If you have driven throughout the Atlanta Metro area, than I am sure you have noticed all the construction going on in different parts of town. Some Cities have more construction going on than others. The Good News is: this New Construction is very much needed in our current and ever growing Atlanta Housing Market. With the Growth and Relocation of many prominent Corporations and Businesses, come an influx of new residents to the area. Housing demand is increasing and is projected to increase further, creating and adding to an already shortage of home inventory. This is where Home Builders can maximize on the Housing Market Growth, and start helping to fulfill the demand with more New Homes.
If you are in the market to purchase a home, you may be considering a New Construction property. Purchasing a new construction home brings a load of positive and negative things to consider.
Here are 5 Things To Consider When Buying a New Construction Home:
- Be Specific when choosing what you want in the home. When I say specific, I mean: Do you want Crown molding in every room? Do you want the standard home and do you know what that includes? When choosing a floor plan, it is important to consider all the things that you want in it. This probably means that the list of items that you are expecting to see in the home, will more than likely be considered “upgrades” to the builder and cost additional. Here are some important questions to ask your home builder.
- As with all professionals, checking builder references and reviews is important. Make sure to research them online, with friends, or with other industry professionals and ask for feedback. An excellent resource on Home Builders is the National Association of Home Builders.
- As with any home purchase, a home buyer should consider hiring a Real Estate Professional to represent them in the purchase. It is crucial for your success to have someone looking out for your best interest. Such items needing attention during a home purchase are the earnest money deposit, due diligence period and inspections, closing timelines, etc.
- When purchasing a new home, a builder home warranty is usually included. It is important to understand what this warranty means and how you may put a claim against it. Typically, in order for a claim to be done there are checklists that must be followed, in order for the items to be covered. Ensure you have a thorough understanding of what the warranty is and make sure to get it in writing.
- As a consumer, do not forget that you can shop around. With all the new construction around town, you can shop around for the right Mortgage Terms, the right Home Inspector, and last but not least: the right Home Subdivision or Community for YOU. Be sure to check local amenities, recreation facilities, school ratings, crime reports, etc. Check for all the things that matter to you and your lifestyle. The more you know about the area you are planning to buy in, the Happier you will be with your Home Purchase.
With all the New Construction options in the Atlanta Metro area, it is important that as a Consumer you do your research and learn as much as possible. Remember: This is the biggest financial purchase and decision you will probably be making in your life. Good Luck!
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Do you have Questions or Comments? Please let me know!
updated from a previous 2016 post.