Article Submitted By – Jerry Armen
Buying a new home takes a different mentality than buying a home that has already been owned. So you need to think of a different set of criteria. Here are some tips to help.
If there are some features you want changed, it is easier to do this with a new house, because the builders have materials still on site. They are usually quite flexible as well. It is not as uncomfortable dealing with builder as it is dealing with an owner to get things changed.
Builders have banks they work with and offer their own financing, but do not assume the terms will be better than what you can secure elsewhere. You might even be able to use the builder’s financing offer to drive a bargain with your own bank.
The warranty guarantees that the builder will repair anything that is found later. Be aware of how long the warranty is good for, what it covers, and how the repair will be covered. You can expect a warranty to last 1-5 years. Some warranties are covered by third-parties. That means the builder would not be the one to step in and fix a problem.
Contracts often contain arbitration clauses. However, be aware that the arbitrator might be out of town or out of state. Find out if they are consumer friendly in their decisions. If you do not like this path, then ask that the clause be removed. If the builder refuses, find another builder.
Any promises of things to come must be in writing and detailed.