Planning on buying an unbuilt home? |

Planning on buying an unbuilt home?

Michelle Hayes
Hayes Mortgage Group

As the Better Bureau points out, millions of consumers are investing in homes that are not yet built. To avoid potential problems with weather delays or fluctuating mortgage rates, the BBB offers these tips:

– Zero in on land plans. Ask the community’s land planner about current zoning requirements and any proposals that have been submitted to develop nearby land.

– Visit the developer’s earlier projects to check out the quality, and ask residents if the developer or builder delivered what was promised.

– Check out the homeowner’s association, which are involved in at least half of new home sales in larger metro areas. Ask for a copy of the associations rules and pinpoint the monthly or annual fees.

– Carefully scrutinize the contract, and get legal advice if you feel it’s needed. Make sure any upgrades are included in the contract, and add a statement that allows you to visit the site at several designated times.

– Inspect the finished product before you “take deliver” of the property. Give you new house a top-to-bottom examination, or consider hiring a professional home inspector.

– Protect you mortgage rate. If delays occur, talk to you lender, who may even agree to extend a rate lock-in. if not, the lender may consider closing the loan and holding some money in escrow until the appraiser verifies that your new home is completed to your satisfaction.

This information is brought to you by Michelle Hayes of HAYES Mortgage Group.

For information regarding how you may be able to finance your home improvements or for mortgage related issues contact Ms Hayes at 970.926.1141 or Visit her website at

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