Buying a to-be-built home can have several benefits. Moving into a home is much simpler, as you only have to pick up the keys. Buying a to-be-built home is the ideal option for people who like to customize their homes. This type of home offers more customization than a resale home. It is also more affordable.
Buying A To-Be-Built Home
When buying a new home, you have several choices. One option is a To-Be-Built home. These homes are new constructions and are zoned for your area. Once you’ve found the right location, the builder can break ground. For instance, in some of the new home construction in Cypress, TX, many buyers are weighing options on getting TBB for its advantages in completion. A TBB home can be completed in as little as a few months.
Another advantage is the warranty on the home. Most builders include a warranty on their homes. This can help you avoid unexpected repair costs. New homes also tend to have lower repair costs than older homes.
Getting A Warranty
When purchasing a new home, it is crucial to get a warranty. Although it might seem like a pointless expense, it will save you money and time if a system or appliance breaks down. However, it is essential to note that warranties are only good for the first year and are limited to major systems and structural defects. However, you can extend the warranty term by purchasing a service contract.
While a warranty may not cover all problems, it will provide peace of mind. Some home warranty companies use reputable contractors and pay for legitimate repairs. When buying a home, make sure you look into the warranty before closing the sale.
Cost
The cost of a to-be-built home varies depending on several factors. Generally speaking, a typical to-be-built home will cost between $163,333 and $483,868. This amount reflects the costs of framing, foundation, roofing, siding, and interior and exterior doors. The cost of a to-be-built home is much less than the price of an existing home. According to the latest US Census Bureau Survey, the average cost of an existing home is about $60,000 lower than that of a to-be-built home. This means that you can save a significant amount of money over the life of the loan. Additionally, purchasing an existing home will give you more negotiating power. This can help you negotiate a lower sticker price and secure a lower mortgage rate. You can also negotiate for a move-in-ready home, which will also help you save money.
Timeline
Buying a to-be-built home involves several steps and can take anywhere from three to six months. This timeline can vary significantly depending on the area and whether the house is in high demand. It is important to consider the timeline and budget for the project. Before beginning the process, familiarize yourself with the steps and be prepared to wait a few months.
The first step in the process is determining your offer price. After touring the house, make sure you know how much you can afford to offer. Your agent can help you figure out the right amount. You will then need to work with them to create an offer letter and submit it to the seller’s agent.
