Building a Richmond Home: 6 Vital Questions That Need Answers
Building a Richmond home can mean getting everything just how it should be. It can also mean spending a lot more money than expected. Prices for newly built homes have tripled.
However, this is not a reason to become discouraged. Building a Richmond home is still possible if the right questions are asked.
What incentives are offered if the preferred lender is used?
This can be something that greatly benefits the person looking to build. While some companies avoid using incentives to gain notoriety, others want to draw people in. Some companies will help with closing cost, or add in additional upgrades at no cost or reduced cost.
The best way to go about finding incentives is to ask around. Talk with anyone that has already built a house and ask many different lenders.
Shopping for a good loan is more than getting the lowest interest rate. It is comparing each loan to see if there are benefits and drawbacks to each one. This gives a much more clear picture of the loan that is decided on.
What are the standard features put into the Richmond home?
This is a question that many people fail to ask and are also shocked to learn about. Many people look at the model home and assume everything that is there will be included. This is rarely the case. The model home is going to have all of the extras. If there is something specific that is a must have always ask before assuming.
Learn about what their standard home features are. Ask about what is considered upgrades and how much each upgrade costs. Upgrades in a home are usually what makes the price increase exponentially.
What is the goal within this neighborhood?
If buying in a new Richmond housing development learn what the development will be. Looking at the beautiful open space may be pretty now, but it could completely be overtaken by houses. Find out the company’s ideas for the neighborhood and decide if it will be a good fit later.
Learn more about the company that is developing the Richmond area. If they are new or do not have a lot of background they could be a risk. It is not uncommon for builders to lose their funding and sell to another company. There is no telling what this new company will be like.
What homeowner association rules and regulations can be expected?
A homeowners’ association can be a nightmare for a new buyer who was unaware of the rules. Breaking the regulations in an association can lead to fines or penalties and no association is the same. If there are any rules or regulations that are not agreeable, do not assume they can be changed or fought against.
There are dues that a homeowner must pay as well. There are some homeowners who will have to start paying these dues before their house is even built. Make sure to learn about when these dues start.
What is covered under warranty?
Depending on the company that is doing the work there will be different warranties available. Learn what these warranties are before deciding on a company. Some will offer a workmanship warranty to cover any problems that one may encounter initially. It is common for the structure to have a ten-year warranty, as well.
Get the specifics about the warranties. See what is and is not covered. Assuming something will be covered is a huge mistake especially if something goes wrong within the first year. If there are new appliances make sure the warranties are provided for them too.
Whom has the company worked with in the past?
Learning whom the company has worked for can help make decisions easier. If someone else had a wonderful or terrible experience it could indicate how the company provides services. The company will only give references to people who were happy with their work. If possible learn about customers without the company’s help to get a more genuine answer.