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10 Tips on Purchasing a New Home

The process of purchasing a home can be quite easy or it can be overwhelming depending on your preparation and the information you’re able to obtain. One of your new home purchase decisions is the type of builder who will best fit your needs. Your conditions can include everything from location, price, community standards, and workmanship to post-closing issues such as builder warranties.

The following are overviews of 10 topics to consider while purchasing a new home. This information should enable you to ask the right questions and get you one step closer to purchasing your new home with confidence and ease.

1. Different Builder Types

Production Builders – These builders generally have a number of plans per community and with different elevations. With this type of construction, many homes are usually being built at the same time, allowing for standing inventory and quicker closings.

Custom Builders – These builders generally build to customer specifications. This type of construction usually does not start until a contract is written and accepted.

Most national builders are a combination of both types. When visiting a home site, you might see standing inventory homes under construction and parcels of land cleared for future home sites. During any of these phases, a contract can be written and specifications requested within the framework of a specific builder. Building a home can take anywhere from 3 to 9 months or beyond in some cases.

2. Registration Process

In most cases, when you enter the sales office on site, you will be asked to fill out some type of registration card. This is merely for contact information. It allows the agents in the office to manage your service experience since most of them work on commission. This helps to eliminate any confusion in the communication process.

During the registration process, it’s important to inform the on-site agent whether you’re working with a real estate agent. If you use the services of New Homes Realty, LLC, you’ll receive 1.5% off your new home purchase price. Whether you purchase directly from the builder or through New Homes Realty, LLC, the purchase price and builder incentives remain the same. The only difference is that, with New Homes Realty, LLC representing you, you’ll receive 1.5% of your purchase price at closing. When ready, Start Rebate Process

3. On-site Agent

THEY WORK FOR THE SELLER!  Many people who buy new homes believe that the on-site agent works for them. When it comes down to it, the on-site agent is working for the builder. The more information you have and the more questions you are able to ask will play a determining role in your experience.

4. Availability of Options

Options should be considered in two ways:

Structural – Structural options include additions and deletions involving rooms, walls, windows, layouts, and so on.

Interior/Exterior – The offered options could include flooring, cabinets, countertops, landscaping, fences, color schemes, etc.

So, the next time you walk into a sales office and are shown a nicely decorated model home, make sure to ask what the standard features are and what is considered an upgrade. During the process, the true base price of the home will be revealed to you!

*Many of the available options depend on the stage of construction of the home. Always ask and confirm what is and is not available to you while previewing homes with the on-site agent.

5. Availability of Incentives

Builders will often provide incentives to purchasers to buy through the builder’s lending tree. These incentives can include payment of or portion of closing costs, design center allowances, appliances, or payment of HOA initiation fees. Example: ABC Building Company is offering 3K in closing costs to customers who obtain a loan through ABC Mortgage.

Before searching for a new home, it’s a good idea to be pre-approved or pre-qualified. What’s the difference?

Pre-qualification letter – based on verbal and preliminary checks that helps to determine the purchasing power of the buyer.

Pre-approval letter – based on extensive verbal and factual confirmations regarding the purchasing power of the buyer. The lender is actually committing its resources to your deal.

Why have an approval letter? – This will help to narrow your search and at times can even be used as leverage in your decision of what lender to use.

If you find the house of your dreams while you’re out, the process can be started with the builder’s lending arm. This might involve a short waiting period before a contract can be signed and ratified.

6. Builder Contracts

Contracts provided by most builders are generally standard documents. As with any contract, it is important to carefully read and/or seek counsel if you feel it is necessary. Understand your rights and restrictions.

7. Home Owner Associations

Many communities have Home Owner Associations (HOA). HOAs help to maintain the look and feel of the neighborhood and support the services offered, which are structured on a per community basis. At some point during the buying process a copy of the HOA bylaws can be made available to you.

8. Closing on your home

The lawyers involved are typically affiliated with a particular builder, so the on-site agent who has been facilitating your contract will not be present at closing. Closings usually go smoothly because many issues that arise during traditional real estate transactions are not a factor in transactions involving a new home. That’s not to say that things will not come up, but if you have done your part as the purchaser, the path is pretty smooth.

9. Warranty

The warranties provided by builders cover post-closing items that may or may not occur during the covered lifetime of your home. Most builders extend a 2/10-year warranty. The process, items covered, and duration will differ from builder to builder.

10. How does our program benefit you?

To help answer more question, we’ve listed the top “Frequently Asked Questions” on the right.

 

Below you’ll find some of the most “Frequently Asked Questions”

DO I NEED TO CREATE AN ACCOUNT TO SEARCH FOR HOMES?

No. You can search from thousands of new homes in the Central Florida Area and receive detailed information on any home you choose without creating an account.

THEN WHY CREATE AN ACCOUNT?

Homes and communities that interest you can be saved for future reference simply by creating an account on NewHomesOrlando.net. Each time you log in, you can view your favorite homes. You can also share the selected homes and communities to your friends by email or your social sites.

WHAT DO YOU DO WITH MY INFORMATION?

NewHomesOrlando.net

  • will not sell or give your email address or personal information to a third party.
  • To safeguard your personal information, we do not keep record of your password. If you forget your password, we will send you a temporary one to access your account; you may then reset your password.
  • We will never send you unsolicited email.

HOW DOES YOUR REBATE PROGRAM WORK?

We are able to give large rebates to home buyers by using a broker commission rebate program. By using New Homes Realty, LLC, a licensed Florida real estate brokerage, as your referring broker or buyer rep broker, you can qualify for our new home rebate. Subject to Builder and Lender approvals, you may use your rebate for closing cost or Builder upgrades or we will be happy to issue a check for the full amount. If the 1.5% is used for closing costs or at the Builders design center, the rebate will appear on the settlement statement as a credit to buyer

HOW DOES NEW HOMES REALTY, LLC GET PAID?

New Homes Realty, LLC does not charge you, the homebuyer, any fees for its services. Our services to you are FREE! Who pays our fees? The home builder does. When you buy on your own you are leaving money on the table. When you buy on your own, the builder retains the commission and you receive NOTHING! Federal law dictates that fees paid to a real estate company cannot affect the purchase price of your new home. This means you get FREE professional representation and a CASH REBATE when you use our FREE real estate services.

HOW LONG DOES IT TAKE TO RECEIVE MY REBATE?

It can take as little as 14 days after the purchase of your new home to receive your rebate. If there is a delay with issuing the broker commission, then you should receive your rebate within 45 days. We can only issue a rebate to a buyer after a broker sales commission has been paid by the new home builder. If you have decided to use the rebate for closing costs or at the builder’s design center for upgrades the 1.5% rebate will appear on the settlement statement as a credit to the buyer.

WHICH HOMES QUALIFY FOR THE REBATE?

All newly built homes or “build to order” homes that offer a broker sales commission qualify for rebates.

I AM UNDER CONTRACT TO BUY A NEW HOME NOW. DO I STILL QUALIFY FOR A REBATE?

You will need to check with your new home builder sales representative to see if you can add a referring broker to the contract before the sale is completed. If a referring broker can be added to the sales contract, then you will qualify for the rebate.

I JUST BOUGHT A NEW HOME LAST MONTH. DO I QUALIFY FOR THE REBATE?

Rebates can only be issued to new home buyers who sign up for the rebate “before” the sale is completed. If you purchased your home a month ago, you do not qualify for the rebate.

I’M WORKING WITH MY OWN REAL ESTATE AGENT AND/OR BROKER. DO I QUALIFY FOR THE REBATE?

Only New Homes Realty, LLC and/or its agents can be listed on the sales contract as the referring broker or salesperson representative. No other real estate agent or broker may be involved with the sale.

CAN YOU HELP ME NEGOTIATE A SALES CONTRACT WITH A NEW HOME BUILDER?

At a buyer’s request, we can negotiate a new home sales contract with a new home builder. An experienced, licensed real estate agent will be assigned to the buyer to negotiate the sales contract with the new home builder.

CAN YOU MEET WITH ME IN PERSON AT A HOME SITE TO SHOW ME NEW HOMES?

At a buyer’s request, we can schedule a time that is convenient.  An experienced, licensed real estate agent will be assigned to the buyer to show the new homes.

CAN I ALSO RECEIVE OTHER REBATES FROM NEW HOME BUILDERS IF I QUALIFY FOR YOUR REBATE?

Yes.  You could receive other rebates from new home builders in addition to our rebate.  The rebates offered at this Web site are separate from rebates offered by new home builders.

I AM BUYING A NEW CONDOMINIUM. DO I QUALIFY FOR A REBATE?

Yes.  We also offer rebates on new condominiums, townhomes, vacation homes and buildable land.

DO ALL NEW HOMES IN FLORIDA QUALIFY FOR YOUR REBATE?

Yes.  If a new home builder offers a sales commission, then the home will qualify for a rebate.  We offer rebates in all major metro areas of Central Florida.  We also offer rebates for new homes in smaller cities and communities throughout Florida.

SO IT'S NOT ILLEGAL TO GIVE REBATES? MY REALTOR SAID IT WAS.

It is legal for a person to receive a rebate from a Brokers commission if all parties are notified and the person receiving the rebate is part of the transaction.

IS YOUR FIRM DIRECTLY AFFILIATED WITH HOME BUILDERS LIKE PULTE OR TOLL BROTHERS?

No. New Homes Realty, LLC  is a real estate firm offering rebates to buyers in Florida. We do have relationships with many builders and we keep up to date with their incentives to pass along to our buyers. These incentives are in addition to your rebate, this means you save money, a lot of money. It just keeps getting better!

WHAT IF IM ALREADY WORKING WITH A BUYER'S AGENT?

NewHomesOrlando.net rebate program is not intended to solicit prospective homebuyers who already have a Buyer Agency Agreement with a non-New Homes Realty, LLC real estate agent. If you are already under contract with a non- New Homes Realty, LLC real estate agent to purchase a new home, you are not eligible for New Homes Realty, LLC  cash back program.

HOW ACCURATE IS YOUR DATA?

We update our site daily to ensure that you are receiving the most current information available; however, inventory, prices, special offers, incentives and promotions change rapidly, therefore, we strongly recommend contacting the development directly to be assured you are receiving the most accurate and up-to-date information.

Need more help? Have a suggestion? We’d like to hear from you. Please contact us at info@newhomesorlando.net or Ph. 321.209.4107