{"id":47360,"date":"2021-01-22T10:37:18","date_gmt":"2021-01-22T18:37:18","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=47360"},"modified":"2023-02-16T13:11:26","modified_gmt":"2023-02-16T21:11:26","slug":"how-to-buy-a-new-construction-home","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/buying-new-construction\/","title":{"rendered":"How to Buy a New Construction Home"},"content":{"rendered":"<p>No home is perfect. But there might be no better way to get your version of perfect than buying a newly constructed home.<\/p>\n<p>When buying new construction, you\u2019ll be able to choose the layout and design features that work best for you, from built-in smart technology to home offices to a garage that actually fits all of your stuff.<\/p>\n<p>At the same time, having a home built to your specifications can be an exhaustive and expensive commitment.<\/p>\n<p><b>Here\u2019s what you need to know if you\u2019re thinking about buying a new construction home: <\/b><\/p>\n<ul>\n<li><a href=\"#pros-cons-new-construction\">Pros and cons of buying new construction<\/a><\/li>\n<li><a href=\"#buy-new-construction\">How to buy a new construction home<\/a><\/li>\n<li><a href=\"#is-new-construction-right\">Is a new construction home right for you?<\/a><\/li>\n<\/ul>\n<p><a name=\"pros-cons-new-construction\"><\/a><\/p>\n<h2>Pros and cons of buying new construction<\/h2>\n<p>Buying new construction gets you closer to having your dream home: one where the layout, color scheme, appliances, and technology better suit your needs and tastes.<\/p>\n<p>Realizing this dream requires sacrifices, however. It takes time and effort to make all of your selections, and you\u2019ll have to wait for your home to be complete.<\/p>\n<p>On top of that, a brand-new, fully customized property is likely to cost more than a similarly sized existing home.<\/p>\n<h3>Pros<\/h3>\n<p>We looked at the features America\u2019s largest homebuilders are offering to see what the biggest benefits of buying new construction are. Here\u2019s what we found:<\/p>\n<ul>\n<li><b>They\u2019re customizable.<\/b> You\u2019ll be able to choose your floor plan, design style, and finishes to create a home that suits your lifestyle.<\/li>\n<li><b>They\u2019re more energy efficient.<\/b> New construction often incorporates windows with superior thermal performance, water-saving faucets, and power-minimizing appliances.<\/li>\n<li><b>They\u2019re Wi-Fi enabled.<\/b> New homes can be constructed to avoid dead spots in Wi-Fi coverage, ensuring that your internet works as it should.<\/li>\n<li><b>They\u2019re smart.<\/b> Most new homes include smart-home devices like security cameras, locks, electrical switches, and thermostats.<\/li>\n<li><b>They\u2019ll cost you less in maintenance. <\/b>All-new everything means you shouldn\u2019t have to replace the roof or the air conditioner anytime soon. Your builder\u2019s warranty should offer protection against premature failure of the home\u2019s systems and structures.<\/li>\n<\/ul>\n<p>If you\u2019re flexible on the design, you can save time by purchasing a new home that\u2019s already been built. It\u2019s called a spec home.<\/p>\n<h3>Cons<\/h3>\n<p>Now it\u2019s time to inject some realism into your new-home fantasies. Here\u2019s what you might not like about buying new construction:<\/p>\n<ul>\n<li><b>New homes take time to build. <\/b>You\u2019ll wait anywhere from three months to more than a year for your new home to be move-in ready. Aside from the home\u2019s size and complexity, factors such as weather conditions, labor shortages, and the local permitting and inspection process will affect how long construction takes.<\/li>\n<li><b>They can get pricey.<\/b> Builders advertise new homes starting at a certain price that might look appealing and affordable. But when you deviate from the simplest floor plans, smallest lots, and lower-end finishes, the price point can quickly increase.<\/li>\n<li><b>New homes can suffer from construction defects. <\/b>New homes aren\u2019t always built perfectly. Mistakes can lead to foundation cracks, roof leaks, doors that don\u2019t close properly, and drafty windows.<\/li>\n<li><b>There\u2019s less room for negotiation. <\/b>An existing home\u2019s owner might lower the price if the market and the home\u2019s condition justify it. A builder might refuse because a price cut could impact future sales and the community\u2019s previous buyers. Still, while the builder might not budge on price point, they might bend on upgrade costs.<\/li>\n<\/ul>\n<p>Credible doesn\u2019t offer <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/construction-loan\/\">construction loans<\/a>, but we can help you compare loans from all of our partner lenders if you decide that a new construction home isn\u2019t for you. Our process is simple and secure \u2014 and it only takes a few minutes to complete.<\/p>\n<p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3><span style=\"font-size: x-large;\"><strong>Credible makes finding a mortgage easy<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\">Compare prequalified mortgage rates from top lenders in just 3 minutes.<\/h6>\n<ul class=\"list--iconArrow accent--isGreen list--iconCheckmarkSolidCircle\">\n<li>Personalized rates, not generic<\/li>\n<li>One simple, safe TLS-encrypted form<\/li>\n<li>No spam calls from lenders<\/li>\n<li>Checking rates is free, with no commitment<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-box-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><br \/>\n<!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n\n<p><a name=\"buy-new-construction\"><\/a><\/p>\n<h2>How to buy a new construction home<\/h2>\n<p>To get a better understanding of whether buying a new construction home is right for you, it can be helpful to talk to real estate agents, home builders, and new construction homeowners to learn more about the process in addition to gathering research online.<\/p>\n<p>If you decide to proceed, here are the steps you\u2019ll need to follow.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-47211 size-full\" src=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/01\/Buying-New-Construction-infographic-v2.png\" alt=\"buying new construction\" width=\"1400\" height=\"3140\" srcset=\"https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/01\/Buying-New-Construction-infographic-v2.png 1400w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/01\/Buying-New-Construction-infographic-v2-268x600.png 268w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/01\/Buying-New-Construction-infographic-v2-535x1200.png 535w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/01\/Buying-New-Construction-infographic-v2-768x1723.png 768w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/01\/Buying-New-Construction-infographic-v2-685x1536.png 685w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/01\/Buying-New-Construction-infographic-v2-913x2048.png 913w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/01\/Buying-New-Construction-infographic-v2-300x673.png 300w, https:\/\/www.credible.com\/blog\/wp-content\/uploads\/2021\/01\/Buying-New-Construction-infographic-v2-67x150.png 67w\" sizes=\"(max-width: 1400px) 100vw, 1400px\" \/><\/p>\n<h3>1. Figure out your budget<\/h3>\n<p>You might need to make payments while your home is under construction (though, some construction loans don\u2019t require this), and you\u2019ll probably still be paying for your current digs during that process. Therefore, it\u2019s important that you get your budget in order.<\/p>\n<p>As with any <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-buy-a-house\/\">home purchase<\/a>, you\u2019ll also need to determine how much you can put down upfront and afford to spend each month.<\/p>\n<p>Use our calculator below to estimate how much your mortgage payments would cost each month.<\/p>\n<div class=\"calculator loan\">\n<div class=\"inputs container\">\n\n\t<p>Enter your loan information<span class=\"hidden-md-up\"> to calculate how much you could pay<\/span><\/p>\n\n  <div class=\"row form-groups\">\n  <div class=\"col-xs-8 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-amount\">Loan amount<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the total amount borrowed<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-amount\">\n  \t\t\t<span class=\"input-group-addon\">$<\/span>\n  \t\t\t<input type=\"number\" value=\"250000\" step=\"1000\" name=\"loan-amount\" id=\"loan-amount\" aria-label=\"Loan amount\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t<\/span>\n    <\/div>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"interest-rate\">Interest rate<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter your annual interest rate<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group interest-rate\">\n  \t\t\t<input type=\"number\" value=\"6\" step=\".01\" min=\".01\" max=\"100\" name=\"interest-rate\" id=\"interest-rate\" aria-label=\"Interest rate\" class=\"form-control\">\n  \t\t\t<span class=\"input-group-addon\">%<\/span>\n  \t\t<\/span>\n    <\/div>\n\t\t<span class=\"between\">or<\/span>\n  <\/div>\n  <div class=\"col-xs-6 col-lg\">\n    <div class=\"form-group\">\n  \t\t<label for=\"loan-term\">Fixed loan term<\/label>\n  \t\t<span class=\"badge badge-pill\" data-toggle=\"tip\" data-placement=\"top left\">\n  \t\t\t?\t<span class=\"tip \">\n\t\t<span class=\"tip-content\">Enter the amount of time you have to repay your loan<\/span>\n\t\t<span class=\"tip-arrow\"><\/span>\n\t<\/span>\n\t  \t\t<\/span>\n  \t\t<span class=\"input-group loan-term\">\n  \t\t\t<input name=\"loan-term\" value=\"30\" step=\"1\" min=\"1\" max=\"50\" id=\"loan-term\" aria-label=\"Loan term\" type=\"number\" class=\"form-control\" inputmode=\"numeric\" pattern=\"[0-9]*\">\n  \t\t\t<span class=\"input-group-addon\">years<\/span>\n  \t\t<\/span>\n    <\/div>\n\t<\/div>\n\t<\/div>\n\n<\/div>\n<div class=\"outputs container\">\n\n  <div class=\"results row\">\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Payment\n  \t<big>$<span class=\"total-payment\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-6 col-sm-4 col-md-6 col-lg-4\">\n  \tTotal Interest\n  \t<big>$<span class=\"total-interest\"><\/span><\/big>\n  <\/div>\n  <div class=\"col-xs-12 col-sm-4 col-md-12 col-lg-4\">\n  \tMonthly Payment\n  \t<big>$<span class=\"monthly-payment\"><\/span><\/big>\n  <\/div>\n  <\/div>\n\n  <p class=\"results-sentence\">\n    With a\n    <strong>$<span class=\"output-loan-amount\"><\/span><\/strong>\n    home    loan, you will pay\n    <strong>$<span class=\"monthly-payment\"><\/span><\/strong>\n    monthly and a total of\n    <strong>$<span class=\"total-interest\"><\/span><\/strong>\n    in interest over the life of your loan. You will pay a total of\n    <strong>$<span class=\"total-payment\"><\/span><\/strong>\n    over the life of the\n    mortgage.\n  <\/p>\n\n  \n  <div class=\"cta\">\n    \n  <\/div>\n\n<\/div>\n<\/div>\n\n<p>The minimum <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-much-down-payment\/\">down payment<\/a> will depend on the loan type. For example, the down payment can be as low as 0% on a VA or USDA construction loan.<\/p>\n<p>Down payments for traditionally financed construction loans vary by lender, but typically require at least 20%.<\/p>\n<p><em><strong>Learn More: <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-much-does-it-cost-to-build-a-house\/\">How Much Does It Cost to Build a House in 2021?<\/a><\/strong><\/em><\/p>\n<h3>2. Get pre-approved for a loan<\/h3>\n<p>You can finance the purchase of a new construction home with a single <a href=\"https:\/\/www.credible.com\/mortgage\">home loan<\/a> to cover both the construction period and the post-construction period, or you can use a separate loan for each.<\/p>\n<p>You\u2019ll want to <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-find-best-mortgage-lenders\/\">shop around for different lenders<\/a> who offer construction loans to see what\u2019s available to you and what you qualify for.<\/p>\n<p>Some builders also have relationships with preferred lenders. Examples include:<\/p>\n<ul>\n<li>Pulte Homes (Pulte Mortgage)<\/li>\n<li>Lennar (Lennar Mortgage)<\/li>\n<li>Meritage Homes (MTH Mortgage)<\/li>\n<li>KB Home (KBHS Home Loans)<\/li>\n<\/ul>\n<p>You might enjoy a more streamlined process when you use the builder\u2019s preferred lender. But you should still compare <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/preapproval\/\">pre-approval<\/a> offers from multiple lenders to make sure you get the best deal.<\/p>\n<p>Credible doesn&#8217;t offer construction loans, but if you&#8217;re still on the fence about purchasing a new construction home and would rather go the more traditional route, we can help you compare loan options from all of our partner lenders. Get started using the table below.<\/p>\n<div id=\"purchase-rate-table\">\n  Loading widget - purchase-rate-table\n<\/div>\n\n<h3>3. Work with a trustworthy real estate agent<\/h3>\n<p>When you\u2019re buying new construction, the builder will have a real estate agent representing them. You might be able to use this person as your purchasing agent, but they will have a conflict of interest.<\/p>\n<p><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-find-a-real-estate-agent\/\">Finding your own agent<\/a>, and choosing someone with experience negotiating new construction purchases, can help you protect your own interests and get the best deal.<\/p>\n<h3>4. Research prospective builders<\/h3>\n<p>After finding a few home builders in your area, you\u2019ll want to narrow them down by checking their reviews and asking them questions like:<\/p>\n<ol>\n<li>How many years have you worked in my area, and how many homes have you built here?<\/li>\n<li>Tell me about a client who had a problem with their home after moving in and how your company resolved it.<\/li>\n<li>What type of warranties do you offer on your homes? Can you give me a copy now to review?<\/li>\n<li>What happens if I change my mind about something after construction begins?<\/li>\n<li>Who oversees the construction process, and how long does it take?<\/li>\n<li>What inspections take place during construction?<\/li>\n<\/ol>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Tip: <\/b>Your real estate agent can also be a good source of information about the reputations of local builders.<\/div><\/div>\n<h3>5. Pick out the features you want<\/h3>\n<p>Probably the most fun part of the process is working with your builder to choose your new home\u2019s features. The upgrades and customizations available will depend on the builder and the type of new construction you choose, as well as your budget.<\/p>\n<p>When it comes to new construction homes, you can typically choose between three categories of construction: custom, semi-custom, and spec.<\/p>\n<p>A custom or semi-custom home is what it sounds like \u2014 a home built completely or partially to your specifications. Meanwhile, a spec home is a newly constructed, move-in ready home designed by the homebuilder.<\/p>\n\n<table id=\"tablepress-532\" class=\"tablepress tablepress-id-532 table table-border-top table-rounded table-no-img-margin table-capitalized-column-titles\">\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><strong>Custom<\/strong><\/td><td class=\"column-3\"><strong>Semi-custom<\/strong><\/td><td class=\"column-4\"><strong>Spec<\/strong><\/td>\n<\/tr>\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><strong>Timeframe<\/strong><\/td><td class=\"column-2\">A year or longer to design and build<\/td><td class=\"column-3\">Several months to one year<\/td><td class=\"column-4\">Already built or a couple months from completion<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><strong>Customization level<\/strong><\/td><td class=\"column-2\">Floorplan, design, features, and finishes all determined by the buyer<\/td><td class=\"column-3\">Choose among a variety of floor plans, then customize the finishes<\/td><td class=\"column-4\">Most or all features and finishes preselected by builder\u2019s designers<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><strong>Resale potential<\/strong><\/td><td class=\"column-2\">Market could be limited<\/td><td class=\"column-3\">Broad appeal, unless you pick unpopular customizations<\/td><td class=\"column-4\">Broad appeal<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\"><strong>Best for<\/strong><\/td><td class=\"column-2\">Uniqueness and total control<\/td><td class=\"column-3\">Some control, medium time frame<\/td><td class=\"column-4\">Speed and simplicity<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p><b><i>Learn More: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/cost-to-buy-house\/\"><b><i>How Much Does It Cost to Buy a Home?<\/i><\/b><\/a><\/p>\n<h3>6. Get at least one home inspection<\/h3>\n<p>Hire your own home inspector to be sure you\u2019re getting an unbiased opinion on the home\u2019s condition.<\/p>\n<p>A <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/home-inspection\/\">home inspection<\/a> generally costs $300 to $500, depending on your location, the home\u2019s size, and the complexity of the inspection.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Tip: <\/b>Depending on what phase of new construction you\u2019re buying, you might only need an inspection of the completed property, or you might also need pre-build and pre-drywall inspections.<\/div><\/div>\n<h3>7. Close on your brand new home<\/h3>\n<p>Closing on a new construction home means that the home is physically ready to move into and that you\u2019ve signed all of your financing documents. Your <a href=\"https:\/\/www.credible.com\/blog\/insurance\/homeowners-insurance\/\">homeowners insurance<\/a> is in place and purchase funds have been transferred.<\/p>\n<p>You\u2019ll want to get regular updates from your builder as your home is close to being ready so you can work with your lender to coordinate the timing of your <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/closing-on-a-house\/\">loan closing<\/a>.<br \/>\n<a name=\"is-new-construction-right\"><\/a><\/p>\n<h2>Is a new construction home right for you?<\/h2>\n<p>Buying a newly constructed home can give you a greater level of customization than you could get from existing construction \u2014 along with modern technology, energy efficiency, and minimal maintenance. It can also be expensive and test your patience.<\/p>\n<p><b>Ask yourself these questions to help determine whether new construction is right for you:<\/b><\/p>\n<ul>\n<li>Do I want features that I can\u2019t find or easily create in an existing home?<\/li>\n<li>Do I have the patience to make numerous decisions and endure possible delays?<\/li>\n<li>Am I willing to wait several months or longer for my home to be ready?<\/li>\n<li>Can I afford the cost of a construction loan while I\u2019m waiting to move into my new home?<\/li>\n<\/ul>\n<p>If you answered yes to all of these questions, a new construction home might be a good fit for you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>No home is perfect. But there might be no better way to get your version of perfect than buying a newly constructed home. When buying new construction, you\u2019ll be able to choose the layout and&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/buying-new-construction\/\">Continue reading<\/a><\/p>\n","protected":false},"author":106,"featured_media":47361,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1554,1463,1556],"tags":[1549,1524,1521],"class_list":{"0":"post-47360","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-shop-and-make-home-offers","8":"category-mortgages","9":"category-what-to-do-before-making-home-offer","10":"tag-homebuying-options","11":"tag-mortgage-purchase","12":"tag-mortgage-rates-sidebar","13":"how-to-buy-a-new-construction-home","16":"post_tag-homebuying-options","17":"post_tag-mortgage-purchase","18":"post_tag-mortgage-rates-sidebar"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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