Guide on Purchasing Newly-Built Houses from Builders in Charlotte Real Estate
- Author Hannah Dawson
- Published November 19, 2010
- Word count 639
If you are planning on buying a brand new house from all the Charlotte homes for sale, it is probably your first time, since a lot of first-time buyers prefer to own newly-built properties than used ones. They just do not want to take over someone else's shabby carpeting or old appliances, and the like. Before you go on with your plan, there are some things you should know about purchasing a new home from a builder. The following are things you must do in order to avoid any problems and so that nothing goes wrong during the process of home buying:
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Hire a Real Estate Agent of Your Own - Since a sales agent of a builder normally represents the interests of his client, you should just get someone who will put your interests first. Whatever the builder's agent tells you, he still works to represent the builder. A lot of them use persuasive strategies to talk you into signing the purchase agreement. It's best to hire a skilled real estate agent who will represent you all throughout the complex process of home buying. Your own agent will disclose all the information you need to know about the transaction, including the advantages, and even the disadvantages; most agents of builders do not reveal such things to buyers, particularly the negative aspects.
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Do Not Just Mindlessly Use the Builder's Own Lender - Usually, builders want you to use their own lender for their own benefit, since they can be brought up to date regarding your progress. In addition, there's a big possibility that a builder's lender would not give you the best deal there is. Because of this, you should consider looking at other lenders before you make a decision about this matter. It's advisable to go check your credit union and/or your bank as they might have appealing offers with great terms and rates for you, on the basis of your history with the company. You may also ask your real estate agent for some referrals.
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Get Legal Advice from a Real Estate Lawyer before Purchasing a New Home - Before you make an agreement with a builder and sign a purchase contract, it's wise to ask for some advice from your lawyer. Standard contracts are set to prevent legal disputes from arising; however, it does not mean that it contains terms that would protect you. It's advisable to ask regarding contingency removal, your right to cancel an agreement, as well as anything related to real estate that you do not fully comprehend.
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Determine Pricing of Upgrades and Options - You should first figure out what options and upgrades that you like for the new house. Keep in mind that a lot of builders get most of their profits from these upgrades. Some of them can even put the property up for sale for practically the price of bare construction, since the greater part of their profit comes from the options and upgrades. Check if you will be loaned by your lender on all the upgrades you like; if not, you will be compelled to fund it in cash.
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Take a Look at the Reputation of the Builder - It's advisable to look into the records of the builder, if it has ever received lawsuits and other relevant information. You should be very careful about this, since there are cases in which the bad reputation of a certain builder is just because of a sole experience of a home buyer.
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Get a Professional Home Inspection - It's very important to hire a licensed home inspector and have the property examined before you buy the house. You must remember that even a newly-built home in Charlotte real estate may possibly contain some defects, so it's advisable to be there during the inspection, even if it is not required.
Hannah Dawson writes articles about real estate and investment and is passionate about personal finance topics. Check out interesting Charlotte homes for sale as well as a comprehensive list of Charlotte real estate.
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