The National Association of Realtors explains that new construction homes only account for 10% of the market. If you're looking to purchase a home in Charlotte, buying off-plan in NC might sound appealing. If this is the case, you need some new construction insights to help your home-buying journey.
There are tons of reasons to consider a new home, from designing your own space to energy efficiency and, in some cases, lower maintenance costs. Before you buy a new construction home, however, you need to familiarize yourself with some items.
Here are some important tips for buying off-plan in Charlotte, NC.
Try Negotiating
When moving to Charlotte, NC, and working with builders, remember you can try to negotiate several items. This includes:
- Lot lines
- Price
- Loan fees
And much more.
Although the builder reserves the right to say "No," you can still try negotiating. If you're planning on renting your home, property management companies can offer advice on negotiation tactics.
Create a Solid Budget
Unexpected expenses are par for the course, and it's important to remember that new construction is essentially a blank slate in real estate. Although you'll be the proud owner of a brand-new home, it won't come with landscaping, so be sure to budget for this.
Keep in mind where you purchase. If it's in an HOA, for example, there may be specific guidelines for planting which can quickly add up.
There are other items not included when buying off-plan in NC, such as:
- Toilet paper holders
- Window dressings
- In some instances, light fixtures (although this is something you can negotiate)
Always have extra funds set aside for these expenses.
Use The Lender You're Comfortable With
Just because your builder recommends a lender doesn't mean you need to use them. In fact, there may be more competitive lenders available with better rates. You just need to do your homework and avoid going with the easiest option: using your builder's preferred lender.
By shopping around, you'll gain valuable insight into interest rates and make an informed decision.
Pay Attention to Warranties
When discussing warranties for new homes, there are two types to understand. These are:
- Implied warranties
- Builder warranties
Implied warranties protect you in the event that your new home's craftsmanship prohibits you from living in the dwelling safely. This type of warranty focuses on local building codes.
Builder warranties typically apply to permanent items, such as:
- Plumbing
- Concrete floors
- Electrical work
Always speak with your builder about warranties so you know what's available.
Are New Construction Homes For You? PMI Charlotte Can Help
New construction homes are customizable and built to fit your exact needs. From upgrades to specialty features, the sky is the limit when buying a home off-plan. As with any purchase, weigh the pros and cons of building and, when in doubt, connect with professionals, especially if you're looking to rent your new home.
PMI Charlotte can help. We offer the best property management around. We also offer a free rental analysis.
Contact us today at 704.903.6005 to speak with a member of our dedicated staff.
