23 Questions to Ask New Home Builders
Live Urban Real Estate agents have been busy this year helping clients buy and sell homes all over the Metro Denver area, and they are finding that increasingly, due to the prolonged extremely low inventory situation, that more buyers are considering New Construction for their next home purchase.
We asked Live Urban agents to share the most important questions they think Buyers should ask New Home Builders, here is what they had to say:
1. What are the current taxes and what are they currently based on? Do you anticipate an increase, if so by how much?
2. What is the current HOA fee and what does it cover? Do you anticipate any special assessments in the near future?
3. What type of warranty do you offer? Is it transferable? (including structural warranty)
4. Do you have any soils reports for your development?
5. Proximity to public transportation and shops?
6. Can you please describe the standard and upgrade options?
7. Do you have any other developments? How long have you been building? (Is smaller developments)
8. Are you aware of any issues with expansive soils in this development?
9. How much is earnest money? And is that all the buyers will lose if they change their minds?
10. Will the design center give them pricing while they are choosing finishes or only after they have chosen?
11. Will the builder's preferred lender help with closing costs?
12. Does the buyer have to sell their current home in order to qualify for their new loan?
13. As their agent, what meetings do you need to attend in order to receive your commission? What is the commission and is it based on base price or sold price?
14. Total # of units.
15. What else is around the subdivision, and what the land is zoned around the subdivision, trying to determine how long the build time will be, and what other new builds will be around that my client will have to compete with if they decide to resell soon after purchase.
16. Are you building high performance homes?
17. Do you conduct HERS ratings on every home?
18. What are your HERS Index scores? (Anything above 70 is not high performance)
19. What energy efficient / high performance features are included in your homes?
20. What should my client expect to pay in utility costs every month?
21. What is the builder warranty?
22. What and when is the community infrastructure planned? Trees, parks, street lights etc.
23. Has any commercial space been leased and by who?
Of course, we recommend that you have a Live Urban Buyer's Agent represent you on any type of residential Real Estate transaction - someone dedicated to getting you the best deal on your new home, to navigate the complicated process on your behalf, and to protecting your interests every step of the way!
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