Buying A New Home?

If you are in the market for a new home, shop for a builder as thoroughly as you shop for your home. Whether buying a condominium, townhouse, house in a subdivision or a custom-built house, the quality of your home will be determined by the quality of the builder.

First time home buyers are often overwhelmed with the choices that are available in todays market. Before you get started, there are several key factors you should consider:

Price Range

What percentage of your monthly income can you committ to a mortgage payment?

Area

Is living close to work important, or would you rather commute in order to get the house where you want it? Take your current lifestyle and your future one and match them to the area that will provide you with the quality of life that you and your family will enjoy for a longtime.

Financing

Currently, there are a lot of misconceptions about the mortgage industry. No one can predict the future of interest rates. Do your homework before you begin shopping for a mortgage. Interview your lenders and ask informed questions about fees, closing costs and other expenses that can impact your monthly payment. Know what type of mortgage your are buying; Fixed Rate or Adjustable Rate.

Starting Your Search

Once you have thought about the type of house you want, how do you find a builder? The real estate section of the newspaper is a good place to learn which builders are active in the area, the types and prices of homes they build. The Home Building Association of Richmond provides the Dream Home Tour, new products showcase each Spring, and the Parade of Homes fall home show. These events are excellent opportunities to view examples of building styles and quality as well as new products available.

Making the Right Choice

Once you develop a list of builders, find out about their reputations and the quality of their work.

The best way to learn about builders is to visit homes they have built and talk to the owners. Ask builders for a list of addresses of their recently built houses, subdivisions, townhouses, or condominiums. Drive by and see if the homes are visually appealing. Talk to the owner, telling them you are considering buying a home from the builder who built their home; ask if they were satisfied with the builder. Consult more than one homebuyer for each builder; the more people you talk to, the better the cross-section of opinion you?ll get. Recording all such information-as well as your impressions about specific builders and homes in a notebook helps to make comparisons later.

Shop for Quality and Value
  • When examining a home, look at the quality of construction features: cabinetry, carpeting, trim work, and paint.
  • Keep value in mind when shopping. Just because a home is less expensive than another does not mean it is a better value. Likewise, a more expensive home does not assure higher quality.
  • A home is primarily a place to live, but is also an important investment. Consider the appreciation potential of any home. Be concerned with the value you are getting for your money regarding location, housing supply and demand, and other market factors.
  • Design quality is another important aspect of value. In viewing each home, determine whether it lends itself to the type of lifestyle you desire. Look at the amount of interior living space and how efficiently the space is used. Find out if the builder is using state-of-the-art energy features both in equipment and insulation. Think about the amount of upkeep required for both indoors and out.
  • Consider the location of the property: Is it convenient to your needs, i.e. schools, shopping and transportation?
Be Thorough

When choosing a builder, be thorough and ask a lot of questions. Get as many specifics as possible. If you receive the answers verbally, rather than in writing, take notes.

Buying a new home is one of the biggest and most important purchases that you will make in your lifetime. By doing your homework, you will be able to shop for a home with a sense of confidence and knowledge that will help you to make the right decision.

Ask Yourself Questions

Ask yourself a few basic questions before you start shopping for a new home.

What kind of neighborhood am I looking for?

What type of home do I want?

  • Large or small?
  • Formal or informal?
  • Single Family, Townhouse Or Condominium?
  • One-Story or Multi-level?
  • Do I want a custom built home?

What are my space needs?

  • Do I prefer open spaces or smaller, cozy rooms?
  • How many bedrooms and baths do I need?
  • Is a large, well-equipped kitchen important?
  • How about a family room, study, computer room, entertainment center, workroom area?

What special amenities do I want?

  • Hardwood floors?
  • Fireplace? Skylights?
  • Vaulted Ceilings?
  • Porch or Deck?

What kind of lot am I looking for?

  • A large lot with extensive landscaping and a view?
  • A smaller, low maintenance lot?
  • Will I be spending a lot of leisure time outdoors?
  • Are trees and view important to me?
  • Will I need a yard where children can play?

How will I choose a builder?

  • What houses has the builder constructed previously?
  • Are the people who purchased them satisfied?
  • What type of warranty protection does the builder offer?
  • What type of Customer Service Program will the builder provide?
  • Does the builder belong to the Home Building Association of Richmond?