THE HOME BUYING PROCESS: 10 STEPS
If you are buying a house and looking for a new construction home in Saratoga County, NY, you’ll be pleased with Heritage Custom Builders’ easy home buying process. We have three communities that are conveniently located near the Northway, great shopping, superb health care, and excellent schools.
Visit Heritage Custom Builders to see the wide range of single-family homes possible at Heritage Pointe in Clifton Park and Mourningkill Meadows in Ballston Spa. In addition, Timber Creek Preserve in Ballston Lake also has townhomes for sale.
Our Simple 10 Step Home Buying Process
These are the steps to buying your first home but, are also the same for purchasing any home. Use the steps below as a home buying process checklist to have an idea of what to expect and keep you on track.
1) Initial Deposit for Lot Hold
Working with real estate agents, you’ll look at the home lots available in the community. Once you find a lot that works for you, a small deposit will hold it. A one thousand five hundred ($1,500.00) dollar refundable deposit holds a specified building lot for a period of five (5) business days. This allows you time to review Sponsors Offering Plan Documents, Purchase Agreement, Standard Features, and Attachments. Plus, you’ll want to review available floor plans before entering into a Purchase Agreement for your new construction home or townhouse with Heritage Custom Builders.
2) Mortgage Pre-Approval
Before signing the sales agreement contract you ‘ll need to have chosen a lender and obtained a pre-approval letter from the mortgage company or bank. Some home buyers run their own credit report, to know what options are available. Once you have your credit score and learn about mortgage interest rates, you’ll be ready to choose your lender and the right mortgage product. You’ll also learn about monthly payments and closing costs after you provide all your financial information which is a normal part of purchasing a home.
3) Sales Agreement Contract
Your next step in the home buying process includes selecting the model you want to build. Heritage Custom Builders is proud to offer a wide variety of single-family home styles to choose from including ranches, colonials, and also townhomes in Timber Creek Preserve.
When you are ready to sign the Purchase Agreement, your $1,500.00 Lot Hold deposit will be returned to you. At this time a deposit equal to 10% of the base home price is due and will be placed in an escrow account with the Sponsor’s/Seller’s Attorney. As you choose options and upgrades that are added to the contract, an additional deposit into this escrow account will be required. All checks should be made payable according to the Sponsor’s Offering Plan and or the Seller’s Purchase Agreement.
4) Meet the Closing Coordinator
After signing the sales contract, you’ll receive a letter from the Closing Coordinator to schedule a meeting. This is to learn about the building process. The coordinator will explain all the stages and what you need to know every step of the way.
5) Selection of Options
Now you are ready to set up appointments with the Heritage Custom Builders design team who will help you make selections for your home’s finishing details. This is the point in the home buying process where you’ll choose roofing tiles, flooring, bathroom fixtures, counter tops, and so much more.
You’ll start with the kitchen designer which is the most detailed piece of designing your home, and then the rest of the house can be addressed. This maps out your home production timing and estimated completion dates.
Within fifteen (15) days after signing the Sales Agreement Contract, all selections should be completed, signed and returned to Heritage Custom Builders, LLC. Please review the option booklet, vendors and selection schedule sheets thoroughly, so your final choices are completed in a timely manner.
6) Building Permit
Once all your decisions are made, it’s time to get the building permit. This must be done prior to any construction being started.
7) Construction Begins
This is the fun part of the home buying process! Construction of your new home gets underway. You’ll be kept informed of the progress and there will be a few times when you are asked to walk through. We do this to make sure everything is moving along as you expect and to gain your approval.
8) Scheduling of Settlement/Closing
Approximately 4-6 weeks after framing has begun, a firm settlement will be scheduled. You will receive 4-6 weeks notice (both verbally and written). If your present home is on the market, please contact your sales representative.
9) Pre-Inspection of the Premises
There will be a pre-inspection walk-through of your new home the day prior to settlement and closing. You will have a chance to note items needing attention and they will be corrected in a timely manner after the settlement.
Your closing day is when all final papers are signed with the attorneys present. Once the papers are completed, that is the end of the home buying process and the beautiful new construction home is yours!