Embarking on the home-building journey is an exciting adventure, especially in a community like Harvest by Hillwood in Argyle/Northlake, TX. Still, building your own home comes with its fair share of challenges, and it’s only natural to have a lot of questions.
What should you expect when building a new home? This guide aims to demystify the process from start to finish, providing a clear roadmap covering the entire journey you’ll experience when you decide to build your dream home at Harvest.
What Is the Process for Buying a New-Build Home?
Building a new home is a unique experience, completely distinct from purchasing a pre-owned property. It involves several stages, from selecting your ideal lot and home design to the final construction and move-in.
Establishing Your Requirements, Goals & Limitations
Before diving into the building process, it’s crucial to define your goals and requirements. What inspired your move to Harvest? How will your new home fit into your ideal lifestyle? Consider your list of ‘must-haves’ and ‘nice-to-haves’ in your new home. It’s also wise to get prequalified by a lender early in the process to understand your budget and limitations.
Using a Realtor When Buying a New Build Home
While it’s not mandatory to use a Realtor for a new build, having one can offer numerous benefits. A seasoned agent can educate you on what to expect when buying a new build home. Plus, they can provide market insights, help negotiate with builders, and guide you through the buying process. If you decide to use a Realtor, make sure to involve them from the start and inform the builder’s representatives.
Exploring Your New Home Options
Harvest offers various ways to shop for and select your new construction home, both online and in person.
Online
- Home View: Browse all available home designs, filtering by criteria like square footage, builder, price, and number of bedrooms and bathrooms.
- Map View: Choose your preferred lot or section in the community, then select from the designs available for that lot. This option is ideal if you have a builder you know you would like to work with, or if you want to live in a specific section of the community, like The Retreat.
- Quick Move-In Homes: Explore homes that are currently under construction and will be ready soon.
In Person
- Model Homes: Visit the builders’ model homes to get a feel for the home styles and floor plans. You can also learn about options like design selections and upgrades.
- Realtor Assistance: A Realtor can help you navigate the options and find the perfect fit for your needs.
Once you’ve chosen a design, a visit to the builder’s model is essential to finalize details like design selections, upgrades, and contract terms.
Financing Your New Build Home
Understanding the financing process is a crucial part of your home-building journey.
The initial step in financing your new build home involves putting down earnest money, typically ranging from 1-3% of the home’s price. This serves as a commitment to the builder and secures your chosen lot or home. Your official mortgage closing will take place later, when the house is completed.
Advantages of Builder Financing Options
Many builders at Harvest have their own mortgage lending departments or collaborate with preferred lenders. This offers significant advantages over buying a pre-owned home. Here are some examples of what these partnerships can provide:
- Graduated Interest Rate Mortgage Offers: Some builders may offer mortgages with graduated interest rates. For instance, you might start with a lower rate in the first year, gradually increasing it over time. This helps make the initial years of homeownership more affordable.
- Location-Specific Incentives: Depending on the specific area within Harvest, builders might offer savings on closing costs.
- Flexible Cash Incentive Offers: Builders or their lending partners might provide cash incentives that can be applied in various ways, such as buying down the interest rate on your mortgage, offsetting closing costs, or funding upgrades and customizations to your home.
Exploring Other Financing Tactics
If these specific builder options aren’t available, there are still several additional strategies to secure a favorable mortgage rate:
- Working with a mortgage broker to access rates from multiple lenders.
- Considering an Adjustable Rate Mortgage (ARM) for a lower initial rate, with plans to refinance later.
- Adjusting loan variables, like paying points to lower the rate, increasing your down payment, or opting for a shorter loan term.
- Exploring different loan products, such as a Home Equity Line of Credit (HELOC), especially if you’re relocating and need funds for a down payment.
Construction of Your New Home at Harvest
The construction process involves several stages:
- Foundation: Laying the groundwork for your new house.
- Plumbing and electrical connections are installed below-ground
- Framing: Constructing the basic structure and shape of the house. As your home’s ‘skeleton’ grows, you’ll see the shape of what it will soon become.
- Roofing and Exterior Work: Roofing and siding ensures the home is weather-tight.
- Exterior doors are installed
- Brick, stone, or stucco are added
- Roof decking and shingles are added as well
- Interior Work: From drywall to fixtures and finishes, this is when your home begins transforming from a work-in-progress construction site to something actually resembling a home you can live in.
- Drywall is hung, taped, and mudded
- Appliances are installed
- Final Touches: Painting, flooring, and detailing.
- Baseboards, doors, and cabinets are added during this stage
- The final touches (painting, caulking, staining) add detail, color, fixtures and final finishes to your home
Final Stages of Building a New Home
As your home nears completion, there are a few critical last steps you must undertake before you’re able to move in. Here’s what to expect:
- Home Inspection: Some buyers opt for a professional inspection to ensure everything is just right. A professional inspector can identify any issues that might not be immediately apparent, giving you peace of mind before moving in.
- Final Walkthrough: This step is conducted with the builder’s representative to ensure that everything is in order. It’s your opportunity to go through the home, room by room, to ensure everything meets your expectations and aligns with what was agreed upon, noting any last-minute adjustments that need to be made.
- Adjustments: Any last-minute tweaks or fixes are made. The builder is typically responsible for making these adjustments promptly, ensuring that everything in your new home is satisfactory.
- Closing and Funding: This is where the financial and legal aspects of the home purchase are finalized. This process involves signing a multitude of documents, finalizing your mortgage arrangements, and officially transferring the property into your name. It’s the last step before the home is legally yours.
- Receiving Keys and Move-In: Congratulations! You made it. Once the closing is complete, you are officially a homeowner. You can now move into your new construction home and start making it your own.
Find Your Dream Home at Harvest by Hillwood
Harvest by Hillwood offers a unique opportunity to build your dream home in a vibrant community with incredible amenities and proximity to great schools. With various designs and builders to choose from (and many currently offering incentives), now is a great time to buy!
Explore your options online and visit the builder’s models to discover special offers. Find your new home at Harvest and start the exciting journey of building your dream home today.
