Buying a New Home is Exciting.
Buying a new home is exciting. You get to build your dream from the ground up, choosing your lot, model, interior finishes, and upgrades. But like any home purchase, buying new construction is serious business. It’s an expensive transaction with many financial implications.
That’s why it’s a good idea to obtain representation from a Realtor® for a new home purchase. Here’s why:
Builder sales reps represent the builder.
Often builders have their own agents on-site to answer questions, assist walk ins and help with a purchase. Builder reps can explain differences between models and floor plans and share information about financing options, upgrades, and specials. But it’s important to remember they are contractually obligated to rep the builder. “Realtors® are trusted resources for real estate information and can help home buyers navigate the increasingly complex home-buying process,” said National Association of Realtors® President Gary Thomas. “The buyer agency agreement ensures the buyer that his or her Realtor® will represent the interests of the buyer alone and not the seller.”
Fiduciary responsibility.
One of the most important considerations for any buyer is fiduciary responsibility. When you retain the services of a Realtor®, their responsibility is to you. That means you have an expert who is looking out for your best financial interests. This is an expert who’s contractually obligated to protect you. A Realtor® can help you navigate the new-construction contract. They can help you understand how specific clauses, riders and upgrade options affect you. They can make sure you know what you need to before you sign on the dotted line.
Negotiating a better deal.
Finding the right model and picking your upgrades is the fun part. Once you’re ready to sign the contract, a Realtor® can work on your behalf to negotiate the terms. This includes upgrade options, financing and closing costs. A Realtor® can also present other options for financing or might be able to work with the builder’s lender directly to get you a better rate for your mortgage.
Shepherding your new home to closing.
Signing a contract with a builder is just the beginning. You must also line up financing, work with title companies and attend numerous inspections throughout the construction. A Realtor® can manage that process and can accompany you on inspections to ensure you’re not missing anything at each construction milestone.
If you’re ready to start looking at new homes, check out our current listings here or contact our team today!
Author: Alex Cortez from realtor.com
