Hi, everyone – this my first time on this sub. I am in the market to buy my first home and I am trying to understand new construction vs. existing homes.
Some questions I have:
What is the difference in processes between buying a plot of land and building a house vs. seeing a house “under construction” on Zillow and buying it? Can I use a conventional loan for both? Can I get new construction incentives for both? Am I allowed to dictate the remaining construction if I buy while the property is still undergoing construction?
I like the idea of having a brand-new place that no one else has lived in, it just seems way more complicated than buying an existing home.
New Construction Questions
byu/Both-Revenue-4557 inRealEstate
Posted by Both-Revenue-4557
1 Comment
Yeah buying while under construction is way easier than starting from scratch with land – you’re basically just buying a house that isn’t finished yet vs having to deal with permits, contractors, timelines etc
Most builders will let you pick finishes and sometimes minor layout changes if you get in early enough but don’t expect to redesign the whole thing. Conventional loans work for both but construction loans are a pain in the ass if you’re going the land route