10 Steps to Purchasing a New Home

Purchasing a new home requires a lot of your time and effort, but understanding the process before it begins helps to make it more manageable. Continue reading to prepare for the steps you will need to take to purchase and move into a new home.

1. Pre-qualification

Getting pre-qualified for a mortgage is the first step in the home buying process, as it helps to narrow down how much one you can spend. Having a pre-qualified letter is essential for making an offer on a home, as the seller will be confident knowing that you will be able to get financing to buy the house. It is important to get pre-qualification using a “Preferred Lender,” as they chip in towards closing costs because they know the process with Rainbow Homes.

2. Find a Community or Neighborhood

The location of your home is a huge deciding factor, so the next step is to find your perfect community or neighborhood. Think of everything that is important to you, such as proximity to grocery stores and schools, the commute to work, and how many restaurants and shops are within a reasonable driving distance. In the neighborhood itself, research the levels of crime and if the community has any restrictions.

3. Select a Homesite

Once you decide on the neighborhood, it is time to narrow it down by selecting a homesite. Walk the lot to decide if you can see yourself living in the space and if it is safe to build on.

4. Determine the Model or Design

Next, the fun part of designing your home begins! In addition to custom homes, Rainbow Construction also offers semi-custom home building, which is in-between buying a home and designing a custom home. We work with you to provide a home from our model gallery that is tailored to your wants and needs for the best of both worlds!

5. Reservation

To secure the lot, you will then put down a reservation fee (the price ranges depending on the purchase price.) By reserving the lot, you show the buyer that you are committed to purchasing the home, and the property is taken off the market.

6. Finalize Construction Loan

When building a home, you will likely have to take out a construction loan. For these loans, the lender pays the building contractor directly, rather than going through the homeowner. To finalize the construction loan, you will determine start dates of the building process.

7. Pre-Construction Meeting

A pre-construction meeting allows you to discuss the requirements and expectations of the home construction project to your contractor. During this meeting, you will review designs and documents, and talk about special features of the floorplan. This is an important step to ensure everyone involved in the construction project is on the same page.

8. Pre-Drywall Walkthrough

A pre-drywall walkthrough is one of the most important steps of buying a new home. This is when your builder or site manager will take you through the house to look at the framing, electrical wiring, plumbing, and more. Bring a camera and take pictures of the progress, and check the placement for electrical boxes in each room.

9. Pre-Settlement Walkthrough

When the process is almost over, you will complete a pre-settlement walkthrough. This is essentially a final inspection of your new home and is beneficial for learning how everything works, as well as providing feedback on things you want to be adjusted.

10. Settlement

The last step of purchasing a home may come with a lot of documents, but it will all be worth it when you officially own your new home!

Create Your Dream Home with Rainbow Construction

Whether you are seeking the dream kitchen you have always wanted or the dream home you’ve always pined for, Rainbow Construction is here to help. Our dedicated team can help you realize the true potential of your current home.

With over 55 years of experience and a fantastic reputation, Rainbow Construction, located in Waldorf, MD, can make your dreams a reality. We serve  St. Mary’s, Charles, and Prince George’s Counties, Southern Maryland, and Washington, D.C., and pride ourselves on providing excellent customer service, professional expert workers, and competitive rates. To learn more about our custom home building, visit us online or give us a call at (301) 843-1018. To learn more about our services and who we are, follow us on Houzz, Pinterest, Facebook, Twitter, Instagram, and LinkedIn.


This entry was posted on Wednesday, October 3rd, 2018 at 10:32 am. Both comments and pings are currently closed.

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