Congrats on your plan to purchase a new home at The Avenue in Milpitas! Given that you're a first time home buyer, I highly recommend that you work with a real estate agent. A lot of buyers purchase new homes directly from a developer such as Taylor Morrison, and they don't realize having a buyer agent is absolutely free to the buyer (since sellers always pay both the buyer and seller agents' commission fees). Your agent will represent your best interest, and guide you through the things you should look out for when purchasing a new development home. As you already know, buying a new development home is very different than buying a traditional previously owned homes.
Our company UpNest specializes in assisted Bay Area home buyers looking to purchase new development homes. We will rebate you 50% of the commission received from the developer. For a new home at The Avenue priced at $750,000, this rebate can be as high as $10,000. This is a very substantial amount under any circumstances. You can find out more on our site here - http://www.upnest.com/new_dev
In addition to the lucrative rebate, there are many other advantages to having an agent represent you throughout the buying process of a new home. Remember that the site agent represents Taylor Morrison. There is a listing contract in place that specifies the agent’s duties and the commission paid by Taylor Morrison. When an unrepresented buyer contracts a home, the commission agreed upon does not change, it is simply reflects the listing broker (site agent) receiving both sides of the commission.
They're selling so fast that the city of Milpitas hasn't caught up with their paperwork in letting them release more homes. My team has sold 8 homes in this project and have several additional buyers in position to get homes in the next release. Getting a home in such a hot market has been the biggest challenge.
Going through so many homes, my team has pretty much watched the entire project get built from the ground up. Their construction is solid as far as the structural materials used and general workmanship.
As for caveats, it all boils down to paying for the right things. Beyond the floor plans there are lot premiums and upgrades to consider. Some of them are more debatable.