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Ask the Pro
The Typical New Home Buying Process
Buying a brand new home is a big decision and an important
investment, and there is a lot to think about. You want to buy with
confidence, enjoy the experience and know that you have made the
best decision for you and your family.
Typically the process of buying a brand new home takes place over
time and in several stages. To begin with, you want to take some
time deciding your priorities—what you want, where you want to live
and how much you want to spend—and then exploring what's available.
Once you have narrowed your choices down to one community, one
builder and one home, you are ready to work out the details and sign
a contract with your builder. While it is then time to step back and
let the builder do the work, there is still much to do before you
move in to your new home.
Before you start looking
Get off to a great start by doing some pre-planning before you go
house hunting. Discuss with everyone in your household what they
want in your new home and surroundings. Make lists of what's
important and divide them into must-haves and
would-be-nice-to-haves. Also think about what you absolutely don't
want to live with. Here are some of the things you should consider:
Community
- distance to work; traffic; public transportation
- schools and child care
- places of worship; hospitals; libraries
- distance to shops
- green spaces; recreational facilities
Your home
- style; size; number of bedrooms; home office; entertainment
room; other needs
- layout: open or divided spaces; formal or informal; privacy
needs; flexibility for changing use of space in the future
- mobility restrictions; health considerations; indoor air
quality
- energy efficiency
- outdoor spaces
- special features ("I have always dreamed about…")
- pre-wiring for automation, security systems, communication,
entertainment, business
Financing
- the down payment you have available
- the monthly mortgage payment you are comfortable with
- other obligations and financial needs
At this point, call your local Home Builders' Association for a
list of member builders in your community. Check ads in your
newspaper to get a sense of what builders are offering. Talk to
family, friends or co-workers who have recently bought a new home.
Browse the Internet for information about builders, homes,
communities, products and financing, as well as home buying advice.
Talk with your lender and get mortgage pre-approval so you know the
price range you should be looking at. Attend a home show to look at
the latest in features and finishings, and to meet area builders.
New Home Buying Part Two
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