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FAQ
What is the difference between buying new construction and an existing home?
New construction homes are brand new, often built to modern standards, and may allow for customization. Existing homes are already built, often in established neighborhoods, and may require updates or renovations.
How long does it take to build a new home?
The timeline depends on the builder and construction stage. A move-in-ready spec home could be available in weeks, while a fully custom home can take 6 months to over a year.
Can I tour a new construction home before buying?
Many builders offer model homes or virtual tours. If the home is already under construction, you may be able to tour the site with permission.
How much customization can I do when building a home?
It depends on the builder. Some offer full customizations, while others have pre-set design packages with limited selections.
Can I use my own contractor for upgrades or finishes?
Some builders allow this, but many require you to use their approved vendors to maintain warranty coverage and construction quality.
Are all upgrades worth the cost?
Some upgrades, like kitchen and bathroom improvements, increase resale value, while others, like luxury lighting or custom paint, are more about personal preference.
How does financing work for new construction homes?
You can use a traditional mortgage for most move-in-ready new homes. If you’re building from the ground up, a construction loan or builder financing may be required.
Do I need a larger down payment for new construction?
It depends on the lender and builder. Some builders require a deposit upfront, and some lenders may have different requirements compared to existing homes.
Can I negotiate the price of a new construction home?
Builders are less likely to lower the base price, but they may offer incentives like closing cost assistance or free upgrades.
Is new construction a good investment?
It can be, especially in growing markets. New homes often appreciate as the neighborhood develops, and they typically require less maintenance in the early years.
Can I rent out a newly built home?
Yes, but check with the builder and HOA for restrictions. Some communities have rental limits or require owner-occupancy for a certain period.
What are the risks of investing in new construction?
Potential risks include construction delays, market fluctuations, and unexpected costs from upgrades or HOA fees.
Should I get a home inspection on a new construction home?
Yes! Even new homes can have construction defects or overlooked issues, so an inspection is highly recommended.
What warranties come with a new home?
Most builders offer warranties covering structural components, workmanship, and major systems like plumbing and electrical for a set period.
Do I need a real estate agent when buying new construction?
While not required, having an agent can be beneficial for negotiating terms, understanding contracts, and ensuring you get the best deal.
