Now is the perfect time to buy a new home! Especially during these times where used/resale homes are the same price point as a New Build. Why buy a used/resale home if you can buy New for the same price?
Buying a New Home is a fun and exciting process!
Buying a new home can be exciting and intimidating all at the same time. And buying a new home is a rare opportunity that many people throughout the world do not have the ability to do. In the United States we are blessed to be able to have the ability to purchase a home – whether it is new or resale.
The awesome part about buying a new home is the fact that you get to pick your location, the community you want to live in, and most importantly, the best floor plan that meets your lifestyle and needs. It does not have to be in anxiety, provoking or deal, nor does it have to be daunting. With Covington Homes' guide to the new home purchase process, you will find that building your dream home can be, and is, a fun and enjoyable journey
With our guide to homebuying, we can help you answer questions.
What floorplan best suits your needs, what specific features are you looking for in a new home, and how much of a mortgage do you qualify for? And what documentation is needed for the mortgage process? Our community sales managers will work directly with you to assist you through the buying and build process, and help you with what to do and what not to do.
Most importantly, though, this homebuying guide is beneficial for helping you navigate the new home buying process, with the goal of you being able to purchase a new home that meets your budget.
What type of home and where is it located that best suits your needs?
The first step is determining what type of home and floorplan meets your lifestyle and needs. Choosing the perfect home to purchase and build involves deciding much more than how many bedrooms you will have. Especially because when you buy a home, it is a long-term commitment. The next step is to determine what features you currently have in your home and what features you would like to have in your new home. It is not unusual for needs and preferences to change over time so it is very important to talk through these things with any family members that may be purchasing and /or living with you in the new home. The important thing to remember is to take the time to communicate with everyone involved in the process in order to build the most ideal home for your lifestyle and situation.
What specific features do you envision your ideal home having?
When looking to purchase and build a new home it is important to know what basic features you need in the home. How many bedrooms, bathrooms, kitchen, and gathering spaces, as well as outdoor areas and energy, efficient features. Does a traditional two-story home or a single-story ranch plan work best for your living situation? What structural features are important to you, what flooring and cabinets and countertops and construction features do you envision in the home? What particular community suits you best? Which city and which area of do you want to live in? Do you like living close to the city and shopping and restaurants or do you prefer to be a little more outside of town? Does the community need to have a central gathering place and gym and pool and other amenities? What are the nearest schools and what is the school district? What is the nearest hospital and health care facilities?
What type of mortgage and what amount do you qualify for?
There are many different financing mechanisms available when purchasing a new home. Conventional, FHA, and VA, are the major types of mortgage loans. Covington Homes has preferred lenders that can help you through the mortgage process. Covington Homes has been in partnership with our preferred lenders, since our company’s founding over 15 years ago. Many of these partnerships go back decades, which is why we trust our preferred lenders to take the best care of our buyers throughout the new home process. Given that the financing of a home through a mortgage can be a daunting and often complicated process, we have hand selected these preferred lenders to make the process much easier for our buyers. In the current market with higher interest rates than we have seen in 2020 and 2021, options are available, such as rate buy downs and rate locks for our buyers. This enables our buyers to purchase a home at a lower interest rate and ease into the current rate over a period of years. The rate lock allows our buyers to lock in a rate, now to avoid potential, increases in interest rate down the road while the home is being built.
Before you embark on your new home purchase, you will need to understand what amount of mortgage you qualify for. To do this, Covington homes can connect you with one of our preferred lenders, and they will review all of your information, including income, savings and assets, credit scores, amount of time at your current job, and all other information they need to determine what amount of the loan you qualify for. You may be pleasantly surprised that you qualify for a larger amount than you thought, which will in turn give you the ability to add additional features and upgrades into your new home. Please remember that you will need to provide the actual documentation to the lender in order to back up the information you give. We recommend that you work with one of our preferred lenders to obtain loan approval prior to contracting. We also recommend that you speak with all of our preferred lenders and decide which lender best meets your needs as it pertains to fees and rates and ability for you to be approved.
Who will help you find a new home and guide you through the purchase and build process?
At Covington Homes our community sales managers are ready to help guide you through the new homebuying process. New home sales consultants are not required to be licensed realtors, however, Covington Homes always ensures its sales leader is a licensed real estate broker. Therefore, Covington Homes has a registered real estate license with the Colorado Association of Realtors and the Pikes Peak Association of Realtors.
Given this, it is not necessary that our buyers have a realtor for purchasing a new home. However, we do recommend if you have a home to sell or are purchasing a resale/used home- always use a licensed realtor. If you already have a realtor, you are working with it is important that you disclose this to us, so that our sales team can commence working with them.
The new homebuying and building process is a fun and exciting time!
It is very advantageous to build a new home, because you are able to order the features and upgrades that best suit your lifestyle without having to settle for a resale home that often times requires maintenance, work, additional unknown costs, and even remodeling.
At Covington homes, our sales team is the best in the business at building trust, providing transparency, communicating effectively, and walking you through the entire process from preapproval to contract to build to close.
Buying a new home is an exciting journey, and Covington homes is ready to help you find your Dream Home. You New Home Awaits!
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