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Buying a New Home from a Builder

May 27, 2008  |  Difficulty: Easy

Cosy home
Buying a new home from a builder can be very exciting. You are creating the type of home you want, every decision is up to you. From the price range to the floor plan, you are making a home that fits your every need.

This is the perfect scenario, right?

Not if you get a bad builder. One woman said that she visited a local builder. When she went into the showroom she saw the drawing of how the finished home would look. She was completely enthralled with the floor plan. She decided to sign the papers that day.

Unfortunately, over the next few months she realized that the builder was very unpredictable. When she got her closing date, she gave her final notice to the apartment manager. But she found out the next day that the builder was not prepared for her to move into her home. She had to live in a hotel for 12 days, with all of her material belongings still inside of the moving truck!

Finally, moving day arrived. However, when she moved in she noticed that the work inside was very unsatisfactory. Most of the work violated state building codes. She had to take legal action to get things corrected. But not all of the problems she experienced were listed on her warranty and so went unfixed. 

She wanted to move out immediately, but she noticed that the value of her home was very low. She realized that it would take over 10 years for the value of the home to surpass the value of the initial mortgage. And probably even more to make sure that the value of the property was enough to afford to sell it.

Eventually, she looked up the builder’s rating with the local government warranty body. Even though it was too late, she saw that the builder had an awful reputation. She then understood that she could have avoided all of her problems by taking the time to research the reputation of the builder before she signed any contracts.

What can we learn from this woman’s nightmare? Do your research before choosing a builder. Check with the local Better Business Bureau and other state organizations that report the reputation and customer satisfaction of a builder. If you do not, you could have the same outcome.

Also, before signing any contract have a housing lawyer look over it, to check for fraud or undue charges. If you find out that the contract poses concerns, get it changed, or decide to do business with another builder.

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