What should Richmond-area buyers consider before buying new construction?
Buying
New-construction buyers should arrange representation before the first builder visit, evaluate the lot and total upgraded price, review the builder contract carefully, compare financing, and use appropriate inspections. The builder representative works for the builder.
August 25, 2026
5 Things to Consider When Buying New Construction
Curt Reichstetter
New-construction buyers should arrange representation before the first builder visit, evaluate the lot and total upgraded price, review the builder contract carefully, compare financing, and use appropriate inspections. The builder representative works for the builder.
What This Covers
Frequently Asked Questions
What upgrades are most important in a new-construction home?
Prioritize items that are difficult or expensive to change later, such as structural options, layout, electrical placement, windows, or major systems. Cosmetic selections may be easier to replace after closing, and too many upgrades can push the total cost beyond comparable resale value.
Does a brand-new home still need inspections?
New does not mean flawless. Buyers may consider inspections at appropriate construction stages and before closing, subject to the contract and builder rules. Independent inspection can help identify incomplete or defective work for follow-up.
Should a new-construction buyer use the builder's lender?
The builder's lender may offer valuable incentives, but buyers should compare the full loan terms, rate, APR, points, fees, cash to close, and lender requirements. An incentive is only useful if the complete financing package fits the buyer.
Are builder contracts the same as standard resale contracts?
No. Builder contracts are prepared for the builder and may address deposits, completion estimates, substitutions, financing, inspections, delays, warranties, and default differently from a typical resale agreement. Buyers should read every provision and obtain appropriate legal advice when needed.
What should buyers know about lot premiums?
A lot premium is an added charge for a particular homesite or location within the community. Buyers should evaluate drainage, slope, orientation, adjacent uses, future construction, road exposure, and whether the premium is likely to matter at resale.
Can a buyer negotiate the price of a new-construction home?
Sometimes, but builders may prefer incentives, closing-cost contributions, financing promotions, or upgrade credits instead of reducing the recorded base price. Availability depends on the community, inventory, demand, and construction stage.
Should I bring my own real estate agent when visiting a new-home community?
Yes. Buyers should arrange representation before or at the first visit because builder registration rules may affect whether an outside agent can represent them. The builder's representative works for the builder, not the buyer.
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