Should You Buy a New Construction Home in Oklahoma City: 10 Things to Think About
Oklahoma City, with its vibrant culture and booming real estate market, offers an enticing proposition for potential homeowners—new construction homes. These homes promise modern updates, shiny appliances, and the unbeatable appeal of everything being spanking new. However, the path to purchasing a brand-new home is strewn with considerations different from buying an existing home. Laura Kennedy, a seasoned expert in the Oklahoma City real estate market, lends her insights to navigate this terrain.
1. Research Builders Thoroughly
Importance of Research: The foundation of a successful new home purchase lies in the reputation of the builder. It's crucial to investigate their track record for quality and customer satisfaction, as well as any potential lawsuits that could signal red flags.
Methods of Research: Look beyond online reviews. Seek out genuine feedback from past customers, and don't underestimate the value of a realtor's insights on local builders.
2. Save Money in Early Phases
Early Phase Advantages: Jumping in during the first development phase can snag you lower purchase prices and enticing incentives, not to mention the pick of the litter when it comes to lots and floor plans.
Builder Incentives: Keep an eye out for perks like a lower price per square foot, builder credits, and upgrades that can sweeten the deal.
3. Have Independent Representation
The Role of a Realtor: Having your own realtor, rather than relying on the builder’s, ensures that your interests are front and center. They can negotiate terms, navigate contracts, and guide you through inspections.
4. Understand Your Contract
Key Contract Elements: A thorough review of your contract can prevent surprises down the line. Pay special attention to clauses on delays, cost overruns, and warranty coverage.
Potential Pitfalls: Be aware of issues that could affect affordability and loan qualification.
5. Consider Financing Options
Builder’s Lender vs. Shopping Around: While using the builder’s preferred lender might seem convenient, comparing rates and terms with other lenders ensures you get the best deal.
6. Prepare for Construction Inconveniences
Living in a Construction Zone: Be ready for the realities of noise, mess, and disruptions. Personal anecdotes, like flat tires from construction debris, underscore the importance of patience.
7. Simplify Transactions with a New Build
Buying and Selling Simultaneously: New construction can streamline the process, with builders often offering flexibility on closing dates and temporary housing options.
8. Be Mindful of Upgrade Costs
Upgrade Costs: It's easy for upgrades to balloon the overall cost of your home. Understand the appraisal implications and potential out-of-pocket expenses.
9. Budget for Non-Included Items
Expected vs. Actual Inclusions: Don’t assume everything’s included. Items like fences and shelving often aren’t, necessitating additional budgeting.
10. Don't Skip Inspections
The Value of Inspections: Independent inspections are crucial for identifying construction issues, leveraging warranty repairs, and ensuring peace of mind.
Conclusion
Buying a new construction home in Oklahoma City is an exciting venture, but it comes with its own set of considerations. From researching builders to understanding your contract and preparing for construction inconveniences, these 10 tips will help you navigate the process. For personalized guidance and expertise in the Oklahoma City real estate market, reaching out to Laura Kennedy can make all the difference in your home-buying journey.
5 Engaging FAQs
Q1: Can I negotiate the price on a new construction home?
A1: Yes, negotiation is possible, especially with the help of an experienced realtor who can leverage builder incentives and phase advantages.
Q2: How long does it typically take to build a new home in Oklahoma City?
A2: The timeline can vary widely depending on the builder and project scope, but generally, it ranges from 6 to 12 months.
Q3: Are new construction homes more energy-efficient?
A3: Yes, most new homes are built with modern materials and standards for energy efficiency, offering long-term savings.
Q4: What warranties come with a new construction home?
A4: Warranties can vary, but typically include a one-year workmanship warranty, two-year systems warranty, and a 10-year structural warranty.
Q5: Can I choose all the finishes in my new home?
A5: Yes, one of the perks of new construction is the ability to customize finishes, though be mindful of how upgrades affect your budget.
By keeping these considerations in mind, you're well on your way to making an informed decision about buying a new construction home in Oklahoma City.
