Building New construction Homes in Buffalo NY
Step by Step How to build a New Construction Home in Buffalo NY
New Construction homes have been on many buyers mind as of lately and for good Reason. The First, with existing home prices rising so rapidly, why wouldn't I spend an extra $200 a month to get something brand new with no fixes? Secondly, for that same 3 bedroom 2 bath home, I dont have to compete with 40 other people for one house. I can design, customize, and make the home to my very own liking. Especially in/ around the buffalo NY area building a new construction home could be vastly easier than constantly searching week in and week one for a home already standing.
Well, how do we go about this? What are the steps to follow to ensure I will be able to get the home I really want, that fits my price range?
Here is a brief overview of the entire process, with a detailed description of each phase to follow down below:
The first three are really very important.
Decide what type of new build that you want. There's three main types: Spec, Trac, or Custom.
Trac homes are what people are familiar with, this is when a developer like Murrano or Essex homes, lays the entire map of the land, from the sewer lines, to the roads and each house. Generally once you go into the model home, you will meet the sales rep (Bring your buyer agent with you, trust me), they may have 10 or so models and layouts on the wall that you can choose from and eventually customize to your liking.
A spec home is basically the model home, they already prebuilt this home with all the bells and whistles and will sell it once the community is complete. In Each community they will generally have about 3-4 of these inside ready to go! Think of it as buying a brand new existing home.
True custom home, this is most expensive and take the longest time but this is the most hands on home, you literally get a say in every little detail if the home and what it will look and feel like
Get a buyer's agent, this literally has no cost to you, but can give you way more value than you can ever ask for. They will guide you every step of the way. Even if you do not use me as your realtor, get some who knows this process to answer all questions and represent you once you walk through the door. Remember, if anything goes array, that builder/developer is paying that seller's representative you meet once you walk in the model home. They are going to side with the man who writes the check lol, to think about that. I repeat it's no cost to you to have someone represent you as a buyer, so make sure you get one.
Research those neighborhoods: is the developer you like building homes in that area, What are your yearly taxes, these are always higher in new development areas. Which amenities are around you, some new communities are a little further out , so know the distance to the closest Wegmans. So if you like to go downtown every single day or every weekend, being out in Hamburg, 30 minutes away may not be the best fit. Lastly for those of you who have children, which school district will the home be in?
Choose your builder, based on your research and the model home tour: There's a lot of builders out here, take a few Saturdays out and see what each of them have to offer. BIG thing is knowing which upgrades do and do not come standard. TALK TO THE NEIGHBORS, more than likely they will be outside, say hello and ask a couple questions. Hey, did you have any issues with your home or are you finding any common issues amongst others?
Choose your lender. This is extremely important because everybody's interest rates & loan types are going to be different. Not every bank deals with new construction, but do not be afraid to use the builders bank as well, they may give you some sort of incentive or money towards closing cost.
Understanding your purchase contract that you're about to sign. This is big, knowing the final numbers of upgrade, downpayment and your monthly payment. Or any clauses that the builder may sneak in there inside the fine print
Choosing your home style, now you really can solidify your home plans, your layout plans, and then we can get all the upgrades for your home. (this is always the Fun Part). There's gonna be a couple different options. You have your standard option, then you have your upgrades. Standard is basically everything that comes with the home, depending on what builder that you go through.
Some may have higher standards than others, these are things you want to know ahead of time. Your Upgrades are really you touches on the home, but choose these wisley and think years ahead. Taking the time to upgrade the Kitchen and bathrooms will help it sell for more in the long run. These can be countertops, different types of flooring or a really nice chandelier for your front entryway. Standard flooring inside most new construction homes is carpet, so if you would like vinyl planks or real hardwood, those are always upgrades inside the house. and
Last Tip is to keep your plan in mind with the transition period, so that you are not homeless, you want to make sure that you know how long its going to take to close. Here is where a Realtor like myself is key, from here we can reverse engineer the timeline to meet all our deadlines. We now have time to let our current landlord know what's going on or place your current home on the market so that we can get that sold! Right now there's about a 6, 7, 8 month gap between the start of looking at model homes, to smelling that fresh paint inside your house. Especially right now during these post covid times, so be patient.