Sai Residential Realty
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    • Home
    • About Us
    • Why Us
    • TRECForms
    • Guide
    • Contact Us

  • Home
  • About Us
  • Why Us
  • TRECForms
  • Guide
  • Contact Us

New Home Buying Process

Select Neighborhood

  • Drive around the neighborhood
  • Check out the facilities of the community
  • Check out the amenities - shops, parks, hospitals etc.,
  • View model open houses and check on quality of the homes
  • Ask existing home owners about their experience
  • Verify HOA fees, rules and restrictions
  • Research the zoning laws of the neighborhood

Decide Builder and Model

  • Usual more than 1 builder(s) in a new neighborhood
  • Each builder have their Plans/Layouts with different costs
  • Research and Choose the Builder
  • Based on Budget, Plan/Layout you like, choose Home Model
  • Understand what is included in the base cost
  • Clearly put in writing the cost of the Extras/Upgrades
  • Upgrades could be to Kitchenettes, Cabinets, Paint Colors, Stone Works etc., 

Financing

  • Financing a new home is little  different than used homes. 
  • Financing for a new home is a 2 Step Process
  • Construction loan while the home is being built 
  • A mortgage loan after the construction is completed. 
  • Most builders provide the construction loan themselves
  • Buyer may choose Construction loan from outside lender
  • Check your realtor to get details on financing new homes

Phase Inspection Process

  • Inspections detect major construction defects
  • Have Third-party inspector to avoid conflicts of interest
  • Standard 3 phase inspection process recommended  
  • 1st prior to concrete being poured (Pre-Pour)
  • 2nd prior to interior walls and insulation (Framing)
  • The final inspection after home is complete (Final)

Get Punchlist

  • Documents items not conforming to contract specifications
  • Prepared near the end of a construction project 
  • Listed Work must be completed prior to final payment  
  • Must include a plan for completion 
  • The list could include any minor repairs to finishes, cleanup, and any outstanding installations remaining
  • In some cases, the punch list will also include final additions to scope with new last minute details

Closing

  • Closing Date is based on home’s expected completion date
  • Happens usually at the office of the Title company 
  • Closing agent will coordinate the time for closing
  • 2 days prior Closing, Closing officer send closing statement to all parties involved
  • Various documents are signed by all responsible parties
  • Example of documents - Deed, Mortgage, HOA etc.,

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