When it comes to buying a newly built home, it's important to do your research and be aware of the restrictions that may be in place. Get comparable home prices in the area to avoid paying too much, and have a licensed inspector inspect the property. You can negotiate the price based on the local real estate market, but if the builder is constructing a lot of properties in the development, you may not get a lower price. A dispute in October over the design elements for new homes in Springdale resulted in a state law on Wednesday.
Your homebuilding team can guide you through all the steps of designing your new construction home, including zoning and permit requirements, budgeting, finishes, and more. You can always build a new house or make improvements to an existing house, but you won't be able to change its location. The construction process is less rigorous when it comes to buying a specific home because so many selections have already been made. If you currently have a home to sell and you're trying to schedule the closing so that it's in the neighborhood with the closing of the new construction, it can be disheartening to discover that the builder won't deliver what was promised.
Building a newly built home requires a lot of materials and work, so be prepared to wait at least 6 to 12 months if you plan to build a new home. When buying new construction, you can build a house from scratch, consider a custom construction, or purchase the home with the builder's specifications. You'll also be able to choose the location of your new home. Part of the reason why newly built homes are more expensive is that builders need to make money for all their time and effort.
Buying a new home means buying directly from the builder, often before construction of the house begins. With single-family homes, builders construct homes in large numbers with little or no variation between them. You should consult your builder to make sure they provide the service you expect when buying a new home. If you buy a newly built home but don't choose the builder, you don't know how well it was done.
Spec homes (short for speculative homes) are homes built by a builder who speculates on what homebuyers might want. However, don't expect a builder to give you a contingency to inspect the home as you would with a second-hand home. Before deciding who to entrust with constructing your home, thoroughly research builders and construction companies (and their previous projects).