This short series drills down into the details of buying a new construction home. We’ll answer your questions about every step of the process… whether you already live in the Treasure Valley part of Idaho OR if you’re thinking of relocating to the Boise area… we explore how the Treasure Valley Dave team works with you remotely and the builder here. So even if you can’t be here for some or all of the process, we help you and keep you informed throughout the process.
There’s a lot to go over so let’s get started on the highlights of this episode; How?
Pro Tip: Scroll down to the video below where Mareen and I explore what this episode is all about.
EPISODE 3 - HOW?
- At this point you’ve decided that, yes, buying a new-construction home in the Treasure Valley area of Idaho is what you want to do… even if this means relocating from California or somewhere else outside of the area.
- You’ve got a good idea of where you would like to live in the Treasure Valley… big-city excitement or peaceful suburbs or rural life.
- Now we need to talk about the key things you need to do first that will guide the rest of the process.
How much can you spend?
What’s your budget? Several things can come into play here.
- How large of a mortgage do you qualify for… and how large of a mortgage (and monthly payment) are you comfortable with?
- How much savings or investments to cash out do you have comfortably available?
- How much net equity from the sale of your current home do you plan on applying to your new home?
- More about this in a minute.
- How much will you get from that winning lottery ticket?
Financial documentation needed
This is where your new-construction budget really firms up.
- Lender preapproval.
- Proof of funds; statement from savings or investment accounts.
- Net sheet regarding the sale of your current home
- Lottery ticket (well, maybe not!).
About your current home
Very often someone who is buying a new-construction home has a home to sell. There are a lot of variables regarding that sell and one is the timing.
- Does the new-construction home require that equity soon or several months from now?
- Can you sell your current home and stay temporarily (could be months) somewhere else until the new home is ready?
- Can you qualify for a bridge loan so you can sell your current home AFTER closing on your new home?
About the equity in your current home.
- How much equity can you expect AFTER expenses?
- How do you find out? From the net sheet researched and created by your local real estate agent (if you’re out of the area… if you’re here in the Treasure Valley, Mareen and I will create this net sheet for you).
- A net sheet indicates the expected selling price of your home (considering the local market, the condition of your house, and the need for speed for selling) and then subtracts the expected expenses for selling your home (closing fees, agent commission, home repairs, concessions) resulting in a good approximation of how much “cash you’ll put in your pocket”.
- If you are out of the area and you already have a relationship with a good and trusted real estate agent, then get with that person early in the process. If you don’t have that trusted agent to turn to, Mareen has recommendations of agents in your area for you to interview.
Connect with the Treasure Valley Dave team
Let’s start working on your ideas and plans together… and the sooner in the process, the better. Doesn’t matter if you’re wanting to do something today or a couple years down the road… or a new-construction home already built or a custom home built just for you… we can help you with the process, with finding resources and with brainstorming ideas.
NEXT EPISODE: Things to consider about when to move
Treasure Valley Dave's Thoughts
Thanks for checking out this episode of Buying a New Construction Home. All of the episodes are very helpful… but your circumstances may bring up other questions not answered here.
Mareen and I are here to answer your questions… maybe just general questions for sometime down the road OR maybe you’re ready to get things moving this week! We are here to get you good information, provide advice and help you achieve your goals.
So, just call, text, email or smash that Contact Us button and let’s get connected! Maybe we can do lunch too! 
