Cavender Homes, a home builder in Princeton TX, answers some of the most common questions they get from new home buyers in this Q&A. We’d love to hear your own questions about your home building and buying needs. Contact us today!
What is a smart home?
A Smart Home is a home equipped with lighting, heating, and electronic devices that can be controlled remotely by phone or computer: or smart device in home. A Smart Home provides homeowners with the control, comfort and security in the palm of their hand with a Zipatile, Cavender’s all‑in‑one Smart Home Hub, a wireless alarm (Alarm.com, SimpliSafe or Ring, or home buyer’s choice), and a Ring doorbell. The dedicated smart command station on each floor communicates and integrates all smart home apps and features into one place, keeping your home running smoothly and alerting you to any failures or need for repairs.
Should you buy a new construction home?
Yes! The perks of buying a new construction home starts with the warranties including but not limited to: Interior touch ups, appliance warranty, and 10‑year structural warranty. Also, the fact that you have the option to customize your new home based on what fits your family profile. You may be able to pick your own lot, flooring, elevations and much more. New Homes also come with multiple incentives to help with closing costs, moving expenses, title etc.
When buying a new construction home who pays the realtor?
The builder, who technically is the seller. The seller pays all commissions as well.
How to negotiate upgrades when buying a new home?
It’s all about margins and where the builder is in the process of the homes. Typically, there are less incentives on a home that has not been built, but there are “specs” and models that may be available for purchase. Depending on how long the homes have been on the market or where they are at in the building process‑ typically the longer the home has been sitting vacant and how motivated the builder is to sell allows for negotiation based on the sense of urgency. Swapping out features and staying within the margins is a great way to start negotiations, but this is very general, and it depends on the builder.
Is buying a new construction home a good investment?
Depends on several different factors and what the end goal is for every buyer. Some buy for forever homes, some buy for rentals, and some buy as transitional homes. The location has a very big factor as well and the preference of the buyer.
Do you need a realtor to buy a new home?
No. You can complete the purchase without the help of a realtor. A realtor is simply there to assist you in finding a home that meets your budget and needs.
Should I refinance or buy a new home?
Depends on what the end goal is. Every buyer has a different motivation so based on the motivation to sell or refinance would depend on what each individuals goal is. Some don’t want to move they just want a lower payment so refinancing would be ideal for that client. On the other hand, a buyer may want to upgrade and not spend the money or time in repairs etc. It ultimately depends on the client’s goals and motivation along with their financial situation.
Can you buy a new home with an FHA loan?
Depends‑ Most of the time yes but that varies with the regulations on FHA requirements which is per client and their financial situation.
How to use home equity to buy a new home? How does equity work when buying a new home?
Home equity can be used to do several things. You can pull equity from any home depending on the lender and what the loan is being used for. If a home appraises new or old, $20,000 higher than the sale price, there is equity in the home. In a new development that is growing and the property values go up is another way to be able to list your home having that equity in mind, that once you sell it will allow you to have more to save or use as a down payment etc.
How to buy a new home with an existing mortgage?
The existing home would have to be sold which is called, “a contingency” The payoff for the home must be satisfied before purchasing another home in most cases.
How to buy furniture for a new home?
Builders usually have stagers or if working with a realtor you can get recommended ideas from stagers to help choose decor for the home. Many furniture stores may receive orders online and deliver directly to your home. Nebraska Furniture Mart has a lot of great selections.
Is it better to buy a new or used home?
Depends on what the end goal is for the client. Some people don’t have the time to wait for a new build and some don’t want to move to a new development. Some may need to stay in a certain area for schools, parents, family, work and a resale home may be their best option unless there is a builder in the area they want to live.
Should I buy title insurance on new construction?
You should ALWAYS buy title insurance. A title search may uncover and protect you from any existing liens and a survey can determine the boundaries of the property that you have purchased.
Contact Cavender Homes to learn more about presale opportunities at Morning Ridge in Princeton, Tx.