Buying a new construction home is like diving into a world of possibilities and dreams, but if you don't know the possible pitfalls, it could mean a lot of heartache.
But we're here to help you navigate this exciting yet intricate journey. So, what do you need to watch out for when stepping into the realm of new builds? Let’s break it down.
Don’t hop into a deal without vetting the builder. Not all builders are cut from the same cloth. Take a moment to Google, read reviews, chat with previous buyers, and snoop around for any red flags like legal disputes or complaints.
A builder with a rock-solid rep is your ticket to a safer investment.
Builders might not budge on the price, but they’re wizards when it comes to incentives. Think mortgage rate buy-downs or rate locks.
Picture this: you’re in a lease about to expire or selling your current place, and your new home is still a blueprint. Yikes! Always pad the timeline for potential delays—bad weather, permit hiccups, or failed inspections can mess things up.
Have a backup plan to save yourself from moving chaos.
Don’t expect to choose every doorknob or layout unless it’s explicitly offered. Plus, upgrades are tempting, but they’re not freebies! Plan your budget wisely and stick to it. Fancy outdoor kitchens and bathroom saunas might make your heart flutter, but they’ll also make your wallet lighter.
The whole community matters. Ask about the bigger picture—schools, stores, healthcare nearby. Knowing when these services pop up is crucial. You don’t want to move into your dream house only to realize the neighborhood's still a construction site.
That purchase agreement is no joke. Read, understand, and if something’s fishy, don’t sign. Having an experienced real estate agent by your side can be a game-changer.
Yes, even for new-construction homes. An inspector can catch sneaky issues invisible to the untrained eye, saving you headaches down the road.
But here’s the catch: know what it covers! Different builders, different time frames. Educate yourself before waving that warranty in the air.
Buying new construction is a thrilling ride, but it's a land of surprises. Navigate wisely, and you’ll turn that dream into a solid reality!
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 1614643
For licensing Informmation go to:
www.nmlsconsumeraccess.org
State of Illinois, Division of Banking
Illinois Department of Financial and Professional Regulation (IDFPR)
555 West Monroe Street, 5th Floor
Chicago, IL 60661
Telephone Number: 1-888-473-4858
6515 Stanley Ave. Suite 2
BERWYN, Illinois 60402
Phone: (773) 720-4971
mauricio_echavarri@outlook.com
The Department of Financial and Professional Regulation (Department) evaluates our performance in meeting the financial services needs of this communnity, including the needs of low-income to moderate-income households. The Department takes this evaluation into account when deciding on certain applications submitted by us for approval by the Department. Your involvement is encourage. You may obtain a copy of our evaluation once the Department completes our first evaluation. You may also submit a signed, written comments about our performance in meeting community financial services needs to the Department. We will update this notice when our first evaluation has been issue.
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