Buying a Newly Built Home? Read this before you look…
You may be moving to the Dallas area from out of state or, you may live locally, and you’re just ready for a change. Existing home inventory is low so buyers are turning to the unprecedented amount of new construction available for purchase. Where do you start? If you’re relocating to the Dallas area, you’ve probably been searching the internet for a home that meets your needs. But, how will you know which community is most suitable for you? How far are you willing to commute to work? Do you have school age children and want to make certain you’re in a highly ranked school district? Do you have the patience to wait for new communities to be fully built-out so they offer the amenities that are important to you or would you prefer an established community? Each community in Dallas and North Dallas has qualities that make it unique and distinguish it from the others. Which will best suit you?
Thousands of new homes of every size and description are being built from downtown Dallas – north to Plano, Frisco, Allen, Mckinney, all the way to Prosper and Celina. These homes are being built by a multitude of builders, many of whom specialize in providing certain styles, floor plans and amenities. In some cases, the model homes may represent the average home to be built in the neighborhood. More often, the model homes are loaded with every available option and, without going through each feature of each room, you have no way of knowing what may be included in the base price and what is a premium option. Model homes often have $60,000 to $100,000 or more in upgrades. Are there lot premiums that are not included in the base price of the house? Which lots will be most desirable and what might be built on the other side of the fence? Which builders typically offer floor plans that work best for you? How flexible is the builder in terms of working with buyers to make changes to existing floor plans? Are those upstairs rooms standard or are they options?
Builders employ sales representatives to show you the plans for the community and let you know what is currently available and when each subsequent phase will begin construction. Many of the lots shown on their maps may not be for sale at the time of your visit because they are slated for later phases. The builders’ sales representatives are knowledgeable about their product and professional in their presentations. They can provide you with information about the base price, lot premiums, which items are standard (included in the base price of the home) and which are optional upgrades (adding to the price of the home). We know several representatives and they always encourage us to bring potential buyers to the community in which they are currently working. And, when we believe that the product may match our client’s criteria, we never hesitate to introduce our clients to these new communities.
So, you may be thinking, I can go out on the weekend and visit any of these new communities, get information on the areas that interest me and then bring in a real estate advisor to represent me once I’ve had a chance to narrow down my decision process. It doesn’t work that way. Once you enter a model home or request information regarding a new community without the assistance of a real estate advisor, the vast majority of builders will not allow you to bring in a real estate advisor to advocate on your behalf. You’re on your own, staring at a contract that is drafted by the builder, not promulgated under the Rules of the Texas Real Estate Commission. Remember, the sales representatives don’t work for you; they work for the builder/seller and the contract they hand you is drafted to accommodate the builder/seller.
If ever there was a time to hire an experienced and knowledgeable REALTOR® to represent your interests, now is that time. Whether you are spending $300,000 or $3,000,000, Carol and I would be honored to represent you and advocate for your interests in the purchase of your new home. We will meet with you in person or, if you are out of the area, by phone, to discuss your wish list and “must haves” and arrange visits at your convenience, to the developments we believe may be most suitable based on your requirements. We have several excellent lenders and would be happy to provide you with their information should you require financing. Hire us before you ever step into a model home. It costs you no more for our services, detailed research and advice all the way to the closing table. Even if you don’t hire us, we implore you to hire an experienced real estate agent who knows new construction and will negotiate on your behalf. We live in North Dallas about 30 miles from the downtown area. We bought our home from a quality builder and will be happy to share our experience with you. Our office is located in the Dallas Park Cities and we live in Allen – we are in the heart of all the action. Call us – we have much more information to share with you.
Joel and Carol
The Taylor Team
Coldwell Banker Residential Brokerage