Many people think that new construction is the way to go. They get exactly what they want and live happily ever after. Most people who have gone through the construction process learn quickly that there are many frustrations and unless you have built a home before, you will not know what to look out for and what questions to ask. Consider that you will pay for every door knob that goes into the house and there will not be any established landscaping. Landscaping is expensive and time consuming if you do it yourself. Will you know what to do if the contractor does not pay his subs and the subs put liens on the property? What if the cotnractor goes bankrupt in the middle of the project and does not finish the house? Carefully check the builder's reputation and financial wealth and speak to recent customers about their experience. Make sure you know exactly what is included in the bid and how change requests and upgrades are handled. For instance, if there is a tile allowance, make sure that you know what type of tile it is and that the cost of installation is included. There are many different types and styles of tile and the cost of installation varies greatly. Know in advance what fixtures and appliances you will get so that there are no unpleasant surprises down the road. Also check into the cost of financing the project. Will the interest rate for the final loan be locked in now or will you have to wait and see what interest rates are when construction is complete? You would not want to be faced with not being able to afford the rollover loan because interest rates have
gone up while you were building the house with the construction loan.
Good luck to you.
Also keep in mind all the efforts and education your agent has given you - if you cut out that commission then the agent just did all of that work in good faith and will receive nothing for it. Did the agent give you any information that helped lead you to the suburbs? Finding a way to provide at least partial compensation to your agent is good karma.