Chris GashPicking the right house is just one of the big decisions you’ll face when buying property. Deciding on the down payment is another. Low inventory in some national markets continues to pressure potential buyers into making bigger down payments to gain a competitive edge. But the possibility of rate increases in the coming year and new…
Let’s say you have weighed your options and have decided to purchase a new home under construction or hire a builder to start from the ground up.
My best advise is to select a builder that will deliver your home as agreed, and maintain a working relationship with you before, during and after the sale.
I would like to point out that not all home builders can make every home buyer happy all of the time. Scheduling, availability of materials, weather and so many more issues factor into the job, so its easy for the process to get disrupted.
Buyers always have a concern about “quality” building, and that’s a genuine concern. Keep in mind that many inspections are done during construction by the local building department and sometimes even ordered by lenders to meet some financing requirements. With those consumer protections in place “quality” will likely be determined by the workmanship and the materials used.
Without getting into a very lengthy note I am going to jump to the two points every home buyer should discuss before entering into an agreement with a new home builder
- 1. What is the builders policy regarding unfinished items, touch ups prior to closing and a new home orientation walk through to get familiar with the operation of your systems….and….
- What is the standard warranty offered by the builder
The most successful builders I have worked for have both of these details implemented into their company policy.
When you are walking through your new home on move in day it should be ready for you to hang your clothes in the closet and set your furniture in place.
Most states have a warranty period for workmanship and materials. This comes with responsibility on the buyers part to file claims in accordance with the procedure and time limits set out in the law.
A well written warranty program offered by a builder is much better to work with and results will come faster and easier. You will also have manufacturer warranties for the appliances and systems in your new home. Ask your builder to provide you with the information to register these items in your name. The warranty may also include any soil treatments for termites or other pests and how you can keep this in place for years to come. There are also third party warranty programs offered by some builders that cover defects and structural issues.
To sum it up….you want a builder with a well written warranty and a turn key home…
Happy home shopping 🙂
With much of the country falling within a flood hazard area there is a resource available to help you determine the zone of a location.
FEMA offers a link on their website that you can enter the full address or general location to view the flood map.
This tool can be very useful if you taking a mortgage because the lender will require a flood insurance policy for hazard areas. It can also assist you in getting a quote for an insurance policy if one is necessary.
Happy home shopping….hoping this helps it stay easy…
Savannah Area Multi List number 166319 $229,900
Home listed by ERA Southeast Coastal Real Estate 912-826-2550
- 4 bedroom
- 2 full baths
- 1/2 acre lot
- Full brick exterior
- Side entry 2 car garage
- Bright kitchen with work island
- Covered back porch
- 1840 Heated square feet
Community: Honey Ridge-Guyton Georgia
Amenities: Community pool, fitness, tennis
Georgia office license number: H19887
Post-hurricane jobs numbers not as strong as expected The October jobs report is in, and the numbers are a mixed bag. The U.S. economy added 261,000 nonfarm payroll jobs in October, according to the U.S. Bureau of Labor Statistics. A hiring rebound at restaurants and bars impacted by recent hurricanes helped boost numbers. However, October’s jobs…
The first thing that came to my mind when I read a post by a local real estate agent on social media saying that we were in a “hot market”, was to take my sign down. I still had packing , downsizing and could not get out that quick. Real estate markets vary by location and are driven mostly by economic factors in an area that influence supply and demand.
Here are my tips to make it easy for you to know how your area is performing.
- Real estate agents in your area have ready, willing and able buyers just waiting for a new listing to hit the MLS, due to very low inventory
- The list price is generally the starting price and buyers bid up
- Quick closings, as buyers are mortgage ready or have cash, closing within 30 days
- Buyers are scouting the neighborhood and when your sign goes up they leave a note on your door with an offer
- Your agent will hold a “public open house” and state a time and date that you are open to review offers
- Buyers will make an offer without coming into town or viewing the home
- Homes sell at list price
- Prices are stable or increasing
- Buyer incentives paid by seller are added onto the list price
- Seller offers few repairs only necessary to obtain financing and may ask buyer for a contribution
- Low inventory
- Start of the selling season, defined by your local area trends
- Average days on the market are less than 60
- Prices decreasing in an area
- Average days on the market are more than 60
- Sellers are advertising price reductions
- Sellers are offering buyer incentives such as loan closing fees without increasing the price
- Sellers are offering other incentives such as new appliances, repairs and cosmetic updates
- Homes on the market at the end of a selling season, like late fall or the beginning of a school year depending on your area trends
Working with a real estate professional and having a market analysis prepared for the area you are planning to buy or sell will easily give you this information.
Happy home buying and selling 🙂 It’s a piece of cake
An abundance of useful information when you are considering or shopping for a new location.