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Steps to buying a Home
There are several ways to find a quality builder. Here are the two main sources for your search.
- The Internet – builders create ads and are listed in websites such as New Home Directory, American Home Builder, INest, etc.
- Print Advertising – Local Newspapers will have ads for builders in your area such as the Oregonian and the Columbian. Also, builders run their ads in publications such as New Home Guide and the Real Estate Magazine. These can be found at your local grocery store.
Next, create your wish list. Look at magazines for paint colors, interior trims, appliances and cabinets. Find out what it is you would like to see in your home. What kind of options would be important for your lifestyle? For instance, if you have a hot tub, you will need to make sure the home is built with the correct wiring for that. This list will be helpful as you consider your options.
Don’t make assumptions about what you can and can’t afford! Talk to a loan officer to find out what price range they can pre-qualify you for and what your credit score is. Yes, I said it…credit score. DON’T LET THIS SCORE INTIMIDATE YOU! There are many financing programs out there that understand that no one is perfect and that will accommodate a wide variety of financial situations. Be sure to ask about loan programs that may be beneficial to first time homebuyers. Remember that the loan officer is there to help you. If you don’t know which bank to speak with, builders usually have preferred lenders that work hard to help people own their home.
Don’t make assumptions about what you can and can’t afford! Talk to a loan officer to find out what price range they can pre-qualify you for and what your credit score is. Yes, I said it…credit score. DON’T LET THIS SCORE INTIMIDATE YOU! There are many financing programs out there that understand that no one is perfect and that will accommodate a wide variety of financial situations. Be sure to ask about loan programs that may be beneficial to first time homebuyers. Remember that the loan officer is there to help you. If you don’t know which bank to speak with, builders usually have preferred lenders that work hard to help people own their home.
When you know what price range you will be in, it will help you to have the confidence to seriously shop for a home. This will also help you narrow down the communities for you to visit.
When you have shopped in the papers/magazines and online and have narrowed your selection down to a couple of interesting communities or builders, you should check out their websites. See what they are offering and what they have available.
It’s much faster to give builders a quick review on the Internet to see if they will fit within your budget or if they have the amenities that are important to you.
When you have shopped in the papers/magazines and online and have narrowed your selection down to a couple of interesting communities or builders, you should check out their websites. See what they are offering and what they have available.
It’s much faster to give builders a quick review on the Internet to see if they will fit within your budget or if they have the amenities that are important to you.
Now you are ready to visit the model home. Some people would do this first, but I am a planner so in this case it is step number seven. Get a feel for what kind of community it is. Most builders will have homes available or a model home you can walk through. Walk through the homes that interest you and if you have time, take a walk through the community.
Ask a lot of questions. Even if you aren’t sure you are interested, ask some questions and don’t be shy. Here is a great list of starter questions for you.
- Does this community have CC&R’s? (See below)
- What are the standard features you offer in your homes?
- Is there a packet of information I can look at?
- What incentives are you currently offering?
- Who do you use as your preferred lender?
- What homes are available to move in now?
What are CC&R’s? You may want to know that before you ask if the community has some. CC&R’s is short for Covenants, Conditions and Restrictions. This is a formal document that has been recorded against the property – every property – in the community. They protect the value and appearance of your home by ensuring that your neighbor takes care of their property. They include things like “There will be no garbage left in the front yards of the homes”. My example is in very simple terms, but you get the idea.
Every community’s CC&R’s will be a little bit different. If the community has some, make sure and ask for a copy to read so that you are aware of them and so you know if they will be acceptable to you.
Every community’s CC&R’s will be a little bit different. If the community has some, make sure and ask for a copy to read so that you are aware of them and so you know if they will be acceptable to you.
When you are looking at the homes in the community and you see a floor plan that you like but have some small changes you would like to make, don’t be afraid to ask. Most builders will accommodate small changes to their plans at little or no charge.
Ask the model home representative what the process is for securing a lot. A good representative will help you through the process by telling you as much as you would like to know.
If you are building, you will need to choose a lot, a floor plan, study available upgrade options against the standard features and decide what you would need to include in the home based on step number three. At this point, you are ready to write the contract with the builder. Usually their representative can help you through this as well.
Ask the model home representative what the process is for securing a lot. A good representative will help you through the process by telling you as much as you would like to know.
If you are building, you will need to choose a lot, a floor plan, study available upgrade options against the standard features and decide what you would need to include in the home based on step number three. At this point, you are ready to write the contract with the builder. Usually their representative can help you through this as well.
Your contract will either be forwarded to your lender or you will take it to your lender. From there, your lender (with whom you are already pre-qualified) will get the information they need from you to finish your financing package and get formal approval for the home you have selected. This is usually very simple because they don’t require the mass amounts of records and paperwork they used to.
If you are buying a home that is already built, skip down to step number 17. You can still do a walk-through before closing, even if you have not been involved in building the home.
If you ARE building, most of the optional selections you will be making will be on display in the model home. Builders like to make everything as easy and stress-free for their customers as possible. There may be a place or two you will need to visit to make selections.
If you are buying a home that is already built, skip down to step number 17. You can still do a walk-through before closing, even if you have not been involved in building the home.
If you ARE building, most of the optional selections you will be making will be on display in the model home. Builders like to make everything as easy and stress-free for their customers as possible. There may be a place or two you will need to visit to make selections.
Once you have decided on your interior options, it is time to pick an exterior color. Most builders will have a palette for you to choose from. This ensures continuity throughout the subdivision and guarantees no one paints their home orange. (This actually happened to me once)
As you watch your home being built, you will undoubtedly have many questions for the builder’s representatives. That is what they are there for so don’t hesitate to ask. It is their job to help you!
As you watch your home being built, you will undoubtedly have many questions for the builder’s representatives. That is what they are there for so don’t hesitate to ask. It is their job to help you!
When your home nears completion (which generally happens within about 150 days), your representative will schedule a “Walk Through”. This is when you go through the home with your builder and make sure that all of the details have been taken care of. This usually happens about three days before move-in.
Closing on a home –
Closing on a home –
- Finally your lender will draw up the papers to close your home and ship them to the escrow company.
- The escrow company will then call you to schedule an appointment for you to sign your paperwork.
- In this paperwork will be the documents securing the financing to the home and a breakdown of all the fees that have been processed. Those fees are clearly explained to you in closing as well as the meaning of every paper you will be signing.
Once you have signed, your loan usually closes within a day or two depending on what conditions needed to be filled. During this time, feel free to coordinate with your builder’s representative on moving into your new home.
Now all that’s left is moving in! (And I am not going to help you with that ☺)
Congratulations! You just purchased a home when builder prices were low, great incentives were offered and financing was back on track. Now you get to watch your home appreciate in value, and start living your dream!
Now all that’s left is moving in! (And I am not going to help you with that ☺)
Congratulations! You just purchased a home when builder prices were low, great incentives were offered and financing was back on track. Now you get to watch your home appreciate in value, and start living your dream!
Congratulations! You just purchased a home when builder prices were low, great incentives were offered and financing was back on track. Now you get to watch your home appreciate in value, and start living your dream!
