3 Things to Consider Before Shopping for a New Home

Josephine & Raj Sharma
Published on March 12, 2018

3 Things to Consider Before Shopping for a New Home

The homebuying process is one that is full of decisions when it comes to buying a home in Lake Elsinore, CA.  Do you want a house or a condo? Should you shop for a new or an existing home in Lake Elsinore, CA or surrounding cities? If you settle on a newly-built home in Lake Elsinore, a whole new set of decisions enters the picture when buying your next home. Before you hop in the car to visit new home communities in Lake Elsinore,CA, however, there  are a few things you should do to protect yourself during the purchase process. Lay the foundation properly, and you’ll make it to closing with nary a hitch.

Realtor in Lake Elsinore

1. Get Clear on your Finances

Walking into a new-home purchase without knowing how much you can afford to spend on a house puts you at the mercy of the builder and/or their lender. Since buying home may be the biggest financial decision of your life, you owe it to yourself to go into the process with as much knowledge as possible. See a lender before viewing any home. Find out how much you can spend and then stick to that price range when shopping for a home in Lake Elsinore, CA. Then, compare lender quotes before making a final commitment. Sometimes the builder’s preferred lender offers the best deal – but not always. Get the cost of each loan from each lender you speak with. Find more information on how to shop for a mortgage from the Federal Trade Commission.

New Home Community

2. Choose a Community

New home communities offer various amenities. Many are managed by a homeowners association. We live in a nice community in Lake Elsinore, CA called “Canyon Hills” to see homes for sale in “Canyon Hills” community Click Here. But, they also come with an added monthly fee, so consider the fee’s impact on your budget. Then, make a list of features you desire in a new community. Some of the criteria you may choose include:

  • Proximity to schools.
  • Outdoor recreational opportunities
  • An area with lots of children or, on the other hand, few kids.
  • Your commute time to work.

Once you know your budget, and what you’re looking for in a neighborhood, it’s easier to narrow down where to shop. Here are some other great communities in Lake Elsinore CA 92530 and 92532 zip codes.

 

3. Research the Builder

There are a number of ways to do this, but starting with the Better Business Bureau is a good first step. Check for complaints against the builder and the company. Ask your agent what they know about the builder. Find out what other communities the builder has helped developed and visit one or two of them. Stop and chat with any residents you come across to find out if there are any common problems with the home in Lake Elsinore, CA. When you visit the communities on your list you’ll be greeted by a real estate agent. If you find a home you like it’s only natural to assume the whole process will be streamlined if you use this agent for the purchase.

Not a wise decision, and here’s why: that agent represents the builder.

Builder sales agent is looking out for the best for the builder not you.  Buyer’s representation costs you nothing – the seller (the builder in the case of new homes) pays all real estate fees. So there is really no reason not to hire your own representation for such an important investment when buying your next dream home in Lake Elsinore, CA. Ask the builder for a walk-through of the new-home buying process—find out the schedule, the number of inspections that will be performed and get a features sheet list. Arm yourself with as much information as possible and the process will go smoothly. If you’re on the market for buying a new home in Lake Elsinore or surrounding cities, please feel free to contact us, we will love to help you and your family find the right home. Check out all the new homes for sale in Lake Elsinore, CA and nearby cities on our website-  Click Here

Riverside Real Estate Market

 

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