5 Things You NEED to Know Before Buying a New Construction Home

Hello, I'm a local real estate agent specializing in the northeast metro Atlanta area. Georgia's real estate market is booming, with new construction homes emerging as an attractive option for many buyers. If you're considering buying new construction, there are crucial aspects you need to understand before diving in. In this video, I'll share the top five things you must know about purchasing a new construction home in Georgia.

1. You Still Need Your Own Agent

While not mandatory, having your own agent when buying new construction is essential. The builder's agent is focused on protecting the builder's interests, not yours. Having your own agent ensures you have an advocate negotiating on your behalf and looking out for your best interests. It costs you nothing, and it provides peace of mind.

2. Builders and Communities Differ

Each builder and their communities operate differently. Some builders offer customization options, allowing you to choose floor plans and design features. Others have predetermined plans, and you can't make changes. Community practices also vary, so it's vital to understand what each builder offers before making a decision.

3. Uncertainty in Monthly Payments

Your monthly payment for a new construction home may not be known until you're closer to the closing date. Interest rates cannot be locked in until 60 days before closing, potentially affecting your monthly payment. Flexibility is key when dealing with this uncertainty.

4. Lender Choice Matters

Although builders may offer incentives to use their preferred lender, it's essential to compare their terms with those from local lenders. Don't assume that incentives mean better overall terms. Working with a local lender can provide you with valuable insights and potentially more favorable terms.

5. Expect Homeowners' Association (HOA) Fees

Most new construction neighborhoods come with HOAs. These fees typically range from $500 to $1,000 per year, with higher fees in 55+ communities and townhouse developments. Understand the HOA's role and responsibilities before committing to a new construction property.

KeyPoint

Buying a new construction home in Georgia presents fantastic opportunities, but it requires a good understanding of the process and potential challenges. Remember to secure your own agent, research builders and communities, be prepared for uncertainty in monthly payments, compare lender options, and anticipate HOA fees.

Ready to Begin Your New Construction Home Journey?

Whether you're excited about customizing your dream home or prefer the convenience of a spec home, I'm here to assist you in finding the perfect new construction property in Georgia. Reach out to me, and let's start your journey to homeownership. Be sure to watch this video for more insights into buying new construction homes in Georgia.