In real estate markets that are highly desirable, like Green Bay and its surrounding communities, a new construction neighborhood is sometimes the best way to get the home you are looking for. With opportunities to customize and design the home that suits your needs and your budget, a semi-custom new build might be your ideal home purchase.
Before signing a contract to buy a semi custom new construction home, make sure to ask these 5 questions in order to make a fully informed decision.
1. What features are standard, and what is considered an upgrade?
Each builder will offer different features as standard, included elements, and most also have a catalog of upgrades you can consider. Find out what comes with the base price of the home so you can make an informed decision about any upgrades you may want to do through the builder, or any you may want to save for after closing.
Find out if your new home will include landscaping, fencing, window coverings, and appliances, as well as what types of flooring and hardware are included in the base price.
2. Are there any financing incentives?
Many builders have an in house financing option or are affiliated with a lender. Some of these builders will offer incentives for going with their preferred lender, like offering a credit toward closing costs or upgraded finishes on the home. Ask about this potential, or any other possible incentives the builder may offer. You can also ask your realtor to find out more about what the builder may be able to offer before negotiating your purchase.
3. Can I see a home that has been completed?
Even if you have seen a model home or two that were built by this builder, ask to see additional homes that are completed or nearly completed in the neighborhood. This will help you get an idea of what a more typical home that they build looks like, allowing you to see a more realistic representation. Model homes are a great way to see the floor plan of the home, but the styling and upgraded finishes can be deceiving.
4. Will there be an HOA, and what will it entail?
In nearly all new construction communities, an HOA will manage the neighborhood. Ask questions about the HOA in this potential community, including:
- How much will homeowners pay, and when will the fees be due? Are the HOA dues allowed to go up, and how frequently?
- What are the HOA guidelines?
- What amenities will be provided by the HOA?
- Will the HOA provide any services in addition to maintaining community amenities?
5. How long will the build take, and what happens if it is not completed on time?
Most builders will give you an estimated completion date, with the understanding that it is a flexible date based on weather, supply chain issues, and other potential delays. In some cases, the home may be ready earlier than the expected date, and in others it may be ready much later than expected. Find out how your builder handles changes in the delivery date, like whether the purchase price is locked in or will change based on the market value when it is ready. You should also find out whether you are required to close early on the home if it is completed before you expected.
If you are interested in learning more about buying a new construction home in the Green Bay area, contact these Northeastern Wisconsin real estate experts. Even when buying a new build, it is essential to work with an experienced realtor that can advocate for your best interests.