5 Tips for Buying a Newly Constructed House

Buying a new home is probably the most important investment we make in our lives. Before deciding to buy this house of our dreams, or at least improve conditions we have inhabited for years, should follow some simple guidelines. The housing prices are so high that the decision to buy well worth a thorough analysis of all our steps.

Remember, buying a newly constructed housing is not as same as buying an old house. The house or surrounding locality might be just partially built. So, you’re not sure if the final look will be similar to the one promised to you. You need to also research if the bank’s financing policy is different for a newly constructed house, what are the amenities available and what option you have if you want a customized the making of your new house as per your requirements.

The following tips will help you to better understand the process of buying a newly built house.

1. Custom design your new house

Who doesn’t like the idea of living in the house where things are placed as per your requirements and specification? We always dream of building our own house or at least do the decorations part on our own. With the newly constructed house, you have that option available unlike buying an old house where you have to negotiate few things with a seller. Most builders now want to ensure their clients a satisfying experience; hence, are willing to offer a customization with regards to the paint, flooring or some specific aspects of the house. You need to check with your builder what customization option you have which you can exercise.

2. Financing options

Most of the construction companies are tied up with leading banks and provide special offers to their real estate clients on finances. You might be already talking to few other banks for financing your new house.

3. Know and understand your contract

Reading and understanding your contract before buying a house goes without saying. Buying a house is a one in life-time investment; so it is imperative you understand every part of it. In case, if there are few things difficult for you to understand you can hire an attorney or a real estate specialist to help you with the process. Moreover, with the newly constructed house, builders often provide warranty meaning if something happens to the construction of your house, they will take care of it without you incurring any cost.

4. Arbitration Clause

Arbitration clause is where buyers in case of dispute with the builders cannot file a law suit and instead have to use a dispute resolution process. Not all construction companies includes arbitration clause in the contract. An arbitration clause can be a more easy and quick way to resolve the dispute; however, a lot is dependent on the arbitration company to handle the case. The smart choice will be to have your attorney read through the documents and make your decision subsequently.

5. Amenities

Builders often offer additional amenities as part of the community as a way to lure more clients to buy the property. Understand, when you pay for your house, the builder is responsible to offer these amenities. These extra facilities are virtually part of your agreed amount of the house. Before entering in the contract, do a thorough check online with regards to the credibility of your builder in keeping his promises of amenities.