Pick up any newspaper and you will be hit with stories about the current hot housing market. It can feel a little disappointing to have found the community, home and builder of your dreams only to find out you have to take a number and wait. What should you do if you find yourself on a builder’s waitlist? Quite a few things, actually.
Make Sure You are Pre-approved
It’s a good idea to get pre-approved for a home loan before you go house hunting. With inventory at an all-time low, it’s a necessity. Many builders require you to be pre-approved before they will even put you on the waiting list. Pre-approval shows you are a motivated buyer. It also helps you determine how much home you can afford. This can be important if a builder’s prices begin to rise.
Keep an Eye on Your Credit
A pre-approval letter from your mortgage lender often expires after a certain time period. You may still be on the waitlist when it does, so it is very important to make sure your credit history is spotless in case you have to reapply.
While you are on the waitlist, continue saving money for your new home. It could make the difference in how much more you can put down on your home, allow you to afford additional options or be prepared if home prices go up.
Make Plans Ahead of Time
You may not have signed a contract but that doesn’t mean you can’t make decisions. Your builder can give you brochures featuring the floor plans you love as well as the options available. Choose more than one floor plan in case your preferred design isn’t available when your number is called. Decide if you want to add a media room or a larger covered patio. You can even dream about where your favorite couch would look best.
Create a Mood Board
When you are able to purchase your home, you will have to visit the design center to choose cabinets, countertops, flooring and more. While you are waiting, why not create a mood board? Mood boards can be created on Pinterest, Houzz and even at home with home décor magazines and poster board. Choose colors that appeal to you, your dream backsplash, appliances and paint. That will keep you from being overwhelmed when it’s time to decorate.
Check Back Often, Be Polite
Check in with your builder every so often to see where you are on the waiting list, find out if new sections are being opened in the community and if prices have gone up. You can call or visit the model home. When you do, be polite. You won’t be the only person checking in. It may be a few days before a sales representative can get back to you, but don’t get discouraged, they will do their best to keep you up to date.
Spend time getting to know the builders you are considering by following their social media pages. There, you’ll see fresh design ideas, floor plans and possibly comments from other homeowners. You might even get to meet the people behind the scenes through posts about employees. Another social media account to follow? Sienna! Visit our Facebook and Instagram pages to learn more about the community’s lifestyle, new amenities, resident events, schools and more.