New Construction: Where do I start?
Ever feel this way?
You’re thinking it may be time to buy a new home. You may have a home to sell or this may be your first home. You feel overwhelmed because the market is crazy hot and you don’t know where to start. After browsing on Houzz, Pinterest and watching HGTV, you really want to build a new home but wonder if you can afford it. So many questions and you don’t know who to call.
We have a team of experienced agents that know how to help you build the right team of partners that can advise you with the most important information to answer your most pressing questions. Not only that, we know how to navigate the nuances of the build process while balancing your unique needs and objectives. Here are some of the most frequently asked questions when considering if new construction is right for you.
Where do I start?
After you’ve decided to consider new construction, its important to determine whether building with a production builder or a custom builder is the right fit. Both offer advantages and disadvantages. Typically production builders have limited building plan options and customizing options. Changes and upgrades often come with a premium price. The upside is your home is part of a system and it is typically finished in the timeframe they give you. A smaller builder can offer far more building options and you work with an allowance for your finishes that gives you maximum flexibility within your budget. Completion times can vary depending on the builder and finding the right building lot can be challenging, however, some builders may have lots you can build on.
Do I pay more if I have my own agent?
No. The price is the price. It is important to keep in mind that the model home agent that greets you when you enter the model home is there to represent the builder. They are friendly and helpful agents. We have great relationships with many of them in our market, but they represent the builder’s interest. If you don’t have an agent, your purchase price doesn’t change but the model home agent may or may not make more money, depending on the builder agreement with that agent. If your agent connects you with a custom builder the cost of the real estate services will be built in to the cost breakdown of your build job.
What does my agent do for me?
Any agent worth their paycheck will first and foremost be your advocate and your “Bird dog” so to speak. Our team of agents has great relationships with many of the model home agents in our market and can narrow down the search process tremendously for you based on your budget and objectives. This saves you a significant amount of time sifting through all of your options. When you tour new construction options with your agent, they are there to answer your questions about the process, share their professional experience, and keep things on track to meet your objectives. It’s easy to get emotionally connected to and fall in love with fancy model homes that exceed your budget or don’t meet your overall objective that you’ve shared with your agent, so its important to have someone on your team that can help you stay focused on the main objective. Your agent will walk you through the contract so you are fully aware of the commitments and the risk you are committing to. Throughout the build process there will be questions and some frustrations that your agent will navigate with you. Your agent is your advocate and will be the person interfacing with the builder representatives on your behalf. Building a home can take several months and it’s important to have someone on your team that can remain steady and navigate you through the ups and downs of the process so you can do what you do best- live your best life spending time with those you care about, not pulling your hair out learning how to deal with a construction project.
What if I have a home to sell?
This is a very common question. Your agent will know how to navigate this when determining the appropriate timing of listing your home on the market. Some builders require that your home is sold before they will sign a contract with you and other builders are willing to permit a contingent contract to move forward and begin the construction process. It may be necessary for you to find a temporary place to live between the time your home sales and when you get keys to your new home. Our team of agents has extensive experience with navigating the sell of an existing home and new construction.
What do I do next?
Now that you have answers to your most frequently asked questions, the next step is building your team of trusted advisors; your agent and your lender. We have over 40 years of combined real estate experience in Utah and can help you with what may be one of the most important decisions you’ll make.