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How does buying a house that hasn’t been built yet work?
My partner and I purchased an empty lot several years ago, and we’ve decided we’re finally ready to build our dream house there. Neither of us knows where to go from here, though. How do you go about buying a house that hasn’t been built yet?
Melanie Mergen · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations! Here are some additional considerations you’ll want to keep in mind if you’re thinking about buying a house that hasn’t been built yet:
- You’ll likely need to find a home construction loan rather than a conventional mortgage to finance your new build
- Find a reputable builder who can deliver on the vision you have in mind
- Buying during fall and winter, which are usually slow seasons, could potentially get you a better deal on the new home construction price you and the builder agree on
- Make sure you understand the responsibilities of both you and the builder before signing off on your agreement
- Changing your mind about certain features during the process can result in work change orders as builders have to readjust their plans and find different materials, which can drive up the overall price of your house build
- Do what you can to stay within your budget—sometimes unexpected issues can come up during the construction process that can increase costs, which can sometimes mean you have to sacrifice an upgrade in another area of your home. Plus, it’s possible you could still add those features later on when it becomes more financially feasible for you
Finally, once the home of your dreams is finally a reality, make sure you protect it with the right
homeowners insurance
policy. With Jerry
, finding the right amount of coverage for your new construction home at the right rate is easier than ever—and our friendly, experienced agents are just a call, text, or tap away in the app when you have questions.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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