You may have to buy sight unseen
In some cases, model homes may not be built - or only a few of the floorplans will be featured as models - and you won't have an opportunity to walk through the homes to get a feel for how they live. You should have pictures and floorplans to view, and maybe even a virtual tour, but if you're the type that needs to be in it to get it, you may be disappointed.
The noise - and the dust
When considering which home to buy, the location of the lot is obviously important. But have you asked about how construction is going to roll out in the neighborhoods? It could be that your home is on a street that serves as a main artery for trucks and other construction traffic. Or perhaps you're in a location where construction is going to be going on all around you for months. Yes, the noise and dust will disappear - eventually. But how long are you willing to wait?
Don't expect a price reduction
You may be used to negotiating on the price of an existing home for sale, but new home prices aren't typically negotiable. The builder or developer may be willing to throw in some upgrades as part of the negotiation, but, the hotter the community, the less likely you are to get anything for free.
You can still work with your real estate agent
Working with an agent who is savvy in new construction will help get you the home you want and any available extras. Keep in mind that many new - home communities today offer real estate agents a commission for bringing in a buyer, but they insist that the real estate agent register their buyer on the first visit. So don't show up alone to tour the community for the first time! You could cost your agent money and then have to navigate the purchase on your own.
It might behoove you to work with their in - house lender
If you're already working with a lender, you obviously don't want to be disloyal. But, there may be financial benefits to working with the builder/developer's in - house lender. Many times, they offer a lower rate overall, will buy down your rate, or will offer you a "teaser" rate that keeps your payments lower for the first year or first few years.
Get familiar with this term: Standing inventory
If builders have pre - built homes that are waiting to be sold, this is the one place you may have wiggle room room on price. Another advantage of standing inventory is there is no construction wait, and these homes are often nicely amenitized with upgrades.
You might not be able to buy the lot you want
New homes are typically released in phases, and it might be that the lot you have your eye on gets snapped up by someone who was prequalified before you, or higher up on a waiting list if it's a really popular community. Or, perhaps you want a homesite that isn't set for release until later when you're ready to purchase now. Flexibility is the key to being able to get what you want.
Amenities might not be available or built right away
If a community's amenities are a draw for you, be sure to ask about when they will be built. It could be that the pool and community park you're so excited about are years out from being realized.
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