Questions To Consider
Before Purchasing A Newly Constructed Home.
Experience has shown us
that few home buyers have a builder's knowledge of
new construction different construction methods and
packages. Knowing some of the important questions to
consider will help you gather the essential
information necessary to choose the right home for
you and your family and yes, you should
consider a well trailed Realtor agent.
What protection do I
have when buying a new home?
The answer to this question
is somewhat complex. There are numerous types of
protection available to home buyers, but they do
vary from county to county and builder to builder.
Some forms of protection
are listed below:
- Governmental
inspections enforcing local building codes.
- Lender inspections
- Reputation of the
builder.
- Seminars on purchasing
new homes.
- "Buyer protection
insurance" policies that some builders offer.
- Manufacturers'
guarantees on building materials.
- REALTORS®
contract of sales and knowledge of the area.
- Protective covenants
in some plans
Does my newly constructed
home provide me with energy efficiency?
When we consider energy
efficiency, we often think of the unit that actually
heats or cools the air in the house. What we should
consider, however, is how well the house actually
retains the heated or cooled air. To evaluate this
you must consider a variety of factors, some of
which are listed below:
- Types of windows and
doors.
- Caulking and weather
stripping.
- "R" factor of
insulation used in walls, ceilings, attics,
crawl spaces, and basements.
- Air movement and
circulation.
- Cathedral ceilings.
- North/South exposure.
- Heat plant size.
- Fireplaces and
woodstoves.
- Trees, plants, and
shrubbery around the home.
Selecting heating/cooling
equipment based on present energy costs might only
bring a temporary savings. In the past decade each
form of energy - gas, oil, and electricity - has at
one time been the cheapest available. Although we
can't control the weather, we can control the energy
efficiency of our homes, so be sure to evaluate that
thoroughly.
How do I finance my
newly constructed home?
The answer to this question
can be a critical one. There are many important
factors to be considered when choosing a mortgage
financing plan. Some are listed below:
- Monthly payment and
qualification.
- Down payment
requirements.
- Special builder
financing.
- VA-FHA approval.
- Time needed for new
home delivery
What are the closing
costs on my newly constructed home?
You will find that the
closing costs will vary according to the purchase
price and mortgage amount.
Some of the items that
normally make up a closing costs package are listed
below:
- Loan origination fee.
- Appraisal fee.
- Credit report.
- Prepaid interest.
- Insurance premium.
- Prepaid taxes.
- Title examination.
- Title insurance.
- Preparation of deed.
- Preparation of
mortgage.
- Notary fees.
- Recording the deed.
- Recording the
mortgage.
- Local transfer tax
(varies by jurisdiction).
- State transfer tax.
- Location survey.
- Termite inspection.
- Mechanics lien
insurance.
Since other fees may be
required, check with your Realty associate for
specific information.
What standard features
are included in the price of my newly constructed
home?
A "standard feature" can
best be described as that material, system, or item
that the builder includes in the base price of the
home. Standard features may vary from builder to
builder and even from model to model. Builders
normally provide the customer with either a brochure
or a handout indicating their standard features.
Standards usually
include:
Electrical, Plumbing and
Heating Systems, Kitchen Appliances and Cabinets,
Counter Tops, Gutters and Downspouts, Water Heater,
Full Insulation, Floor Coverings, Carpentry,
Lighting Fixtures and Hardware.
Often a builder will
provide a list of extras or options from which you
may select such as:
Patio or Porch, Deck,
Seeded or Sodded Lawn, Fireplaces, Finished
Basement, Wet Bar, Special Wood Trimming, Bay
Windows, Paved Driveway, or Special Finished Rooms.
The base price of a home
can escalate rapidly with the inclusion of extras.
Ensure that you receive in writing each particular
and its cost whenever options, changes, extras, or
material selections are made between you and the
builder. Manufacturers and suppliers also provide
literature describing the advantages of their
products. Obtain this literature, plus copies of any
warranties, guarantees, and service information
provided by the manufacturer.
For more information
contact our local Realty office.
What should I know about
the utilities servicing my newly constructed home?
The term "utilities"
normally describes items that are available for
utilization by the homeowner such as water, sewage,
natural gas, electricity, and telephone.
Electricity, gas, and telephone service are provided
by a public utility company, while water and sewage
can be provided either by a public or private
utility, or on the site itself if there is a well or
septic tank.
The private well on the
homeowner's property would be installed in
accordance with state and local building and health
department regulations. The septic tank, also
installed on the property according to governmental
regulations, provides for the dissipation of
household sewage waste into property owner's land
via drain fields or dry wells.
For more information
contact our local Realty office.
What are some of the key
things I should consider when selecting a new home
building site?
Listed below are some of
the important items to consider:
Location:
- Values of properties
in the area.
- Proximity to
conveniences.
- Zoning of adjacent
properties.
- Topography and
drainage.
- Transportation
Availability of Utilities:
- Electricity.
- Telephone.
- Natural Gas.
- Public Sewage. Are
there costs incurred to extend public sewage
lines to the proposed building site?
- Public water lines.
- Private sewage. Has a
percolation test been approved for a private
septic system?
- Private water supply -
well. Does the local government require a water
yield test? Do they require a bacteriological
and chemical test?
Other Important Items:
- Building permit
requirements.
- Proper lot approvals
and recordation.
- Zoning restrictions.
- Recorded rights of way
and other easements.
- Protective covenants.
The above items are only a
sample of considerations when selecting a new home
site. To be sure, always check on your specific
building site.
How do I coordinate the
sale of my present home with the purchase of a newly
constructed home?
This is a situation which
must be handled very carefully. It is very easy to
find yourself with two houses - or no house! Some of
the important considerations are listed below.
- Analysis of equity
available in your present home.
- Funds available in
bank accounts, stocks, bonds or other similar
sources.
- "Bridge" or "gap" loan
possibilities.
- Projected delivery
date of your new home.
- Careful market
evaluation of your present home.
- A sound marketing
program.
Your Realty associate can help
coordinate the sale of your present home with the
purchase of your new home.
What's the vocabulary of
new construction?
The vocabulary of new
construction ranges from "A to Z." A few words you
should be familiar with are:
Bearing Wall: A
wall that supports the ceiling, floor or roof
above it.
Blueprints:
Working drawings that show the construction
details of the home.
Casing: A piece
of trim material around the top and sides of
doors and windows.
Corbel: A piece
of wood or masonry projecting from a wall used
to support some part of the house above it.
Dry Wall: A
masonry wall laid up without mortar. Any
interior wall finished with something other than
plaster.
Flashing: A
piece of material used to protect, cover or
deflect water from places where two materials
join or from angles.
Footings: A
concrete support under a foundation, chimney or
column that rests on solid ground and is wider
than that what it supports.
Framing: Putting
together the lumber skeleton parts of the house.
Girder: A large
horizontal beam often carrying other beams and
joists on which the first floor is laid.
Parapet: The
part of the wall of a house that rises above the
roof line.
Soffit: The
underside of a structural part, as of a beam,
arch, etc.
Specifications:
Written statements that establish the quality of
materials and workmanship required.
Studs: Vertical
framing in a wall or partition.
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