FAQs - Common Questions on New Construction Homes
- Author:
- Zachary Sodolak
- Posted:
- February, 16, 2024
- Categories:
- About Our Communities
Q: Do new construction
homes come with
appliances?
A: Depending on the builder, some new construction homes will come with appliances, and others will not. That said, most do not come with appliances such as a washer and dryer. Be sure to ask your NHC for information if you are ever unsure on what will come with your new construction home.
Q: Are new construction
homes worth it?
A: Depending on what “worth it” means to you, new construction homes will have a wide variety of benefits. There are a wide variety of benefits to buying a new construction home, ranging from:
- Financial Benefits: New construction homes are typically worth more and appreciate faster than pre-existing homes.
- Tax Credits: Typically, there are tax credits available for new construction home owners to take advantage of. Read our guide on tax credits for new construction homes to learn more.
- General Aesthetic: New construction homes will typically match the modern trends of the time that they are built, which would lend to their attractive design for the modern buyer. Browse our gallery here.
Q: How do you finance
new home construction?
A: New construction homes are financed like any other home. The lender will look into the sales price you are looking to secure financing for, and go deeper into your credit history and various purchase factors. If you decide to buy with Kindred Homes, you are welcome to utilize our in-house lender, Kindred HomeLoans. They specialize in our new construction homes and can help you get a great rate for your new home.
Q: Is there a lemon law
for new construction
homes?
A: The short answer is that, no, there is no lemon law on new construction homes. That said, there are many protections in place ranging from:
- Home Warranty request process: View Kindred Homes’ warranty page here.
- Pre-construction meetings: These meetings are designed for the builder to walk the buyer through the home construction process step-by-step, and give an opportunity for the buyer to answer any questions on the building process.
- Mid-construction walkthrough: These walkthroughs allow for home buyers to visually step into the home that they will soon be living in prior to closing.
- Inspection reports: Many builders will provide an inspection report prior to the homeowner moving in to the new home. This helps to establish trust between the buyer and the home builder that a quality home was constructed.
Q: When is the appraisal
done on a new
construction home?
A: The appraisal of a new construction home is typically completed once construction is complete and the home is deemed to be move-in ready. This can vary depending on whether you are buying an inventory home or looking to build a home, so consider carefully. If you are curious to learn more about the appraisal process, click here to read our most recent blog post on how new construction home appraisals are done.
Q: When is the down
payment due on a new
construction home?
Typically, the down payment for any home will be due at the closing table, whether you are purchasing new construction or an existing home. Additionally, if your situation allows, your earnest money deposit will apply to your down payment.