Path To New Home Ownership

1 . Know Your Budget

Whether you are scaling back, moving up, or purchasing your very first new home, job one is to understand your budget range. Here are the top things to bear in mind:

If You Own A Home Already:
You will want to have your existing home reviewed for its current fair market value. Most Realtors will provide you with a CMA (Current Market Analysis) of your existing home at no charge. This will give you a good feel for what your home will sell for.

If You Are A First-Time Home Buyer:
Visit a few financial institutions and ask about financial programs for mortgage lending and for first time home buyers in particular. Talk to them candidly about your credit rating and the lifestyle level you will want to maintain after your purchase.

*Please note that there are typically additional costs to consider when building a new home (in addition to the cost of home and lot). These include, but are not limited to: landscaping, fencing, window dressings, upgraded appliances, moving expenses, and furniture. Bear in mind, too, that utility deposits may be required. Ask your Todays Homes representative to help you estimate your additional costs.

2. Choose Your Location

This is where you want to begin. Todays Homes currently has five new home communities in development along the Colorado Front Range. Choose the community that best suits the needs and lifestyle of you and your family. Consider the area amenities, such as shops, restaurants and entertainment. Think about the schools, the commute time, the recreational facilities, and the environmentally protected areas nearby that might guarantee long-term protection against noise and encroachment.

3. Choose Your Style of Home

Consider the style of home that supports your lifestyle now and in the future, and determine if this fits within your budget. Typically, the cost of the new home construction ranges between 40 – 55% of the total purchase price before taxes.

4. Choose Your Building Site

Meet with the Area Manager in your community of choice. This is when you will choose a plot of land that suits your lifestyle and accommodates the new home plan you’ve selected. If you need some time to price out additional features, ask the Area Manager if the community has a hold policy. Many of them do.

5. Enter a Purchase Agreement

Once you’ve settled on the home design, the lot location, and the additional features, a purchase price will be determined and a new home purchase contract drafted. The new home purchase contract will specify the amount of deposit required, and you’ll be shown your options for paying this deposit in several installments or as one lump sum.

7. Select Your Interior Finishes

Your new Colorado home is now under construction! At this point you are invited to visit our Home Gallery where you will select your interior finishes and personalize your new home to your liking. This is almost everyone’s favorite part of the new home experience. Our Home Gallery Design Consultant will schedule two appointments with you during this time to help you work through your choices. We highly recommend customers take advantage of this time with the Design Consultant by planning ahead and coming with plenty of questions thought out and written down. You do not have to wait for your appointments with the Design Consultant to visit the Home Gallery. Come as often as you like and really work through your choices.

8. Receive Construction Updates

As construction proceeds on your new home, you’re invited to contact the Area Manager in your community for buyer touch point process meetings: pre constructoin, pre drywall, pre closing orientation, pre closing sign off. At Todays Homes, we’re proud of our record of meeting contractual possession dates, and if something occurs that takes us off schedule, you will be notified at once.

9. Take Possession of Your Home

Upon completion of drywall activities, we will confirm with you that your new home is going to be ready on a specific date for possession. You will want to use this time to ensure all mortgage information, purchase contract and proof of home insurance is received by your lawyer a minimum of three weeks prior to your possession date.

We also offer a Pre-Closing Orientation which includes a tour your home. You’ll be shown how the various features of your home function, and given the chance to inspect your home for any areas requiring further attention. On the date of possession, you are given the keys to your new home! You are also given a full year from the date of possession to discover and report anything about your home that doesn’t look right or perform as expected.