance what you want vs. what you need.
If you need to move in quickly, you won’t get the luxury of picking details. You’ll be surprised how much a new home will impress you, especially if you’ve been checking out pre-owned homes.
I would love to help guide you through the process and I look forward to working with you as you transition to Fort Worth, Grand Prairie, Arlington or Mansfield. I primarily work these areas, but I have a team that can work all the surrounding areas. To help you out, I’ve created a list of new homes in these areas. Please note two things: the pics on the listings are representations of the homes. 2) there is a sign up
I hope you enjoyed my blog, feel free to reach out to me at 469-834-3808 or at firstname.lastname@example.org