Your offer on a new home has been accepted and now you’re one step closer to becoming a homeowner. But what happens next? Knowing what comes next after your offer is accepted can make all the difference.
From closing on your new home to finalizing your mortgage, we’ll cover everything you need to know to make the transition seamless. Here’s what you can expect after your offer has been accepted.
Stage 1: Formalizing the Agreement
The first step is to formalize the purchase agreement. The agreement outlines the terms and conditions agreed upon by both parties. You should carefully review this document since it’s legally binding and sets the tone for the transaction.
The purchase agreement typically includes contingencies that must be met before the sale is finalized. These contingencies may involve financing, inspections, or the sale of your current property. You will need to meet these conditions to avoid potential delays or complications.
The estimated timeline will also be laid out in the agreement. Most new home builders will provide an estimated completion date – unless you’re buying a quick move-in home with immediate availability. Keep in mind the final delivery date may change due to weather, scheduling conflicts, or other issues. Your community supervisor will keep you informed of any changes and manage expectations.
Stage 2: Personalizing Your New Home
Now the fun begins! One of the most exciting aspects of buying a new construction home is the opportunity to personalize your home to reflect you. Once the agreement is signed, you’ll receive an appointment at the Design Center to select your finishes – from flooring, cabinetry, tiles, etc.
Most new home builders offer a wide selection of customization options. Consider your tastes and long-term resale value when making selections. It’s tempting to indulge in every upgrade but stay mindful of your budget and prioritize the features that hold the most value.
Review all specifications and confirm your selections in writing. This ensures there is no confusion or miscommunication down the road. This is your chance to make your new house feel like home, so take your time and enjoy the process.
Stage 3: Construction and Progress Updates
Once you’ve finalized your personalization choices, it’s time for construction to begin. This is when your dream starts to take shape. We’ll share construction milestones with you so you can keep track of your home’s progress.
It’s natural to want to check in on your future home. Most builders will organize periodic site visits, allowing you to see the progress firsthand. Use these visits as your opportunity to ask questions, discuss any concerns, and address any discrepancies. Doing so will ensure that you’re fully informed and satisfied every step of the way.
Stage 4: Final Preparations Pre-Delivery Inspection and Closing
As construction nears completion, it’s time to prepare for the final stages of the homebuying process. At this time, you’ll walk through your nearly finished home with the builder. This inspection allows you to ensure that everything meets your expectations and that any issues are addressed before closing.
Pay attention to details such as the quality of finishes and fixtures and the functionality of appliances. Note any discrepancies and discuss them with the building manager. Once you’ve completed this stage and are satisfied with the outcome, you can proceed to the closing stage.
Closing marks the official transfer of ownership. You’ll sign the necessary paperwork, finalize your mortgage, and receive the keys to your new home. Congratulations—you’re now a homeowner!
Taking the First Steps Toward Homeownership
The post-offer phase of buying a new home is a thrilling yet complex period. Each stage, from formalizing the agreement to finalizing the closing, plays a role in the completion of your homebuying journey. Remember, you’re not alone on this adventure! The Discovery Homes team is here to help and guide you every step of the way. Reach out with any questions, and don’t hesitate to seek further information when needed.
Ready to start your homebuying adventure? We have several new home communities in desirable neighborhoods throughout the Bay Area. Visit us online at DiscoveryHomes.com to learn more about our new home communities, and available homes, and schedule a visit today!