Five Things to Remember When Buying a New Construction Home
Many buyers love the idea of moving into a brand new home. Gleaming counter tops, flawless appliances, and a squeaky clean home await on the day that the sale closes. While there are many reputable builders in the Eugene area, it is important for buyers to understand the difference between buying a home from a builder's sales office as opposed to purchasing a re-sale home on the market.
Concept drawings don't always show the full picture. Builder's drawings are meant to entice prospective buyers and persuade them with a stunning image of a model home, surrounded by lush Oregon greenery. What the drawings don't always portray is just how close your next door neighbors are or how close the home might be to the road.
Get a realistic perception of the floor plan. Particularly with condos, you will want to measure out rooms to see for yourself how large each space is. A 10×10 den might look like a perfect space for a spare bedroom, but how much furniture will actually fit in the room? Don't just take the plans at face value. Compare the dimensions to the home you currently live in so you know if the space is suitable for you and your furniture. Another simple trick is to measure your furniture, make scale model cardboard cutouts and see how they fit in the rooms.
Enlist the help of a Eugene Realtor © to review your purchase agreement. In most cases, you will have a few days to review a purchase agreement before you sign off on a firm contract. Buying a new build is often more complicated than purchasing a re-sale home, mostly because you are buying something that doesn't actually exist yet. Have your Realtor review your purchase agreement to ensure that your expectations are being met, and you aren't making any false assumptions about the final product.
Keep an eye on your upgrades. While it is important that the home you are purchasing is a place you love, remember that builders charge a premium for upgrades. In most cases, you will pay significantly more for granite counter tops and custom fixtures from a builder than you would if you did it yourself or hired a separate contractor. However, you are paying for the convenience of moving into a home that is perfect right from day one. Upgrades will most likely add value to the home, but do your research to decide on your must-haves before opting in to everything to builder is offering. Don’t be afraid to negotiate for upgrades, this is also where a your Realtor can help.
Feel satisfied that you are getting good value for your money. There is nothing worse than buyer's remorse, especially on the most expensive thing you will ever buy – your home. Developers set their own sale prices, and negotiate only as they see fit. Even if you are adamant about buying a brand new build, take some time to explore a few similar properties in the re-sale market. How to the floor plans compare to the new home you have in mind? Are you getting a similar price per square foot? Could you find a better home for the same price in your preferred area? If the builder has other completed projects nearby, pay them a visit to see the quality of their work and get some feedback from previous customers about their experience. Don’t be too anxious, if you are of the mind that you can walk away from the deal, you are going to be in a better negotiation position.
Buying a new home in Eugene is an exciting and rewarding process. Choose a Eugene real estate agent who can guide your search and help you make a smart investment.