Buying your first home is such a major milestone, and choosing new construction comes with a few considerations that are slightly different than when you’re purchasing an existing property. From selecting the right community and floor plan, all the way to reviewing the purchase agreement and preparing for closing, understanding the process can make your experience that much smoother. 

If you are searching for new construction homes in Knoxville, TN, here’s what first time buyers should know before they get started.

1: Start With Your Budget And Financing

Before you get started looking at homes, you need to work out a realistic budget. Getting pre-approved for a mortgage can help you understand how much you may be able to borrow, and helps you to have an understanding of the monthly payments that you will be able to comfortably manage. 

Remember, you should always look beyond the purchase price. Your budget needs to account for property taxes, closing costs, homeowners insurance, moving costs, and even more. As such, having financing in place early makes the rest of the process that much easier. 

2: Choose A Knoxville Community

Location is one of the biggest considerations that you’re going to need to make. Think about your commute, access to shopping and dining, nearby schools, how the neighborhood fits your lifestyle, and recreational activities in the area. 

Strawberry Hills is an option in Knoxville that is worth exploring. Located just off Brakebill Road, and approximately 15 minutes from downtown, the community offers single family homes alongside amenities including pools, playgrounds, walkable sidewalks, a clubhouse, and even a dog park.

For those who are interested in townhouses, The Village at Strawberry Hills offers another option in the same area. The community has low maintenance townhomes, multiple floor plans, access to amenities and so much more. 

3: Compare Floor Plans Carefully

When you find a community that you like, look at the available floor plans. Think about how you use your home now, and how that could change in the future. 

Do you need a home office? Would an additional bedroom be ideal? Is an open kitchen and living room important? What about storage?

4: Understand Builder Contract

A new construction purchase agreement can contain different details than you would be used to seeing in a resale contract. Ensure you read the agreement carefully and ask questions about deposits, timelines, allowances, and more. Find out what is included in the base price, as well as what is going to cost extra.

Depending on the stage of construction, RP Communities can allow buyers to choose finishes, floor plan options, and upgrades.

5: Construction and Closing Timeline

New construction doesn’t always follow the same kind of timeline as a typical home purchase. Construction schedules can change by a number of factors including size of the home, materials, weather, and more. 

The closer to completion you get, you will get closer towards the final financing agreement, inspections, and the closing process. Stay up to date with your lender and your builder to keep things on track.

Find Your New Home in Knoxville 

Are you ready to see what new construction in Knoxville looks like in person? Schedule a tour with RP Communities and explore Strawberry Hills to find a home and community for your next stage of life.

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