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Finding the Right New Home Builder
THE SUPPORT YOU NEED
Finding The Right Builder
You are purchasing a piece of land to build your dream home or second home to enjoy weekends and vacations, and now you need a good new home builder. How do you select one?
Finding the right builder is key to any building project because you need to trust that your money is being spent correctly, on the right materials, and that your home is not only being constructed with the level of quality you expect, but that it will be completed within the general schedule you agreed upon.
What to Expect
Reputation
Rather than guessing or estimating how much you can afford to spend, contact your bank or loan company and fill out an application. This does not commit you to taking out the loan; it is simply the groundwork to provide you the maximum loan amount for which you will qualify. Getting pre-approved gives you a clear idea of how much home you can afford. You might be able to afford a larger home than you think, or maybe you dream big and need to refine your “must have” list. Either way, knowing your price range saves you time by allowing you to look only at properties that fit your needs and budget. Pre-approval also allows you to quickly place an offer on a home you’ve fallen in love with and have confidence that you will get the loan needed to purchase it. Sellers will take your offer seriously because they know it is backed up by pre-approval.
History and completed work
Recent home sales prices, market trends, homes on the market, neighborhood statistics, and more are all available online. Searching online is often the first step for many buyers and can help you create and narrow down your own list of “must-haves” when it comes to that big purchase. Verani.com allows buyers to search and create customized, saved searches that are your own lists of properties based upon your needs and desires regarding location, price, and features in a home. You can also sign up for email updates, learn about our real estate MLS listings and our agents, and schedule tours.
References
Ask any builder you are considering for a list of references that has full names, addresses, and information about what the project was. When you contact the references, try to get a full picture of their customer service experience. How responsive and accountable is the builder in terms of customer service? Are existing homeowners satisfied?
Financial stability
Ask if your builder has ever had to file for bankruptcy or been associated with a builder that filed for bankruptcy. When a builder has financial issues they often file for bankruptcy, abandon their home buyers, and start up their practices under new names. You want your builder or contractor to be financially secure and stable.
Building specifications
Ask the builder how he will ensure that the house reflects what you want in a home. What types of interior finishes and upgrades can be provided, and how much extra are these upgrades? Do they offer a professional interior designer to make your vision come to life? If the area is wet or is prone to spring flooding and runoff will it be protected from water entering the basement? If your site needs a drainage system, will it be included in the construction costs? Make sure you are getting exactly what you are paying for.
Communication
When working with a builder communication is crucial for a successful experience. Expect regular updates and open lines of communication throughout the process. Your builder should provide a clear timeline and milestones, be responsive to your questions and concerns, and keep you informed about any unexpected developments or delays. Effective communication ensures that your vision for your new home is realized and any issues that arise are addressed promptly and transparently.
Subcontractors
Who are their vendors and subcontractors? Do these vendors and subcontractors have a good reputation, and will they stand by their work? Does the builder pay them on time? This might be an indicator of whether the builder will be on schedule and avoid unnecessary delays.
Warranties
After you move in, what is their customer service policy? Find out if they offer a warranty for the first year to cover problems or repairs.
For the biggest investment of your life, it requires research to identify, qualify, compare and match your builder to your needs. Take your time hiring a builder, as new construction is a lengthy process and you will be working with this person or company for months. After careful assessment of the above factors, you will be able to weigh whether the builder is right for you and select carefully.