1. The model home is typically finished with upgrades; and the base price is just the starting point of how much you can expect to pay for your new home.
Model homes can function as interactive showrooms that are typically outfitted with premium, costlier upgrades a builder has to offer.
2. Understand all your financing options.
Have a solid understanding of your budget and purchasing power. Most builders will have incentives for you to leverage their lenders, be sure to compare against your own lender to ensure you are getting the best interest rates with the least amount of fees.
3. Asking questions is important.
- What are the builder’s other projects?
- What percentage of the units/properties/plots have sold so far?
- Who is your point of contact during the build?
- Which features are included and which are upgrades?
- What happens if there’s a delay in the schedule?
- How often will you be able to view the home during construction?
4. Your timeline might affect your options.
Depending on the timeline and stage of a development project, you might be able to snag a model home (premium upgrades and all). Rather than sitting vacant, the builder may provide incentives or price reductions after a designated number of homes within the development have been sold.
5. Having your new home inspected is still a good idea.
The purpose of a home inspection is to ensure that your home is safe, sound, and up to code. Should the inspector find something that is defective, unsafe, or not functioning properly he/she will include it in his/her report and suggest a remedy.