Nashville is one of the fastest-growing metro areas in the nation. Over the past decade, population growth has also brought about a demand for new housing. New construction has soured in Nashville and the surrounding suburbs, becoming a popular option for homebuyers. In the past few months, especially, new residential construction is on the rise. If you’re eager to take advantage of the benefits of a new build, these are our top tips for navigating new construction homes in Music City.
Take Advantage of Your Agent’s Knowledge
The nuances of buying a new construction home are unique from the traditional home buying experience. Builder reputation, lender incentives, customization, and build contracts are all things to consider that wouldn’t even cross your mind when buying a pre-existing home.
Real estate agents have helpful, hyper-local knowledge that is especially useful when approaching new construction. Whether through networking or previous experience, agents are able to guide you to reputable home builders as well as walk you through the unfamiliar additional contracts and details of new construction.
It is helpful to contact a real estate agent prior to visiting or pursuing a new build. Some community build sites have strict policies about your agent being present from the very first point of contact. Otherwise, you may end up unintentionally working with the seller’s representative who has the builder/owner’s best interests in mind.
Understand New Construction Features and Customizations
When you visit a model home in a new construction community, you are more than likely looking at a floor plan or features that will be different than what you purchase. Model homes put their best foot forward by including all of the available upgrades.
With your agent as your advocate, make sure you clearly understand which features come standard to every home and which ones are upgrades. This will help you budget and choose the customizations that are most important to you.
Some features that are common in new construction this year include walk-in closets, energy-efficient lighting and appliances, programmable thermostats, and kitchen islands.
Consider Negotiating with Features Rather than Price
The price of new construction homes tends to be less negotiable than with pre-existing home sales. Because of that, it is helpful to approach your home purchase with a plan to negotiate customizations and upgrades rather than price.
New construction communities are eager to sell their homes quickly. The longer homes sit unoccupied, the more it is costing the builder. Ask your agent if it is appropriate to ask for builder concessions in the form of upgrades, and let them help you navigate those requests.
Thoroughly Review Contracts
With new construction, there is an extra builder’s contract or addendum in addition to the purchase contract. This will include details on building warranties as well as the overall terms of the building process. As the buyer, it is important that you review this contract carefully and even consider having it reviewed by a real estate attorney. The builder’s contract should specify the expected features, timeline, and responsibility—and understanding these details will help you negotiate expectations when it comes to the final product.
Set up a Home Inspection
Just like a traditional home purchase, we recommend having your new construction home inspected before the final closing. This is to ensure the builder has done their due diligence and delivered on everything in the contract and is using quality methods that are up to code.
New construction homes, like any building project, can easily run into unexpected delays. These delays in material delivery, permitting issues, (or even a global pandemic!), can cause frustration for new homebuyers. To alleviate some of the stress that can come with purchasing a home, know that your agent will advocate for your needs. Even if timelines are disrupted, your agent will help to ensure your investment is protected and you get a new construction home you love.
Find a Nashville, TN Home You’ll Love
At Connecthome, we love sharing our local knowledge to help our clients find the right neighborhood, suburb, and new construction home! Contact us to learn more about how we can help you navigate Nashville’s booming housing market.