There are plenty of new construction communities in Greater Philadelphia, ranging in price from $150,000 up to multimillion dollar homes. Buying a brand new home is a little bit different, though, so there are a few things to keep in mind before you begin the process.
One of the most important things to consider is the timeline. As you probably expected, it usually takes longer to settle on new construction than it does on a pre-existing home, although it can vary quite a bit. Some of these homes are entirely custom built, and can take 9 months or so, whereas others are already in the process of being constructed.
Since many people who buy new construction homes also have a home to sell, it’s important to carefully consider this timing. Additionally, most builders do not accept a home sale contingency with the contract, meaning that you may be required to show by your lender that you can afford both mortgages at the same time (just in case your original home doesn’t sell prior to your new one).
Another thing to remember is that you’re entitled to a buyer’s agent who looks out for your best interests – and for no fee! When you reach out directly to the builder, you’ll be represented by their agent, who unfortunately has only their best interests in mind. Instead, it’s best to establish a relationship with an independent buyer’s agent ahead of time. They’ll be by your side during the entire process, regardless of which new construction community you choose. As you may have already seen on our website, EveryHome is excited to have buyer’s agents with plenty of experience in new construction.