Guide for Buying a New Construction Home - How to BUY a House from a Homebuilder

[@TyWilde]

For more great videos like this hit the subscribe button kzbin.info/door/0X9q1Yr_JARSO8hYHf9RRg

[@azmatrasool9318]

Hi I am asking you for your well you are fine I am a big fan of you and you are a good man I love you whole heartedly if I was you I would serve you a lot.

[@TyWilde]

ozaan khan Thanks so much for the compliment. I appreciate it more than you know.

[@azmatrasool9318]

@@TyWilde You guys make one thing and give it a hundred years guarantee

[@azmatrasool9318]

@@TyWilde The thing you guys make is the world number one quality

[@TyWilde]

ozaan khan Thanks!

[@VROne111]

Great video and channel Found my instructional sessions to benefit from and pass down

[@TyWilde]

YES! Thank you. I'm so glad I could help you. Please let me know if you have any other questions.

[@TyWilde]

BTW, Where are you from?

[@VROne111]

@@TyWilde sure to get back to you with questions from Baltimore MD

[@TyWilde]

@@VROne111 Awesome. I look forward to hearing from you again.

[@Chaosweaver-1]

Ernest money must have gone up, 10-12k in my area

[@TyWilde]

Yeah, this video was made before the madness we are experiencing right now. The builder I represent is currently requiring $10k & that's pretty average here in Utah. Where are you from?

[@Chaosweaver-1]

@@TyWilde NC

[@Chaosweaver-1]

@@TyWilde atleast 30 year fix is 2.5

[@TyWilde]

@@Chaosweaver-1 Nice. I'd love to visit that beautiful state some time.

[@TyWilde]

@@Chaosweaver-1 That's crazy. Thanks again for watching & for your comments.

[@sherwindriz5041]

Hello, thanks for the video. May I ask how much (in %) is the second deposit?

[@TyWilde]

That is an excellent question. This # can vary significantly by builder. Some may require $5,000 down while others may ask for $20,000 or more. Many require a percentage of you upgrades. Again, this number can vary significantly. This is an excellent question to ask builders before you commit to building with them.

[@sherwindriz5041]

@@TyWilde Great! After the second deposit, what would be the next step, can we move in already after the completion and paying the remaining balance via housing loan and all closing expenses?

[@TyWilde]

@@sherwindriz5041 Sorry, I'm just seeing this second message. Most builders will require the earnest money at time of contract & an options deposit before they'll start construction. Then, once the home has been completed, you'll go to a title company to sign closing documents. The money you gave the builder becomes your down payment & you'll get a loan for the remaining balance. Hopefully that answers your question.

[@marlonmagallanes1667]

If you’re house is in the building process when buying a new home, and the prices on the new built homes drop while you’re house is being built, does it affect the process and the price on the house that youre waiting to be built??? what happens then?

[@TyWilde]

This is an excellent question. The good builders will often lower the price of your home as well, but I would not count on it as most builders will not drop the price of homes that are already under contract. If you cancel, you will likely lose all of your deposits.

[@marlonmagallanes1667]

@@TyWilde when they do drop the price of the new builds while waiting for you’re house to be build, does it affect the appraisal value of the home too?

[@TyWilde]

This is an excellent question. The appraiser can only use homes that have closed for his/her report.

[@tdkzd777]

Wow, this is my first time watching your video and I instantly become your fan. So much information, very helpful as I have just started the new construction home buying process. Thanks for sharing your experience and time to help home buyers like myself. God bless you!

[@TyWilde]

Thanks you so much for the compliment. I really appreciate you taking a little time to write. I means more to me than you could imagine. Best of luck to you & please let me know if you have any questions. Oh, btw, where are you building a home?

[@tdkzd777]

@@TyWilde In greater Austin, TX. I have done some online research on builders there. Unfortunately, all I looked at had subpar reviews.

[@TyWilde]

@@tdkzd777 Yeah, that's tough. Usually it's best to find a mid sized local builder over large national builders.

[@tdkzd777]

@@TyWilde Thanks for the tip. I’ll research more.

[@TyWilde]

@@tdkzd777 You're very welcome. Best of luck to you my friend.

[@rafaelespinoza596]

Thanks for the info 👍

[@TyWilde]

You’re very welcome. Thanks for watching and four leaving a comment. I appreciate it more than you know. Where are you looking to build a home?

[@TravelingWilde]

If you’re looking to build a home. This is a must watch video!!

[@TyWilde]

Traveling Wilde - Travel Vlog animal conservation - Can I get an amen?

[@gladyslandon9851]

Thank you very much for this video. It helps me feel much more prepared for this adventure.

[@TyWilde]

Gladys Landon You’re welcome! Thank you for watching my video and for your comment. Best of luck to you! BTW, where are you building?

[@jensenjake9575]

👍🏻👍🏼👍🏾👍🏿👍👍🏿👍🏾👍🏼👍🏻 lol👍🏻👍🏼👍🏾👍🏿

[@TyWilde]

Yeah, buddy!

[@ChristopherAnderson_90s]

What if I have my OWN LOT. because I do. Will The only charge be for the home building only?

[@TyWilde]

That is a great question. The good news is that you will only need to pay for the construction of the home. The bad news is that you'll most likely need to find a custom home builder & they are usually more expensive. But, you can also customize your home. Where is your lot located?

[@ChristopherAnderson_90s]

@@TyWilde Mount Clemens Michigan

[@ChristopherAnderson_90s]

@@TyWilde 85x150

[@ChristopherAnderson_90s]

@@TyWilde with my lot SIZE Do you think a nice SIZE home can be built 🤔?

[@TyWilde]

@@ChristopherAnderson_90s Oh, wow! That sounds like a cool place.

[@StyledByLatishaMarie]

Great info!!! Thanks for sharing.

[@TyWilde]

I'm glad it helped. Thanks for watching & for taking a moment to comment.

[@jnbp9312]

Great video.

[@TyWilde]

Thank you! I appreciate your compliment more than you know!

[@mybinationallife9707]

Thank you for all your videos, especially this one! We close in two weeks and your videos have helped us navigate this complicated process. Thank you!

[@TyWilde]

My BiNational Life Thanks for watching my video and for the complement. I appreciate it more than you know. Good luck on your new home and please let me know if you have any questions.

[@gageharkness1970]

This is awesome. Thanks!!

[@TyWilde]

Gage Harkness - thanks for your comment & for watching my video!

[@TyWilde]

Gage Harkness - thanks for your comment & for watching my video!

[@ApocalypticGardening]

This is the best video on How to buy a home from a home builder.

[@TyWilde]

Thanks.

[@kirubhakaramrutha6750]

If I want buy new house but it’s take 8 to 10 months finish. Until getting home my Mortgage rate ?

[@TyWilde]

Usually you can only lock your mortgage rate about 45 days before closing so, there is a little risk there. Where are you looking to build a home?

[@imahustlur]

Thank you sir these videos are super helpful. Clear and concise. My wife and I are looking into building a home in Massachusetts (our 1st home).

[@TyWilde]

Brian Luu Awesome! Congratulations. Thanks for the compliment and for taking the time to write a message. I appreciate it more than you know.

[@racheltobeyhomes7465]

Thank you for the tips and insights, this is awesome!

[@TyWilde]

Rachel Tobey Homes Thanks for watching my video and for your comment. It’s appreciated more than you know!

[@BiologicalEngineer]

Your videos are incredibly helpful!! Cheers from Logan my friend

[@TyWilde]

Glad to hear it! Thanks for the compliment & thanks for watching.

[@jeffadams2955]

Thank you for all your information. It help me out a lot. We're in the process of building our home right now. It's in the drywall stage right now.

[@TyWilde]

Jeff Adams Thanks for watching my video and for the compliment. Best of luck to you. Please let me know if you have any questions.

[@lisahansen2696]

Great job!

[@TyWilde]

Lisa Torkkola Thank you so much! I appreciate you watching my video and for taking a moment to leave a comment. It’s appreciated more than you know.

[@geraldbennett7035]

I started to have a home built but had to quit. The homebuilder never disclosed what allowances there were for flooring, cabinets etc. So we were constantly over budget when choosing finishes. NEVER sign a contract to buy a home without the builder putting the allowances in writing for finishes, floors, doors, cabinets etc and you signing that you understand how the upgrade process works. The builder had me paying a 20% premium for all Overbudget items but this was never stated in writing nor did they mention this before we were under contract. The builder also tried to have me pay $100 per kitchen appliance if it was not in their base package! We only had some non-structural changes to review with the builder. 90 days went by between the time we signed the contract until construction began. They claimed it was the city taking too long to approve they plans but when I called the city they were only taking about 2 to 3 weeks. The builder simply wanted to schedule our build into their schedule. NEVER build a home without some sort of timeline and how the builder will make up time due to any delay (even weather). If the builder refuses then walk away. (you'll be very frustrated with not knowing why work is not being done). Make no mistake they do have a timeline for your build but they dont want to share it with you (otherwise they could never get anything scheduled for the several other homes they have under construction).

[@TyWilde]

Yeah, run as far away from that builder as fast as you can. Check online reviews before you commit. Most builders with 3.5 stars or better should be okay. I'm sorry you had a bad experience. What location were you building in?

[@Antoinette911]

Ty this information is such good information. I loved your story and the begging.

[@TyWilde]

LaShawn Jennings Thanks for watching & for the comment. Best of luck to you!!

[@jakejensen7177]

👍🏻👍🏼👍🏽👍🏿👍🏾!!!!!

[@TyWilde]

Yeah man. Thanks!!!!

[@SuperpowerCinematics]

Great info, thank you! The one thing I'm not understanding is the point about the buyers agent. We have already looked at multiple models and are now ready to bring in our agent to start the process on the one we have decided on. Why would they not allow us to do this? We spoke to a rep at Pulte homes and they said using a buyers agent is not a problem, but then the sales agent at the model said no.

[@TyWilde]

Superpower Reviews this is an excellent question, thank you! For a buyers agent to deserve a commission, they need to be the procuring cause. In other words, they need to be the person who brought you to the homebuilder. Homebuilders don’t want to pay a 3% commission to an agent who didn’t bring you to them. Understood? Please let me know if you have other questions.

[@riversoflivingwater3831]

Literally the best video I’ve ever watched about buying a new construction and I’ve watched plenty!!! Great job!!! Thank you! If you were my teacher growing up I probably would have got higher grades 😂

[@TyWilde]

Thanks for the awesome compliments. I appreciate it more than you know. Thank you sincerely for taking a moment to comment. Where are you looking to build a home?

[@DistortedAudio]

I’m looking to purchase land, then down the road build a house on it. With that in mind, does the processes you mention still apply if I would want to do 25-50% of the work myself? I would need the builder to build the foundation and house, apply for all needed permits, get the utilities setup, install the septic and well, but as far as HVAC, Electrical, Plumbing, Drywall, appliances etc. I would rather do myself. Do builders enjoy working with people like me, or do they tend to not accept that type of customer? Any help with this long-winded question would be greatly appreciated. Thanks

[@TyWilde]

Thanks for watching my video & you question. Building a home this way can be difficult because most home builders won't even consider working with you. You're probably doing to have to sub out the parts of the process you don't want to do or don't know how to do. Basically, you'd be the superintendent for the build process of you home. You'd need to get permits from the city & all of that. You could probably find a small custom builder who would help you through the process, but you'll pay a lot more that way. It will most likely take more than a year to finish the home by doing it this way as well. Hopefully this answers your question. If not, feel free to ask something else. Where are you looking to build?

[@DistortedAudio]

@@TyWilde Wow thanks for the quick response and information packed answer. Were not 100% sure yet where we want to build, so this is just the first stage of this whole process for us, the learning as much as we can before we do it. Trying to do all this down the road as painless as possible. We have 4 kids as well, so the less hiccups along the way the better lol.

[@TyWilde]

@@DistortedAudio That's how I roll.

[@TyWilde]

@@DistortedAudio Yeah, the more kids you have the harder the process can be on everyone. Really, the HUGE advantage of going with a home builder & just letting them do everything is that they can get the land, labor, & supplies at a discounted price. The disadvantage is that it's likely you won't get to customize as much as you'd like. Best of luck & let me know if you need anything else.

[@lack8810]

I am thinking about selling my home with a VA mortgage and buying another using VA

[@TyWilde]

Yeah, my dad did that a few years back. Not a bad idea. Where are you looking to buy?

[@BodyworkASMR]

are inventory homes usually of lower quality?

[@TyWilde]

First Massage No. Not at all. Sometimes you’ll actually get a little bit more bang for your buck because the builder may drop the price a little once the home is completed because they will want to sell it.

[@tonyt73]

💝✊🏾

[@TyWilde]

Are you building a home somewhere?

[@amyhayslettrealtor1901]

I love your video but I would get my home inspected by an independent inspector I hire. I have seen many mistakes by builders. For example, I have a 10 year old home right now under contract where the builder missed 2 feet of stucco under the roof line. The owner never saw it because they never went up on the roof. I am going to compile more examples found at inspections and use them in a future video.

[@TyWilde]

Amy Hayslett Realtor Thanks for your input. There is certainly no such thing as a perfect home.

[@mtb7018]

I’m in the middle of building right now, I’ve enjoyed your videos. You are absolutely correct, I’ve spent about an xtra $10k in structural upgrades that can’t be added later.

[@TyWilde]

MTB 701 Thanks for taking the time to write a comment. I appreciate the compliment and you watching my video. Best of luck to you.

[@ernieforrest7218]

Hey ty, did you have permission to use that house for your video? And do you realize that you broke the law by not wearing a hard hat?

[@TyWilde]

First of all, thanks for watching & for your comment. Yes, of coarse I had permission. At the time, I worked for the home builder that was building the home. As far as breaking the law, in Utah there's no law that states it's illegal to enter a home under construction without a hardhat. It is however unsafe to not wear a hardhat. I appreciate your concern for my safety & I hope you have an incredible day.