Home Buying Tips
At Rainbow Construction, we know home buying is an important personal decision, as well as being a major financial investment. Buying a home takes time and careful consideration. You want to find the home that is right for you, the one that will give you the greatest overall value for your investment, and you want to be able to buy with confidence.
We pride ourselves on offering superior customer service to all our clients in the home buying process. With that in mind, we’ve put together a list of helpful tips, as well as an outline of the home buying process. For more information, please visit our FAQs page or contact a Rainbow Construction representative to arrange for a consultation.
Tips for Home Buying
- Do Some Research: Know what you want, what’s available, and how the buying process works before you start thinking seriously about signing a contract. Browse through newspapers, magazines and industry/government publications. Consult with family, friends and co-workers. Attend consumer seminars and check the internet. Most importantly, visit model homes and talk with the sales people.
- Pre-qualify and Arrange Your Mortgage: If you plan to borrow funds to finance your home purchase, talk to our lender (or yours) about a mortgage early in the process. Knowing in advance how much you can spend comfortably, and getting pre-approval for a mortgage means you can proceed from “just looking” to signing a contract with confidence.
- Understand the Total Cost of Buying: Get detailed prices and estimates on everything involved in buying your home. Decide on what options you would like to have included in your home (bay windows, fireplace, upgrade flooring, etc.), so you will have an idea of what you can and cannot afford to add. Rainbow Construction’s sales agent and your lender can advise you on the costs of securing a mortgage. Ask your lawyer to give you a detailed breakdown of closing costs, including land transfer taxes where applicable. Call movers for estimates. Determine if you need to buy new window coverings or furnishings.
- Neighborhoods: Finally, take some time to visit the neighborhoods you are interested in. Talk to people in the area to get a feel for the neighborhood and to see how they are enjoying their homes. We know purchasing a home can be very stressful, but if you take some time to plan ahead, and educate yourself on the process, it will go more smoothly than you imagined.
The Home Buying Process
- Writing the Contract: This is the first step in the construction process. At this meeting, you will review the purchase agreement and the various addenda that comprise the contract. You will then sign all necessary paperwork and the contract will be forwarded to the construction office to be accepted.
- Selection Meeting: After your contract has been accepted, it is time to choose the finishes for your house (unless you are building a strictly custom home). You will meet with your sales agent at the model home to make these selections. From exterior colors (roof, siding, brick or stone) to flooring, cabinet and wall colors, this is your opportunity to personalize your new home.
- Pre-Construction Meeting: At this meeting, you will meet with your sales agent and superintendent to go over the blueprints, selections, and site plan. The purpose of this meeting is to make sure that all building options that you have purchased are included on the plans, that all of your selections are correct, and to show you the exact location on the site where your house is to be built. Construction starts shortly after the pre-construction meeting.
- Pre-Drywall Walk-Through: Once framing and all trade rough-ins have been completed, and prior to drywall being installed, a pre-drywall walk-through is scheduled with you and the superintendent. This meeting is not intended for you to make changes or to add additional options, but rather to verify that all structural features and electrical, plumbing and HVAC options that you have selected are correctly installed in the proper location.
- Pre-Settlement Walk-Through: This final, on-site meeting generally takes place the day before your scheduled closing date. It is designed to familiarize you with the many features of your new home, to explain and demonstrate these features, as well as to make note of any remaining punch-out items needing resolution.
- Settlement: At last! The waiting is over and you are going to settlement on your new home. Once your settlement is scheduled, you will need to contact your lender to confirm your final loan amount, to verify no additional documentation is necessary to close on your loan, and to verify the amount of money you will need to bring to settlement. Also prior to settlement you will need to contact all utility companies (gas, electric, water, cable, phone, etc.) to transfer service into your name. You will also need to contact your insurance company to arrange to have your homeowner’s insurance in place as of your settlement date.
- One-Year (Year-End) Warranty Service Appointment: As you enjoy the first year in your new home, you will likely notice some items that need touch-up or repair, such as drywall/settlement cracks, doors out of alignment, etc. We offer a year-end service appointment to take care of these items. As you notice these items you should first consult your warranty booklet to see if we cover them or if they are considered homeowner maintenance items. If they are covered under the terms of the warranty, you should start a Request for Service Form to be submitted to us towards the end of your first year
- Residential Spot Lots: At Rainbow Construction we will be more than happy to help turn your dreams into reality. Do you have your house plan already picked out but just can’t seem to find the right location? Come see us. Our sales agent has years of experience in locating lots throughout the local area.
Do you have the perfect location picked out but just can’t seem to find that dream home you know is out there waiting for you? Come see us. We have many house plans on file, as well as access to many more.
Do you have a house plan that you really like, but there’s just something missing? Come see us. We can help you customize it to your exact needs and specifications.
Rainbow Construction is committed to providing the best possible customer experience in the construction of your new home. Backed by over 53 years of experience and an exemplary reputation for quality, you can count on us to deliver results that exceed expectations and meet your unique needs. To learn more about our residential construction capabilities and see why Rainbow Construction is the choice of so many Charles County, Waldorf, Southern Maryland and Washington, D.C. homebuyers, schedule a consultation by contacting us today.