'What is the best approach to purchasing a home that is currently under construction?'?

Answer 1

When purchasing a home, it is best to start with a lawyer.

The contract has to specify exactly what "the house" will be, down to details. If they are putting in the kitchen, you need the contract to specify materials, appliances by color and stock number, in such detail that if the builder died, another builder could do exactly what you want without asking any questions.

It needs to be clear on when they can expect payment, and that you demand that they produce "lien waivers" from everyone that works on or provides material to the house.

Start with a lawyer that's been through it before.

Answer 2

Depends on your location. If you are in the states, then go with an experienced Realtor. Contractors often have real estate agents on site, but remember, they represent the builder not you.

In Georgia new construction is not typically negotiable. You pay the price they demand. Now, I think that will change with the slowing market, but for now that is how it generally works. So why not have someone representing your interest that the builder will be paying for and not you?

The fact that you are asking is great, but it also indicates a need for a professional. Interview several agents before settling on one of them. We are a dime a dozen and some are excellent at their job; some are not.

Best of luck.