News Edition
The home-buying process is an extremely long one, full of many decisions to make and many options to choose from. If you’re relatively new to the process, you might not realize that one of the choices you can make is choosing between a pre-built home, a newly constructed one, or even a fully custom home. When facing these options, many are intrigued by the thought of buying a newly constructed home. Being the first person to live in the home is appealing to many, but there are certain things you should know before signing on the dotted line.
Your Home Might Not Be Ready for Immediate Move-In
When it comes to new construction homes, you’re often able to buy them before they’re actually built. This means that you may not be able to move in immediately after closing, a problem if you’re looking to move sooner rather than later. It’s important to talk to your realtor and the contractor or construction company to make sure you’re all on the same page when it comes to the timeline.
Additionally, if it’s not brought up in these discussions, it’s good practice that you anticipate some sort of delay during the building process. As much as contractors would love to complete their projects in a timely manner, often things happen to delay their completion that are completely out of their control. It’s not their fault, but it’s something that you’ll need to be aware of.
Understand What You’re Buying
Because you can buy a home at any point during the building process, it’s important you know what specifically you are buying. Are you purchasing early in the process so you’ll have some sort of input on what is being built? What sort of input will you have? Does the contractor give you a choice between three different floor plans, or can you customize further than that?
It’s also key that you know what is included in the price that you’re paying. Often, the price includes a base floor plan and a certain amount of customization on top of that. If you want to add anything else (higher-end appliances, for example), you’ll need to pay more for that. Your realtor and/or the contractor should be very clear with you on these terms. If they’re not, consider taking your business elsewhere.
Get a Third-Party Inspection
You may be under the impression that, because you’re buying a newly constructed home, there’s nothing wrong with it, and you don’t need to get it inspected. That’s not exactly the case. While it is less likely that issues will be found with a brand new home, there still may be issues that were not caught or addressed during the construction. Getting a third-party inspector to come in and review your home with fresh eyes will give you peace of mind as you sign the papers.
Read Your Warranty Closely
If you’ve never purchased a newly constructed home before, you may not be aware that most construction companies offer a warranty on these homes. This warranty often covers any structural problems and appliance issues that you may encounter for a certain period of time after your purchase. Make sure to review these policies closely, so you can take full advantage of them if and when the need arises.
Be Aware of Your Surroundings
It’s easy to fall in love with the house and the thought of having input into what exactly your house will look like. It’s a dream for many new home buyers. However, don’t forget to evaluate the area around your new home as well. Do you live near a busy highway that will keep you up at night? Is your school district one you want your future children to grow up in? If you’re one of the first to move into this brand new neighborhood, is it going to sound like you’re living in a construction zone for the next six months?
None of these are things that are meant to dissuade you from purchasing the house of your dreams, but it’s important you consider more than just the layout of your home. The perfect floor plan doesn’t matter if you hate the location. When weighing your options for your next home, make sure you take everything into account, not just the best things about each option before you.
