Web Analytics

M/I Homes New Home Buying FAQ (Frequently Asked Questions)

Buying a new construction home for the first time from M/I Homes can be stressful for any home buyer. We help numerous new construction home buyers every year.  We have compiled a list of the most common and frequently asked questions we have received to help ease your mind about the homebuilding process. We work with all home builders in DFW and we can help you find and negotiate the best discounts, home rebates and free upgrades on M/I Homes DFW for sale in Dallas, Fort Worth and surrounding areas. Still have questions? Feel free to reach out to us at 469-269-6541.  

Note: Nitin Gupta, REALTOR and Competitive Edge Realty, LLC are not affiliated with M/I HOMES.  The builder information on this page is believed to be accurate and current.  Please contact the builder directly for any specific questions about their communities, models, pricing, availability & incentives.

How long do new build homes built by M/I Homes take?

Average time it takes to build a home with M/I Homes depends on the demand. According to the 2019 Survey of Construction from the Census Bureau, the average completion time of a single-family home is around seven months.

Is the earnest money refundable if I choose not to buy the home from M/I Homes after signing the contract?

Since the earnest money is just to secure the lot, it is typically refundable up until construction has started on the new home during the financing period. Once construction starts on the new home, the earnest money is typically non-refundable. Make sure that you understand the terms about this from the builder before signing the contract.


How can I maximize the incentives and discounts offered by M/I Homes?

M/I Homes offers incentives and discounts to buyers throughout the year. Please contact us to get tips about how to maximize the incentives and discounts offered by M/I Homes. For more information on current M/I Homes new construction home builder incentives, inventory and floor plan options, call/text one of our DFW new home specialists at 469-269-6541.

Where can I search M/I Homes communities, floor plans, pricing, upgrades & incentives?

You can search various M/I Homes homes at our new home search portal here.


Can I get a discount from M/I Homes if I do not have a real estate agent representing me?

Builders do not reduce the price home of the home or offer incentives to buyers if buyers are not represented by a real estate agent.

How can I learn more about latest M/I Homes promotions available to new construction home buyers?

Promotions offered by M/I Homes change throughout the year. Contact us for the latest promotions offered to our clients.

Does M/I Homes negotiate with new home buyers?

Purchasing a new construction home from M/I Homes always involves negotiations. An experienced REALTOR representing you can help you negotiate and save you money.

Is there an option period when buying a new construction home from M/I Homes?

Unlike resale, there is no official option period. A new construction home buyer can select options for their home anytime between when they reserve the lot and when construction commences. Once construction starts and the earnest money is non-refundable, the “option period” ends.

Is it cheaper to buy a new construction home that is ready to move-in or a Spec home with M/I Homes or build it from scratch?

Builders are usually highly motivated to sell the homes that have been built based on the builder's selections. These homes are called Spec homes and buyers can usually get a good deal on these homes.

Do I have to use the builder’s lender i.e. M/I Homes' preferred lender?

The builder typically has a few preferred mortgage lenders that can provide you the full approval needed to build the home. While it is not required to obtain financing from the mortgage companies provided by the builder, typically, the builder will provide closing cost assistance, and in some cases, pay all of your closing costs if you use their trusted recommendations.

Can I view  Virtual Tours from M/I Homes for new construction homes sold by them?

You can watch virtual tours of M/I Homes on our YouTube channel here.


What kind of M/I Homes design center options are available to new construction home buyers?

Some of the options available to buyers at the design center are:


- Countertops

- Flooring

- Lighting fixtures

- Appliances

- Wall tiles

Do I need an inspection when buying a new construction home from M/I Homes?

The builder - M/I Homes - will be inspecting your home at each stage during the building process. When construction is complete, the builder will then walk through the home with you and your agent (if you chose to use an agent). During the walk-through, you and your agent can point out problems with the home that need to be repaired prior to closing. The builder will then fix up those issues. If you would like to use a 3rd party inspector to survey the property, you are more than welcome to do so. We can provide you a list of trusted 3rd party inspectors if you wish to go that route.


Are M/I homes energy efficient?

M/I Homes builds green star compliant homes. According to the EPA, new homes are typically up to 30% more efficient than older homes, which translates into significant savings for you on monthly utility costs. On our M/I Homes Reviews site, you can read more about how M/I Homes owners have benefitted from these savings.


Are there any good reviews for M/I Homes?

You can find reviews of M/I Homes all over the web. The reviews may vary from community to community and from city to city. You tend to see more negative reviews online as customers with bad experiences usually are more motivated to leave reviews online compared to customers who are happy. You will see the reviews for sales managers and project managers in various communities. One good way to find out more about a builder in a community is to talk to the residents in a community in-person.


How long does it take M/I Homes to build a home?

It can take anywhere from about five months to eight months for M/I Homes to build a new construction home. It takes about five months to build a 3,000-square-foot home.



Can the time taken by M/I Homes to build a home vary? 

The length of time can vary depending on (1) pre-planning; (2) the amount of customization involved in the build; and (3) weather. 


Is 2021 a good time to buy a house from M/I Homes?

Economists say that 2021 will be a positive year for the housing market due to economic conditions and low mortgage rates. 


Can I negotiate with M/I Homes when buying a new construction home in DFW?

Yes, you can negotiate with M/I Homes when you are buying a new construction home from M/I Homes. Typical items include upgrades provided, lot premium, sales price, closing costs paid by the builder etc.



Will M/I Homes build on your lot?

It depends on where you want to build. Please contact us so that we can help you get more information.



How many homes does M/I Homes build a year?

M/I Homes has been building homes for Families for Over 70 Years. Founded in 1948, M/I Homes has built more than 450,000 homes. That expertise goes into every home they build.  



Are M/I Homes good quality?

M/I Homes has a reputation for building quality new construction homes. Their satisfied homeowners give them high ratings for their beautiful floor plans and affordable upgrades, their skilled craftsmanship, and commitment to customer service on each house they build.


What is the difference between a pre-sale and a spec home?

Speculation (Spec) homes are pre-selected by the M/I Homes staff. All structural selections have been made internally and cannot be adjusted by a buyer, due to permitting production already taking place. However, depending on how far along the home is in production, there are often still many options available for buyers. If purchased early enough in the production process, some selections may still be available. One of the largest pros to purchasing a spec home is a shorter closing date. For specific cut-off dates, please discuss this with us.


Pre-sale homes allow a buyer to select the lot, the floor plan of choice, and all structural options for that home. A pre-sale contract also will have the ability to really personalize their home during the meeting with the Design Center experts, as well as at their separate flooring and countertop meeting.

Does M/I Homes have HOA fees?

Most M/I Homes communities have HOA fees, which can vary from $50 to $150 per month depending on the amenities offered in the community.


Who pays closing costs for a new construction home bought from M/I Homes?

In Texas, the closing fee is shared between the buyer and seller. 

Does M/I Homes offer contracts that are contingent upon other factors?

A contingency contract or clause defines a requirement that must be fulfilled in order for a real estate contract to become binding. Under certain circumstances M/I Homes may accept a contingency contract that is dependent on the sale and/or closing of another property and will benefit both the buyer and seller.  


What can I expect at my first appointment with a M/I Homes New Home Specialist?

At your first meeting the M/I Homes sales manager will go over your wish list, locations, floor plans, and any questions you may have. The sales manager will discuss your needs and budget to begin working on a construction proposal.


Is the homesite or lot included in the sales price offered by M/I Homes?

Short answer: Yes! A standard homesite is included in the purchase of your new home. However, if you would like a larger, tree-lined, lake view, cul-de-sac homesite, those homesites will have a lot premium. Other homesites in a community might require certain structural elements, which will be reflected with lot premiums.  

What does “homesite premium” mean?

M/I Homes offers premium options for those who want a larger homesite or one that is situated in a more desirable area of the community. For example, if you wish to live in a M/I Homes community with a golf course and own a home on the course, you might pay more for that desirable homesite or lot. The same applies for the purchase of a larger homesite (property).  



What can I expect during the construction process with M/I Homes?

Al the builders want the experience of building your home to be enjoyable which is why they have developed a customer contact process to help keep you informed throughout the construction of your new home.

The builder's team oversees all the details of your new home construction and is available throughout the building process to answer questions and keep you updated. Your primary contact during the construction process is the sales manager with M/I Homes and your real estate agent. Your sales manager will be in touch with you throughout the process and they will be there to guide you and answer all of your questions during several meetings and checkpoints. 

How can I find information on the activities, businesses, schools, and things to do in M/I Homes community I am buying the home in?

M/I Homes determines the location of new communities based on the proximity to transportation, recreation, schools, and other community amenities. Once you find the community you’re most interested in, you can contact the sales manager you are working with, use Google to view local attractions, community resources and other places of interest, including:

• School and University Ratings
• Downtown Area
• Restaurants and Retail
• Entertainment and Recreation
• City Parks
• Hospitals


You can also contact your real estate agent for these details.


How much should I expect to pay in property taxes for a M/I Homes home?

Rates of property taxes and property assessments are controlled by each county and vary significantly. Most county tax collector websites have a property tax calculator that can be used to find the estimated taxes on your home. If you’d rather work directly with a professional, your M/I Homes New Home Sales Manager or lender can also provide you with a property tax estimate based on your location and home purchase price.

What if I have an existing house to sell when I buying a new construction home with M/I Homes?

Contact us and we can help you sell your existing home.

What is included in a M/I Homes home?

The purchase price to build your new home includes "sticks and bricks" (such as concrete, lumber, drywall, etc.) as well as the variables (flooring, cabinets, exterior materials, etc.) that you will select during the construction process. Washer, Dryer, and Refrigerator are not provided by the builders in Texas.


Can you negotiate upgrades on a new home from M/I Homes?

Yes. Choose a cheaper lot if you want to save some money when buying a home from M/I Homes. The lower the builder's costs, the more room there is to negotiate upgrades on your new construction. The cost of labor and materials generally won't change much, but if you build on a less expensive lot, you should be able to convince M/I Homes to roll those savings into some upgrades for you



Do new construction homes from M/I Homes come with appliances?

All M/I Homes in Texas come with an Oven, Stove, Dishwasher, & Microwave. You're on your own when it comes to the fridge, washer and dryer As a buyer you will be presented with a few options.



How much are closing costs on a new construction home from M/I Homes?

While closing costs vary depending on the total amount of the property transaction, and which state you make the home purchase, they normally range between 2% and 5% of the total property sales price



What upgrades to ask for in a new house from M/I Homes?

Here are New Construction Upgrades that Add Value when buying a home from M/I Homes.

  • Wood floors. Generally, carpet comes standard everywhere except for the kitchen, bathrooms, entryway and hallways.

  • Roughed-in plumbing.

  • Electrical. 

  • Master bathroom tilework. 

  • Appliances.

  • Lighting.

Here is a list of upgrades usually offered: (subject to change and vary between locations)

  • Ceiling fans

  • Additional outlets

  • Space-saver microwave

  • Upgraded Kitchen appliances

  • Garage door windows

  • Extended concrete patio

  • Deck upgrade

  • Paint upgrade (two-tone paint)

  • Gas fireplace

  • Fireplace mantle upgrade

  • Kitchen stove gas line

  • Gas range/oven upgrade

  • Hardwood flooring

  • Granite countertops

  • Tile or slate upgrade

  • Tile size upgrade

  • Tile kitchen backsplash upgrade

  • Hardwood flooring upgrade

  • Carpet upgrade

  • Stair railing upgrade

  • Hardware upgrade

  • Tankless water heater upgrade

  • Air conditioning

  • Front and rear landscaping


What should you not skimp on when building a house with M/I Homes?

When buying a home from M/I Homes, splurge only on those things you truly cannot live without. However, don't skimp on structural components or doors and windows — for the safety and security of your home, you'll want to purchase the best you can afford in these areas.


Is it harder to get a mortgage on a new construction home from M/I Homes?

No, you should shop around for the best interest rate and terms.


What should you not upgrade when building a house with M/I Homes?

Here are New Construction Upgrades to Avoid:

  1. Appliances. If some appliances aren't included with the house, you may be better off buying them yourself.  

  2. Lighting. Typically, the lighting that comes standard from builders is just that — standard.  

  3. Cabinet hardware.  

  4. Kitchen backsplash. 

  5. Outdoor space.  

  6. Outdoor kitchen



Does M/I offer a warranty on their homes?

All M/I homes include a 10-year structural, two-year mechanical and one-year functional warranty. At contract, you will receive details of the items covered under these warranties. If a warrantable item in your home needs attention, we strive to resolve all warranty requests within seven business days when possible.



How much are closing costs on a new construction home sold by M/I Homes?

While closing costs vary depending on the total amount of the property transaction, and which state you make the home purchase, they normally range between 2% and 5% of the total property sales price



How much does it cost to build a new home with M/I Homes?

M/I Homes requires a small percentage of the purchase price, called earnest money, at the time of contract. This is a good faith deposit that starts the process of building your home. This money is applied and credited towards your closing costs or sales price when you close on your new home. Home prices vary with location, cost of materials, etc. M/I Homes can assist you with closing costs and their preferred lenders offer great incentives as well.



Should I purchase a move-in ready home from M/I Homes or build from the ground up?

There are many benefits to each option, depending on your individual preferences and timeframe. Move-in ready homes offer the ability to move in quickly and start enjoying your new home. This can be helpful during time of COVID as it allows you to move into your new home faster. Building from the ground up offers you the ability to select your home site, plan, and options for your new home. You can customize your new home and configure it based on your needs.



How much do homes built by M/I Homes cost per square foot?

There is no standard “price per square feet”, since the price of a home depends on so many factors including the topography of the lot, size of the home (one level or two), interior finishes, features, CC&R requirements, and various permit and impact fees. Once M/I Homes has a good idea of what you want, they can give you a ballpark cost estimate.


What happens if after I’ve signed my contract with M/I Homes and my home is under construction I change my mind about a feature, finish, or some aspect of the layout?

This can result in a change order. They usually involve additional cost, which you will be expected to pay before they are acted upon. But sometimes they result in cost savings, which will be credited back to you.



Will M/I Homes modify a home plan that I like…either one of their plans or another one I’ve found myself?

The design team from M/I Homes will collaborate with you to create the perfect plan for your family and lifestyle while staying within your budget. They will offer you a number of plans that have been approved for the community. In some cases, they may allow you to build a home based on your custom home.



Can I build a M/I Homes property on my own land?

M/I Homes does not build on privately owned land. Most builders focus on building homes in planned communities that provide the best experience for the homeowners and contribute to increasing home values.  



Do builders like M/I Homes pay closing costs?

Buyers pay most of the costs associated with closing on a home with M/I Homes because so many of the costs are tied to the mortgage process. ... If you are buying new home construction, many builders including M/I Homes will offer incentives to offset these fees and costs if you are willing to use their in-house lender



How can I negotiate upgrades on a new construction home from M/I Homes?

Here are a few tips to get the most out of your new construction homes from M/I Homes:

  1. Buy During the “Off Season.” ...

  2. Ask the Builder to Cover Closing Costs in Return for Upgrades. ...

  3. Choose a Cheaper Lot. ...

  4. Buy a Finished Home That Hasn't Been Sold Yet. ...

  5. Just Ask!

search new homes frisco dallas dfw build

Real Estate Awards

Dallas Real Estate Agent - Top Frisco Real Estate Agent
Dallas, Frisco, Plano, Coppell, Irving, Southlake, Lakewood, Colleyville, University Park, Grapevine, McKinney, Allen, Flower Mound & Trophy Club Realtor  best real estate agents in dallas, best indian desi real estate agents in dallas, hindi gujarati punjabi urdu speaking realtor real estate agent dallas, physician relocation services dallas, physician loans dallas

Real Estate Education

Dallas Real Estate Agent - Top Frisco Real Estate Agent , Dallas GRI Realtor, Dallas top Indian Realtor, Dallas best Desi Real Estate agent, Dallas relocation specialist, Frisco relocation specialist realtor real estate agent, southlake top realtor, best coppell realtor, best indian realtor mckinney, top desi realtor southalke, Top GRI realtor DFW, DFW Best Top Desi Indian Realtor, Dallas cashback realtor, Dallas rebate realtor, dallas new home rebate
Dallas, Frisco, Plano, Coppell, Irving, Southlake, Lakewood, Colleyville, University Park, Grapevine, McKinney, Allen, Flower Mound & Trophy Club ABR Accredited Buyer Representative designation Certification Realtor Real Estate Agent Referrals Welcome providing real estate services to veterans, Dallas ABR realtor real estate agent, coppell top realtor, best realtor realtor, top desi indian realtor dallas, indian realtor in dallas dfw
crs realtor dallas, d magazine best realtors 2018 list, d magazine best real estate agents , d magazine top producers, d magazine best insurance agents 2018, top realtors in dallas 2017, d magazine top producers 2018, top texas real estate agents, d best realtors 2018, best indian luxury realtor dallas dfw southlake frisco, top crs realtor dallas dfw, crs referral realtor dallas dfw southlake
Dallas Real Estate Agent - Top Frisco Real Estate Agent
Dallas, Frisco, Plano, Coppell, Irving, Southlake, Lakewood, Colleyville, University Park, Grapevine, McKinney, Allen, Flower Mound & Trophy Club SRS Seller Representation Specialist designation Certification Realtor Real Estate Agent Referrals Welcome providing real estate services to veterans, d magazine best realtors 2018, best real estate agents in dallas 2018, d magazine best real estate agents 2017, top dallas realtors, top dallas real estate companies, top realtors in dallas 2018, dallas luxury realty indian desi realtor real estate agent, top real estate companies in dallas 2018
Dallas Real Estate Agent - Top Frisco Real Estate Agent
Dallas Real Estate Agent - Top Frisco Real Estate Agent


136 Guadalupe Dr.

Mabank, TX 75156


Dallas Real Estate Agent - Top Frisco Real Estate Agent
  • Yelp Social Icon
  • Facebook Social Icon
  • Twitter Social Icon
  • YouTube Social  Icon
  • Pinterest Social Icon



Texas Real Estate Commission Consumer Protection Notice

Texas Real Estate Commission  Information About Brokerage Services

Nitin Gupta is a residential real estate agent with Competitive Edge Realty

Privacy Policy

Categories: Best Realtor Dallas 2020, Dallas Real Estate Agent, Dallas REALTOR®, REALTORS® In Dallas, REALTORS®, Real Estate Agents, Real Estate Agents In Dallas, Dallas Luxury Broker,  Dallas Relocation Specialist, Top Dallas REALTORS®, Best Real Estate Agents In Dallas, Dallas Real Estate News, Top Dallas Relocation Expert, Dallas Luxury REALTOR, Dallas Realtor Reviews, Top Residential Real Estate Companies in Dallas

Copyright Nitin Gupta 2016-2021

Frisco Listing agent, frisco home selling Service,  Dallas Fort Worth DFW sell home, frisco listing broker, frisco sell my home, top real estate agents in Frisco TX, top real estate companies in frisco tx, frisco real estate agents directory, sell my house fast frisco, sell my frisco home quick, sell my tx home quick, what is my frisco home worth

Dallas – Ft. Worth Real Estate – Making An Offer

Dallas – Ft. Worth Real Estate – Realtors For Sellers

Dallas Real Estate Agent – Basic Marketing

Dallas Real Estate Agent – Choose A Neighborhood

Dallas Real Estate Agent – Choosing A Home

Dallas Real Estate Agent – Community Info

Dallas Real Estate Agent – Home Inspections

Dallas Real Estate Agent – Mortgage Info

Dallas Real Estate Agent – Payment Calculator

Dallas Real Estate Agent – Useful Tools

Dallas Real Estate Agent – Homes For Sale In Dallas, TX

Dallas Real Estate – Agent Homes for Sale in Dallas, TX

North Texas Real Estate – Buying A Home

North Texas Real Estate – Free Home Valuation

Dallas Rel Estate Blog

Our Listings

The Dallas Real Estate Market Reports

Dallas Property Search

Request CMA

Selling a Home in Dallas

youtube client testimonials.png

Frisco Real Estate - Buyer or Sell a Home

University Park Real Estate – Buy or Sell a Home

Southlake Real Estate – Homes For Sale In Southlake, TX

Colleyville Real Estate – Buy or Sell a Home

Trophy Club Real Estate – Homes for Sale in Trophy Club, TX

Flower Mound Real Estate – Homes for Sale in Flower Mound, TX

McKinney Real Estate – Buy or Sell a Home in McKinney, TX

Celina Real Estate – Buy or Sell a Home  in Celina, TX

Prosper Real Estate – Buy or Sell a Home in Prosper, TX

Allen Real Estate – Buy or Sell a Home

Mckinney Real Estate – Buy or Sell a Home

The Colony Real Estate – Buy or Sell a Home

Allen Real Estate – Buy or Sell a Home in Allen, TX

Argyle Real Estate – Homes For Sale In Argyle, TX

Denton Real Estate – Homes for Sale Denton, TX

Irving Real Estate – Buy or Sell a Home In Irving, TX

Homes for Sale in Coppell, TX – New Homes in Coppell, TX

Plano Real Estate – Buy or Sell a Home

Little Elm Real Estate – Homes for Sale in Little Elm, TX

Flower Mound Listing Agent

Dallas Listing Agent

Frisco Listing Agent

Southlake Listing Agent

Colleyville Listing Agent