Out of state new construction

[Jennifer Roberts]

I would love to hear from anyone that invests/invested out of state in new construction. The properties of interest I see  listed on the mls and I also got the lot number from the agent. However, they haven't provided a floor plan. I just inquired today and will definitely see it before consideration. 

My question is before I invest or hop in a plane to fly out, what are some of the things you’d look for?

They say it will be done in November but whats the guarantee? 

Thanks in advance!

[Allen Motakef]

Hi Jennifer, 

What areas are you looking at for purchasing new construction? I'm also looking at purchasing new construction in the Tampa and Orlando area.

[Shawn McCormick]

@Jennifer Roberts and @Allen Motakef are you looking at track builders like Lennar, DR Horton, Pulte etc or from small local builders that build on lots that they purchase? If they don't even have a floor plan, I wouldn't waste my time flying out. The plans would have to be submitted and approved locally, have engineers, soil tests, water tests and much more...unless you are building with a larger builder. 

One thing I would advise is trying to get in really early in a community, phase one. The builder raises prices every few homes they sell and you will get appreciation due to that and by the time the community is finished, you have a lot of equity. I sell a fair amount of new construction and know sales reps at virtually all the builders and can likely answer any questions you might have about the process. 

One thing to be aware of is if it is regional/national builder, they use their own contracts and they are completely in favor of them should you ever want/need to back out..you will lose your escrow. If it is a small builder, you may have additional protections using the FAR/BAR contract that Realtors® use.

Hope this helps, good luck!