Congratulations you've decided to buy new construction in Prince William County Virginia. Watching your new home go from an empty lot to dream home can be an exciting process. It also means that you need to be prepared for a process that can take from 4-6 months for a "stock" built home and a year or longer if you are building a totally custom home. During that time period you are going to have a lot of decisions to make and certainly you will second guess your decisions along the way.
Just as with buying any home you should have a firm idea in your mind what you want to spend and where you want to live. In today's market in Prince William County there are a number of new home communities going up in Bristow, Dumfries, Manassas, Woodbridge and everywhere in between. You may be tempted to jump in your car on a Sunday afternoon and view all the model homes you can.
STOP, don't leave home yet.
First you need to talk to an independent lender to get pre-qualified. By independent I mean a lender who is not associated with any builder you might visit. You can go to any of the major lenders in your area or if you belong to a credit union talk to them. Have that pre-qualification letter in hand so you know what they are offering you in the way of an interest rate, loan fees and projected closing costs. They lender should provide you with what is known as a "Good Faith Estimate" (GFE). Now armed with a pre-qualification letter and a GFE you might think you are ready to go.
STOP, don't leave home yet.
The next and most important step is to find a buyer's agent who has experience working with new construction in Prince William County. The builder's representative works for the builder. Just as the listing agent is working for the seller on a re-sale home. You may be under the impression that you can't have your own representation when you buy a new home but that is not true. The cost of sale to the builder already accounts for an agent's commission. You won't get any more of a deal without an agent and having an agent with you might save you thousands of dollars in your home purchase.
How do I know this? I have been representing both buyers and builders on new construction projects in Prince William County during both the boom and bust of our real estate market. In 2009 I've closed nine new construction deals and have 4 more under contract. Now armed with a pre-qualification letter and an agent experienced with new construction in Prince William County you are ready to take a tour of your first new construction project. Remember your agent must be with you when you step in the builder's door or they will consider you fair game.
Stay Tuned for Part 2 of the Prince William County New Construction Buyer's Guide-"What to look For as You Tour the Model Home.
If you are ready to get started on looking at new construction in Prince William County give Cindy Jones a call at 703-346-2213. Let my experience with builders and new home contracts give you an edge to get the deal you really want on your new home. Now more than ever an experienced buyer's agent on your side is critical to protect your best interests.
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