Financing options: If you are thinking about new construction, the very first thing you need to do is find a lender. The mortgage loan officer will provide guidance and advice on your financing options. Mortgages for new construction homes differ from mortgages for existing homes. New construction can be quite pricey and as a result there are construction mortgages that just charge the monthly interest payments during the construction phase. Once the home is built you will be expected to pay the principle and interest payments on the entire loan.
Plan for customization: Before you start making a wish list of all the features and things you want in your home you need to have a budget in mind. It is important to be realistic. Typically new construction will allow you to choose your choice of finishes, cabinets, and bath fixtures, etc. In terms of amenities many buyers want a backyard or pool, energy-efficient technologies, and an attractive design/lay out. Considering that purchasing a home is one of the biggest decisions you will have to make it is wise to do research about your developer and builder before you actually sign the purchase contract.
If you are looking for your dream home then new home construction is probably the best option for you. However, to get the best outcome of your project look for lenders and builders that are willing to work together and offer flexible financing options.