What To Know About Buying A Brand New Edison home in New Jersey

If you’re looking to buy new Edison home construction in New Jersey, there are a few things you need to know to get the best deal. Most builders will have their own agents and lenders on-site. You may be tempted to use their resources because of the convenience, and the builder may promise easier financing if you finance with them. But going that route may well cost you thousands of dollars. Instead…

• Hire your own buyer's agent. Do this first, even before going to look at new construction. The builder’s agent is going to be looking out for the builder’s best interests, not yours. Your own real estate agent will tell you about the positive and negative aspects of the new construction, and may know about other new construction in the area that will better suit your needs or that you can get at a better price.

• Look around for your own lender. If you use the on-site lender, you may not get the best deal on your Edison home financing. You might get a better interest rate on a mortgage loan from your own bank. Your real estate agent may be able to direct you to new home construction mortgage lenders they've worked with before and know can get you better terms.

• Verify with your lender the loan amount they will approve for an additional upgrade package. Not all lenders will approve a mortgage loan for all of the upgrades a builder offers on the new home. Some contracts allow the builder to pick your upgrade package if you haven’t done so by a certain date; if you turn yours in late, you may find that the builder has already selected a package for you.

• Before you sign any deal, have your purchase agreement reviewed by a knowledgeable real estate professional. You need to make sure you’re protected in case something goes wrong.

Buying a new construction Edison home can be a wonderful experience. You're the one to pick the cabinets and the counter-tops, the carpets, and the bath fixtures that are installed in the house. You aren’t left to deal with someone else’s vision of the perfect kitchen. The home is all yours from the very beginning.

Cathy Chaudemanche-