In the Virgin Islands, property buyers who choose a new construction make more decisions about the residential property and how it is built. New construction isn’t the same as buying an existing home where renovations are needed to get the most out of the design. A financial advisor helps home buyers make choices about their upcoming investment and create a better plan for obtaining it.
Defining a Total Budget for the Home
A pre-approval for a mortgage gives a buyer a baseline for creating a plan for buying a new construction. The financial advisor has connections with lenders and reviews all mortgage products available to the buyer. Advisors negotiate with lenders and find the best mortgage contract for their clients. The highest mortgage value is presented in the pre-approval. The budget reflects what value up to that amount is most affordable for the buyer.
Reviewing the Market Value of the Lot
The financial planner connects with real estate agents for a full review of available lots in the preferred location. The lot must present a viable investment for the property buyer. Current market values for the property and conditions that could lead to a depreciation of value are considered. Properties that are in a subdivision could impose some restrictions based on the size of the lot. When choosing a lot, it must present the buyer with the soundest investment without exceeding their budget.
Choosing a Floor Plan
A private lot that isn’t restricted by a homeowner’s association gives the buyer more control over their home design. The financial planner helps the buyer review potential builders or contractors to complete their projects. Floor plans created by architectural professionals and engineers are more structurally sound and won’t present any shortcomings in the future.
Financial Requirements for the Closing
A sales contract defines who pays the closing costs and outlines all over the financial responsibilities of each party. Fees apply for title searches and any related attorney costs, too.
In the Virgin Islands, a new construction and residential lot transaction requires the buyer to choose a lot initially and adjust their budget according to the floor plan they select. Financial advisors help buyers make sound choices about the investment. Homebuyers who want to learn more about financial plans for buying a new construction contact Cane Bay Partners right now.