5 things to consider when buying a new construction
Once it’s readily available and it fits your budget, the decision to buy a new construction house almost seems like a no-brainer, right?
After all, that new car smell pales in comparison to that new house smell, and note everyone likes pre-owned goods. However, it is important to consider that, just because it smells like this new house, you still have to look out for a healthy investment.
These are the five things to consider when purchasing new construction:
1. The model house is not a standard design for many builders.
If you shop for newly built properties, sometime you’ll be touring a model house. Such houses serve as immersive showrooms, with a builder providing more luxury upgrades. Their goal is to show the customization that a builder provides by enabling purchasers to know all about a house’s design potential.
2. Understand all your financing options.
In addition to offering a house that’s custom-built for you, most builders also have on-site representatives who can support you in every step of the process, even in the important step in the borrowing process.
3. Asking questions is essential.
You won’t be able to see the finished product until, well, it’s finished. So it would be best if you asked questions along the way. It keeps the dialogue between you and the builder open and the process transparent. Communications lapses can lead to incomprehension, leading to misaligned expectations.
4. Your timeline might affect your options.
Although in some cases, a model house may not technically be considered a new building, buying one still means you are the first person to live there. That’s right, depending on the status of a development project, you might be able to snag a model house (premium upgrades and all) for a deal. Once a certain percentage of units in a development have is sold, the builder is likely to want to offload the model house like every day it sits vacant on the market, the builder loses money. It’s an excellent option for buyers in a time crunch as it means you get a fresh new house that’s turnkey ready.o
5. Having your new house inspected is still a good idea.
Most buyers may be shocked, but even new constructions can have structural issues. Hey, mistakes happen. The very reason why it’s always a good idea to have any house you purchase inspected by a licensed professional before closing.
A good REALTOR® can aide you make the right offer for the property you’re interested in buying. For free valuation, contact us at 401-396-2888. We’re always glad to help!