There were almost 100,000 households in Winston-Salem in 2022. More houses are being built in this wonderful city.
Buying a new construction home in Winston-Salem can be an exciting prospect. Still, there are also several critical factors to consider to ensure you make an educated decision.
Are you on the fence? Read on to learn about the process of buying new construction homes in Winston-Salem.
Taking Stock of the Process of Buying Off the Plan
"Buying off the plan" means purchasing a home that hasn't been built yet. Homebuilders often offer a wide range of customizable options, allowing buyers to choose from various layouts, finishes, and modern house designs that suit their lifestyle.
One of the most significant benefits is the opportunity to personalize your home. You can select floor plans, materials, and smart home features like climate control. Such customization ensures your home meets all of your specific needs.
Major Considerations When Buying New Construction
While the idea of designing your dream home sounds appealing, there are several important considerations to keep in mind. Check these off your list before diving into the Winston-Salem real estate market for new construction homes.
Research the Builder's Reputation
Choosing the right builder is essential. Investigate the developer's track record by reviewing previous projects and speaking with past clients. This will help you gauge the quality of construction and whether the builder is reliable in meeting deadlines.
In Winston-Salem, several reputable developers specialize in residential properties, so take the time to compare options before committing to one.
Keeping in Mind the Timeline
When buying off the plan, there's a longer waiting period compared to purchasing a resale home. Construction timelines can be affected by factors such as weather, supply chain issues, and labor availability. Ensure you have a clear understanding of the projected completion date and what steps the builder will take if there are delays.
Financing and Pre-Approval
Securing financing for a new construction home may differ slightly from buying a traditional home. Some developers have partnerships with specific lenders, offering competitive rates or special incentives for using their preferred financing options. Still, it's a good idea to get pre-approved for a mortgage before committing to a purchase.
Customization and Upgrades
One of the main attractions of new construction homes is the opportunity to choose from a range of new home amenities, including upgraded kitchens, luxury bathrooms, energy-efficient appliances, and smart home features.
Customization can add up, so it's essential to stick to your budget and prioritize the best features.
HOA Fees and Covenants
Many new residential developments in Winston-Salem are part of planned communities that are governed by homeowners' associations. Before purchasing, review the HOA fees and regulations to ensure they fit your lifestyle.
New Construction Homes Are Yours for the Taking
With new construction homes, you can have a clean slate for rental purposes and more.
Are you wondering what to do after getting your first rental property? Look no further than PMI of the Triad. We offer North Carolina renters holistic solutions that include advertising, tenant screening, repairs, and more.
Get the ball rolling by asking our PMI team for a complimentary rental analysis.
