Home Buying Basics
Maybe you know exactly what you want. Maybe it’s the location. Or maybe you just want to be the first person ever to live in your new home. Whatever your reason, the decision to buy a new home comes with its own set of opportunities, choices and questions, different from buying a home that’s already on the market.
Some helpful tips if you’re considering new construction for the first time:
A conversation early in the process can get you pre-approved for a mortgage and give you a good sense of what you can afford.
Select a reputable home builder or real estate professional close to where you want to buy a home, willing to listen to your needs/custom requirements and with whom you feel comfortable.
Do you love to cook? Need a quiet place to work from home? How about a place to send the kids when things get loud? Think about how you live and what matters most to you. In new home construction, there’s always opportunity to shape your home around your family’s lifestyle … but those opportunities come with a lot of choices. Knowing what’s most important to you will help you prioritize.
Drive around – and then park and walk around. Talk to neighbors or other homeowners in the area. Listen. Breathe. Even if you’re looking at an empty plot, getting outside your car will tell you a lot about what it’s like to live there.
When you compare offers between builders, make note of what’s an option and what’s an extra. Base packages will vary from builder to builder. Make sure you know what to expect from the beginning. (Landmark homes include many extras in the base models that other builders charge for as upgrades – so we’re happy to have you compare!)
Hire a professional home inspector after the offer has been accepted. A good home inspection provides an in-depth look at the basic systems of the house to reveal any safety hazards and give you a chance to reconsider the deal.
An appraisal, usually required by your mortgage lender, is a formal, written estimate of of the home’s current market value. Typically, the appraisal costs several hundred dollars, but it could keep you from overpaying for your home.
All loan conditions are submitted by your loan processor, approved by the underwriter. If any clarifying information is needed, this is when your processor will ask.
Ownership of the property is transferred. A closing agent coordinates and distributes all the paperwork and funds according to the terms,agreed upon.You become the proud owner of your new home.