The idea of a new construction home sounds appealing to many people. New construction homes provide endless customization options and the opportunity to truly make your own personal touches In a brand new home, you won’t have to worry about old, stained carpets or old appliances; instead, you can select what best suits your family’s individual tastes.
While choosing your favorite brick, paint, and countertops may be exciting and seem pretty simple, the buying process for new construction homes can be quite challenging without any prior experience and knowledge.
The good news is that following these tips for buying new-construction homes can save you money, and time. Here are three common mistakes to avoid when purchasing a new home.
Failure to Research Your Builder
Buying a new home will most likely be one of your family’s largest investments in a lifetime, so it is essential that you prioritize quality, especially when it comes to the developer or builder in charge of creating your new home.
Even if you have completely fallen in love with a neighborhood and the style of its homes, you still must research your builder thoroughly. Look for reviews online, and keep an eye out for any patterns and feedback you may see, such as an excess amount of premature repairs/issues, poor workmanship, cut corners, and delayed construction.
You as the buyer can decrease your risks by doing appropriate research ahead of time, to save you both time and heartache!
Failure to Budget for Extra Costs
New builds can start as blank slates. Sure, some people may not consider it necessary to have privacy fences or gutters, but it’s only a matter of time before they realize they really dislike having a straight shot of their neighbors every time they sit on their porch, and they’ll probably be calling the gutter company after that first hard rain that creates trenches in the new lawn all around their home!
If you build in a community that has a Homeowner’s Association (HOA), you’ll want to read over the rules carefully. Make sure you set aside the expenses ahead of time to take care of any loose ends to be in compliance with the HOA. After all, nobody is excited about getting a letter from their Homeowner’s Association during the first week in their new home!
Failure to Work with a Realtor
There are most definitely some differences between buying a pre-owned home and a new construction home. As a result, unless you are an extremely experienced buyer, it is critical to have proper representation and take precautionary measures throughout the purchasing process of a new build.
It is of utmost importance and in your best interest to hire a Realtor before visiting potential locations and the property sales office. You always want your Realtor present to represent you properly! A Realtor will work to ensure that you are set up for success from the start, handling communications, disclosing the benefits and drawbacks of the property, and may even be able to help you negotiate lower costs.
Bottom Line
Purchasing a new construction home has significant advantages. However, there are numerous pitfalls, so buyers should exercise caution at all times and have the assistance of a real estate professional throughout the process. Before signing off on your new home, carefully consider all of the advantages and disadvantages of new construction.