How to Buy a New Construction Home? (+Pros, Cons, Mistakes to Avoid): While buying a house is undoubtedly an exciting experience, buying a new house can offer more freedom and possibilities. With a newly built house, everything is fresh, contemporary and even greener. Although new houses and old houses may have a different age, there are more similarities than one would think between the buying process. Ultimately, even a new home can cause a headache and a very empty wallet if proper precautions are not taken.
First, let’s talk a little about the pros and cons of buying a new construction home:
Pros of Buying a New Construction Home:
- This type of property will not require immediate changes, as all systems such as hydraulic and electrical will be new.
- Since the purchase, there is the possibility of making the house tailored, adjusted to your tastes and needs regarding materials and finishes.
- Many new condos include services such as swimming pools and gyms, so you won’t have to worry about installing new ones.
- There is a lower risk of having problems with the title deed.
- On many occasions, energy supply facilities will have to meet several ecological requirements, so you can spend less on electricity, gas, and heating.
Cons of Buying a New Construction Home:
- Being the first owner, the disbursement of money will be greater.
- Currently, the additional costs of builders or developers are 1.75% of the sale price.
- The location could be outside the main cities, so you have to think about the transport time.
You must take into account all the possibilities, then, see what suits your needs. Now, we understand that there is still some attraction to the idea of buying a new house, we don’t blame you. But, if you still decide to do so, there is a right way to make this purchase, and maybe there are many things that a first-time buyer still doesn’t know. Because of this, here are a series of mistakes that you should avoid when buying your new home construction, so you can enjoy the home you deserve without going through any unpleasant problems.
Mistakes to Avoid when buying a New Construction Home
Get carried away by the house and forget the location
There are beautiful, but badly located houses. It is better to buy a house that meets our expectations by 70% but well located. The house is refurbished and transformed, the location is not!
Always check Floor Plans first (if you are not visiting the site physically)
Obsess and get into debt
That same enthusiasm could lead us to participate to one end of the bids for the house or buy one that we like very much but whose high cost leaves us with a big doubt. You should be really sure that you can pay the mortgage, otherwise, you would lose your new home. Never take your finances to the limit.
Think in the short term
This could include buying a house too small because there are still no children in the family, or buying a house with unevenness or too many stairs for a person who is reaching old age.
Do not see it by an expert before closing the operation
It is true that buying a house is not simple or cheap, and that one tries to cut expenses from anywhere. But there are things that should not be spared, and verify that the house has no structural problems is a priority. If you do not do it and later discover any such problem, the bills to pay for repairs may be too high.
Not taking into account all legal issues involved
It is convenient for you to think well in whose name or who will be the house, especially if you buy it together with someone else: a friend, your partner, your children of legal age, etc. In addition, you must sign an extra-superficial agreement between you that allows you to settle certain disputes that may arise over time: if any of you marry, if you wish to sell, if the family is enlarged, etc.
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6 Questions to Ask When Buying a New Construction Home! By
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The most in-depth guide for buying a new construction home. How to buy a home from a home builder. By Ty Wilde