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:
- distance to work; traffic; public transportation
- schools and child care
- places of worship; hospitals; libraries
- distance to shops
- green spaces; recreational facilities; beaches
- 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
- the downpayment you have available
- the monthly mortgage payment you are comfortable with
- other obligations and financial needs
Take your time with these questions. You will be in the right mindset once you are fully ready to purchase.