What to Expect After Signing Your New Home Contract

Congratulations on signing your new home contract! Now that your neighborhood and floor plan decisions have been made, it's time to start planning for what comes next. In this article, we will provide you with a guide to help you understand what to expect after signing your new home contract.

 

 

Understanding Your Contract

One of the first things you should do after signing your new home contract is to carefully read back through it. It is essential to understand the terms and conditions outlined in the agreement, including the purchase price, payment schedule, closing date, and any contingencies.
 
Make sure to take note of any deadlines and obligations that you need to fulfill to avoid any legal issues. Additionally, it's important to understand what happens if you default on the contract, as there may be penalties or legal consequences.
 
 

Rely on Your New Home Consultant

Many new home builders have a new home consultant who will guide you through the homebuilding process. This consultant can answer any questions you have about the process and help you make decisions about your home.
 
The consultant likely helped you choose the right home design and lot for your needs. They can also provide additional information about the community and any amenities that are available.
 
 

Select Your Upgrades and Options at the Design Center

The design center is where you can select upgrades and options for your new home. This is a crucial part of the homebuilding process as it allows you to personalize your home to fit your lifestyle and preferences.
 
Your builder and sales consultant will invite you to visit their design center and assist you with selecting the final touches of your new home. This can include things like flooring, countertops, lighting, cabinetry and more. Be sure to decide what is most important to you. Is it the kitchen, the flooring, or the bathrooms? Once you know what you want, you can then research and understand the different options available to you. This can help you make informed decisions about the upgrades and options you want that add value to your home.
 
 

What are the steps of the construction phase of a new home?

After choosing your various finishes and fixtures, your home enters the construction phase. During this period of home building, your builder:
 

1. Obtains any and all necessary permits
2. Takes care of site preparation
3. Constructs the foundation
4. Frames the house
5. Adds mechanical systems like heating and electrical
6. Finishes the exterior of the home
7. Finishes the interior of the home
8. Landscapes the home

At the start of construction, typically buyers meet with their builder for what they term as a "Pre-Drywall" meeting. At this stage the builder explains how the components of your home will work together, inside and out. Ask your builder about their orientation process because each builder's process varies.

 

Safety-First: Wait to be invited to the construction site

As a general rule, builders have various times that you can visit the home during construction. Because construction sites can be dangerous, you will not be allowed to visit uninvited or unaccompanied. You will need to consult your builder to learn how and when safety measures are in place so you may visit the construction site.

According to Jaymie Dimbath, VP of Sales and Marketing for Coastal Carolinas division of The PulteGroup, their home buyers are able to visit their home midway along during the construction phase. She told The Greater Charleston New Homes Guide, “Midway through construction, during the Build Quality Orientation, the buyer will meet with their Field Manager at their home to have a guided tour of their home-in-progress. The Field Manager will personally lead the buyer through the build and show off the structural integrity, mechanical elements, and expert craftsmanship of the home.” 

 

Financing Your New Home

If you haven't secured financing for your new home, it's crucial to do so before the closing date. Lock in to the best mortgage rate  and terms that fit your financial situation.
 
Make sure that you have provided all the necessary documents to your lender and keep track of any deadlines. You will also need to have homeowner's insurance in place before the closing date.
 
There are many different types of mortgages available, including fixed-rate, adjustable-rate, and government-backed loans. It's important to understand the differences between each type and choose the one that's best for you.
 
 

Inspections and Walkthroughs

Before closing, it's also important to conduct inspections and walkthroughs of the property. This is to ensure that the property is in good condition and that all items outlined in your contract are in place.
 
Inspections can reveal any issues that need to be addressed before you take possession of the property.
 
Schedule a home inspection with a licensed inspector to ensure that the home is in good condition. The inspector will check for any structural issues, electrical problems, and/or plumbing concerns. If there are any issues, you can have them fixed before your closing date.
 
You should also conduct a walkthrough. During the walkthrough, you will ensure that all upgrades and options you have requested are in place. This includes appliances, fixtures, and any other items that you have selected.
 
 

Closing Day

Closing day is the day you take possession of your new home. On this day, you will sign all the necessary documents and pay any closing costs. It's a significant event in the homebuying process, and it's essential to be prepared.
 
Ensure that you have all the necessary funds and documents with you on this day. This includes a government-issued ID, proof of homeowner's insurance, and any mortgage documents.
 
Your closing costs can vary depending on the location and price of the property, but typically include things like title insurance, appraisal fees, and attorney fees. Your lender will provide you with a breakdown of these costs before closing, so make sure to review them carefully.
 
 

Moving In

Congratulations, you are now a homeowner! Moving in can be an exciting yet stressful time. Ensure that you have a plan in place for the move and coordinate with any necessary vendors such as movers, utilities, and cable companies.
 
It's a good idea to take pictures of the property before you move in to document its condition.
 
 

Enjoy your new home

Experience the peace of mind that comes with owning a new home. Take care of your investment according to the guidelines provided by your builder because after closing your new home enters the warranty phase and you will want to take advantage of any coverage offered during this time. For insights on the warranty period, read our post on the topic.

 

FAQs

Q:  What steps should take after signing my new home contract?
A:  After signing your new home contract, you should take the time to understand the terms and conditions outlined in the agreement. Secure financing for your new home, work with your new home consultant, select upgrades and options at the design center, conduct inspections and walkthroughs, and prepare for closing day.
 
Q:  What are the steps of the construction phase of a new home?
A:  The steps of the construction phase of a new home typically include obtaining necessary permits, site preparation, constructing the foundation, framing the house, adding mechanical systems like heating and electrical, finishing the exterior and interior of the home, and landscaping the home.
 
Q:  What should I look for during inspections and walkthroughs?
A:  During inspections, a licensed inspector will check for any structural issues, electrical problems, or plumbing concerns. During the walkthrough, you will ensure that all upgrades and options you have requested are in place.
 
Q:  What should I expect on closing day for my new home?
A:  On closing day, you will sign all the necessary documents and pay any closing costs. Your closing costs can vary depending on the location and price of the property, but typically include things like title insurance, appraisal fees, and attorney fees. Ensure that you have all the necessary funds and documents with you on this day.
 
Q:  What should I bring with me on closing day?
A:  On closing day, you should bring a government-issued ID, proof of homeowner's insurance, and any mortgage documents. You should also have all the necessary funds to pay any closing costs.
 
Q:  What should I do after moving in?
A:  After moving in, you should take pictures of the property to document the condition. This can be useful if there are any disputes with the seller after closing. You should also coordinate with necessary vendors such as movers, utilities, and cable companies.


 

 
Thank you for reading and sharing our articles from The Greater Charleston New Homes Guide. Our business is to know Charleston, SC's new home construction, home builders, neighborhoods, and homes so we may assist you as you take your new construction home journey. Please take the time to explore our site. The Greater Charleston New Homes Guide is considered the best and most reliable ‘local’ resource to new home construction, builders,  neighborhoods,  and homes  throughout the Lowcountry since 2004.
 

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