Building a new home in Franklin – Purchasing a new home is a lot different that buying one that’s already finished, and it’s easier to make a mistake with a new home than it is with a resale home,so let me give you a few tips to help.
- They are just protecting the builder – If they’re the builder’s agent, they’re being paid to represent the builder, no matter what they tell you. Let me say that again, the builder’s representative is representing the BUILDER, not YOU, regardless of how they represent themselves to you. Your own Franklin real estate agent, who is representing YOU, and you alone in this purchase, is required to tell you the negatives as well as the positives. The builder’s agent doesn’t have to tell you the drawbacks of the transaction, nor do they. It’s against the law for them to point out the negatives of the home, or lot, because they represent the builders interest. Building a new home in Franklin can be a challenge, don’t fight the battle yourself. And one more thing, a hiring your own buyers agent is free, the commission is already negotiated in the listing agreement. And for those of you who think you can save money without an agent, think again. Builders will never reduce the price of a new home in a good market, because it causes appraisal problems for any other homes that he plans to sell in the future.
- Hire your own mortgage Broker – If you go through the builder’s lender, the lending agency may appear to be offering you a deal but, in MOST cases what they offer IS NOT in your best interest. Oftentimes, the Franklin builder actually OWNS the lending company, reducing any confidentiality that you would have with your own lender. The builder will have full information on your personal finances and your lending progress. Your Franklin real estate agent can refer you to a reputable lender who will provide the appropriate privacy as well as, in most cases, will offer you a better lending package.
- Have an Attorney or Experienced Franklin Realtor Review the Contract – Franklin Builders never use standard contracts, they use ones designed to protect the builder, and even though they may have good intentions, it would be in your best interest to insure that the things you want done are in the contract. Confirm that you have cancellation rights and that you understand the liability before you agree in writing to anything.
- Have all of the options and upgrades documented in the contract – This is where Franklin builders usually improve on the profit margin, and the builders agent will really push to have as many of these in the contract as possible. Your buyers agent on the other hand should be advising you on the resale advantages or lack of any for these upgrades. I usually talk my buyers out of $20,000 to $30,000 in upgrades on each new house, because they will never get it back when they sell, and even though it may look nice in the model home, it’s not something they will use. That’s where experience is useful, I know what buyers are looking for, and what they are not willing to pay for.
- Research the Franklin Builder – Not long ago, a lot people lost their down payment or were stuck with a home that needed a lot of work because many builders were having financial problems and couldn’t pay their contractors. You can imagine the quality or lack of that was showing up as a finished product. I know of one builder who fled the state with millions of dollars that were borrowed against his clients properties. Thankfully none of my clients were involved, for good reason. In other cases, when the market was really active, builders were having to use inexperienced help because they had too many homes under construction. It’s not always the biggest, or the smallest builder that’s the best, so make sure you have someone check out the Franklin builder before you decide to be his partner in a home.
- Hire a good Home Inspector Immediately – A good home inspector will be able to insure that all of the different stages of construction are correct, before they get covered up by drywall. The plumbing and electrical systems are all checked by the codes department, but those are government employees, with very secure jobs. Meaning that they may or may not do everything to protect you before giving the builder the go ahead to the phase. Of course I can help you with finding a great home inspector.
Owning a new home in Franklin with all of the options and upgrades that you’ve always wanted is a great experience. And watching you own home under construction can be very stressful if you don’t really know what’s happening. Hire a buyers agent who understands home construction and can explain the process to you while they are insuring that your home is progressing as expected.
Thinking about building a new home in Franklin ? Call me before you start shopping, so that I can keep the hounds at bay. Meaning that when you show a builders agent my business card, the hard sell will stop immediately, and then they will just answer your questions and show you around the models. It’s a much more pleasant experience to look for homes when you have a buyers agent known by most of the builders in Franklin. Let me know when you’re ready to start, it normally takes around 6 to 8 months from the signing of the contract to moving day, so it’s probably time to get started.
Some of the more popular neighborhoods for new Franklin homes are
- Hurstbourne Park
- Ladd Park
- Mckays Mill
- Villages of Clovercroft
- Watkins Creek
I can direct you toward your best options based on your lifestyle and price range. An example is that I would recommend Mckays Mill or Villages of Clovercroft if you price range is $350,000 to $450,000 and you work in downtown Nashville, instead of Ladd Park or Westhaven because if will make your commute every day much shorter. My job is to help you make good decisions.
Call me today at 615-512-7853 or email firstname.lastname@example.org
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(all data current as of 12/17/2014)
$599,900 : 202 Terri Park Way, Franklin5 beds, 4 full bathsListed with Brown & Brown Realty
$1,180,000 : 516 Pearre Springs Way, Franklin5 beds, 4 full, 1 part bathsListed with Tim Thompson Premier REALTORS
Listing information deemed reliable but not guaranteed. Read full disclaimer.