Tons of options are available in the market if you are a buyer. New home buildings are soaring during the last 5-7 years, and the inventory is low. Unfortunately for home buyers, new residential construction is coming at a steeper price. Nonetheless, there are still ways you can save money when buying a new home. Try to ask these questions for your builder:
- Which are the standard finishes and the options you have if we change our mind?
You have a lot of options for faucets, appliances and fixtures. A builder that is really interested on serving your needs will show all options and you both can decide how to better adapt the budget. Sometimes small modifications in these part of the building process for a new home can save you a lot of money.
2. In this region what are the Home Owners Association (HOA) rules?
HOA sometimes have very restrictive rules. Some states clear that, for example, is not permitted to build homes with a vinyl siding. Each HOA have its Declaration of Covenants, and you have to read them before take any decision on buying a house in that neighborhood. You have HOA that don’t allow storage sheds in the backyard, some of them don’t allow the installation of solar panels, or even have limitations for private fences and landscape design.
3. What are the options we have for the HVAC equipment?
Energy efficiency is a new tendency for all new homes, but in the majority of the cases this comes with a price. HVAC that use heat pumps are one of the most energy efficient ones, but they can cost 2 times more than a simple system that use natural gas. Discuss with your builder the options that are available in your project.
4. What are the financial incentives that you have for us if we use your preferred lender?
Builders normally have good contacts with lenders, and some of them have good deals to offer. You can also negotiate prices or upgrades some features in your house – like upgrading your floor of deck areas, for example.
5. What are the warranties that you have for us? Can you increase your warranty time?
Builders normally offer 1 year of warranty but you can always negotiate more time if you are ready to close the deal. Also take a careful read on the warranty. Remember that wood frame houses will be accommodating during the first years, and some problems can occur. But the builders are expecting them. Nonetheless if is difficult to find your builder during this time it will be a problem for you in the future