Buying new construction in Nashville? 4 Important Things to Consider

100-exterior-front-mainOnce known for neighborhoods of colonial homes and early 20th-century bungalows, Nashville is changing fast due to phenomenal demand for properties over the past one decade. In a city where residential development of any kind was barred in most of downtown before 1994, builders are snapping up large parcels of land and building new communities to meet this demand. As a result, lots of new construction is happening in and all around Nashville.
If you are in the market looking for a home, you can consider buying a new construction in Nashville. A new construction features brand new systems and appliances and promises longer durability compared to an existing home. In some cases, you get to customize your home, for example you can choose the color for wall paint and even suggest changes in the structure and design.
When everything is brand new, it’s easier to assume that nothing can be wrong with the building. The reality is that purchasing a new construction without doing your due diligence could prove a big mistake. Here are a few considerations for you to make when buying a new construction in Nashville:
Be a smart buyer
It’s always better to choose an independent real estate agent, instead of using the one who is working for the builder. These agents promise to represent your interests, but in reality, their priority is to protect the builder’s best interests.
Moreover, use your negotiation skills when dealing with builders. If a builder is not willing to reduce the sales price, you can negotiate on closing costs and make builder perform some upgrades free of cost.
Go through the contract carefully
If you’re purchasing a house that is under construction, it is extremely important that you get everything in writing. Make the contract as much detailed as possible by including in it all the features, systems and appliances promised by the builder. Be specific about the closing date and other milestones of the deal in the contract.
Know what is optional and what is included in the sale
Many builders construct model homes and show them to buyers. By visiting model homes, buyers can get an idea what their property will look like. However, always make sure that you know which of the items in a model are included in the sale and which ones are optional. If you choose to have optional features in your home, then it may increase the total property acquisition cost, meaning you will have to pay more.
Do your due diligence
Find out whether the builder has a good reputation. Ask your agent to talk to residents of communities developed by the builder in the past. You should also get a professional home inspection conducted to determine if the builder has delivered everything that he promised in the contract. Also find out if the builder is offering a warranty and if yes, what is covered and what isn’t and for how long. If you are financing your mortgage, you should consult with many lenders to get the best rates instead of blindly using the builder’s lender. It is also important that you research the area where you are buying. Will the property get you a good return on investment if you decided to resell it five years later?