Buying a newly constructed home differs from purchasing an existing home as a home purchaser. There will be no inherited issues with no previous owner, such as torn wallpapers, worn carpeting, or kids’ scrawled graffiti on the nooks and crannies. Instead, everything is shiny and pristine. This can be especially exciting for first time home buyers who will have to create their house history instead of inheriting it while also considering the best home loans in Sydney to acquire their dream house.
Owning a newly-constructed house can be as easy as these steps outlined in the guide below:
Find Out What the Standard and Additional Rates Are
A builder’s showroom offers various design styles and choices that add extra costs. Nevertheless, before you start looking at plans, it is essential to get a feature sheet on the homes you are interested in and determine which features are standard and need to be paid for.
For example, you should ask yourself whether it would be better to hire a contractor who can build the upgrade for you after you move in or if it would be better to buy upgrades from the builder. In addition, always negotiate with the builder to get a better deal as you shop for the best home loans for financing.
Get a Real Estate Agent
Purchasing a newly constructed home is a complex process because you also have to handle the builder’s sales agent, who represents the builder and may use high-pressure tactics to close the sale. If you don’t hire your agent, you could be exposed to a considerable risk with what is usually your most significant investment.
As your representative, the agent will inform you about the pros and cons of the transaction, which isn’t usually the case with the builder’s agent. They will explain where you might have missed some items in the contract and explain legal jargon in descriptions that are easy to understand. They may also help you with the financing of the deal.
Note the Builder’s Reputation
When buying a new construction home, choosing the home builder is a crucial step. Not all builders are the same. Thus, you need to find a good builder who can create your dream home, avoid bad builders that can lead to costly mistakes and add more expenses on top of the best home loans you’re considering.
First, you need to list down several potential builders. Afterwards, check their reviews of each builder. If even one buyer had a bad experience with a builder and wrote about it online or told others, you will most likely be able to find more information about it.
Additionally, consider talking to homeowners whose homes were built by a potential builder on your list. They can talk about the buying process and give insights into what they loved about the house and aspects they wanted to change.
Request for a Home Inspection and Builder’s Warranty
Don’t assume that a new home will not have certain defects. Ask your builder to check your home at various stages of the building process to spot these defects immediately.
You should also get a builder’s warranty covering at least one year after moving in. This warranty should be backed by an insurance company and specify what is covered, as well as limitations for damages.
Search for the Best Home Loans in Sydney
Purchasing a home built in the last few years requires more involvement from the buyer than buying a resale. Remember these tips to ensure a smooth deal, maximise your enjoyment with the new home, and spend only what you can afford without breaking the bank!
Practising the above tips will also help you cost the best home loans in Sydney when searching for them on Wealthy You! We can offer customers a variety of mortgage solutions to meet their specific financial needs. As an alternative lending specialist, we make refinancing your home simple. Apply for your mortgage today!
