Building Your Home

BUILDING YOUR HOME

If you can’t find your dream home on the market or if you want to create a home that’s uniquely yours, you might consider building a house.

EXPERT GUIDANCE FROM THE BEGINNING

Before you start visiting builders or model homes, it’s important to talk with your Realtor first. Most Central Ohio builders cooperate with buyer’s agents and cover the commission, but they require you to disclose your Realtor at the very first meeting—another reason to let your agent make that initial contact on your behalf. Builder representatives may be friendly and helpful, but they ultimately work for the builder, not for you.

Your Realtor is the one who protects your best interests from the very beginning. Building a new home is an exciting journey, and Panhuis | Belcher are here to guide you through every stage. From your first community tour to the final walkthrough, they’ll help you understand timelines, meetings, design selections, inspections, and closing expectations so you always know what comes next. With Tiffany & Pat’s support, each step feels organized, clear, and tailored to your goals. That way, you can focus on creating the home you’ve always envisioned.

6 Things to Know About Builder Contracts

You May Need More Earnest Money
- Earnest money is the upfront payment you make to secure your contract, and with new construction in Columbus, this amount is often higher than in a typical resale because the builder is taking on more risk by customizing the home for you. Builders may require an initial deposit when you sign the contract, plus additional earnest money based on the finishes and upgrades you select throughout the process

Builder Contracts Are NOT Contingent Upon Appraisal
- This means that if the home appraises low once it is built, the builder does not have to drop the price. To keep the lender happy, the buyer will have to make up the difference. The buyer cannot back out of the deal if the appraisal is low without losing their earnest money.

The Builder's Contract May Give Them Years to Complete The Home
- The builder contract may give them 1-2 years to build the home. From talking with the sales staff, buyers often have an expectation that it will take about 8 months to build their home. The contract, however, can give the builder a lot more time. That said, the chances of a new home build actually taking 2 years are small.

New Home Inspections Are Different
- When you buy a resale home, you can back out of the deal if you find serious issues. If you find issues in a newly built home, the builder should hopefully fix them for you if the home is still being built or if it is under warranty after closing. But you don’t have the same contract protection you might in the existing home contract.

Most Builders Don't Offer Much Flexibility for Changes
- Often home buyers want to buy a new home so they can customize it to their tastes. How much a buyer can customize a home depends on the builder. Most builders are “production builders” which means they have preset plans they are offering. You may be able to upgrade a few finishes or choose colors, but you’re not going to be able to make big changes to the floor plan, for instance.

Buyers Have to Wait to Lock in Rates
- With new homes, the time frames are much longer than with resale homes. This means buyers can’t lock in a rate right away. They have to wait until later in the building process. That can work in the buyers favor if rates are going down. When rates are increasing, though, this can be nerve wracking.

LOCAL NEW CONSTRUCTION TRENDS

9,718 UNITS UNDER CONSTRUCTION

$497, 450 MEDIAN NEW-HOME PRICE

145,000-202,000 NEW JOBS PROJECTED BY 2032

*ALL STATS ARE PER 2024 VIA MULTIPLE LISTING SERVICE AND OTHER 3RD PARTY PROPERITY WEBSITES FOR THE CENTRAL OHIO, COLUMBUS, OHIO REGIONS*

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