When most people think about buying a home, they imagine living in a house that’s already built. While a new construction house is certainly one of the most exciting options available for buyers, there are some things to keep in mind that may be different than if you were purchasing a resale property.
New homes can be a little more expensive than resale properties, but it’s important to weigh the pros and cons of each option when making your decision. Buying new construction can be an excellent way to get a lot of features that you may not find in an existing house, such as an extra bedroom or a larger master bath. It’s also often cheaper to heat and cool a new house, as it will be more energy-efficient than an older one.
The drawback to buying new construction is the length of time it takes for the building process. Typically, it will take anywhere from 3 to 12 months before you’re able to move in and enjoy your new home. This can be difficult for people who need to move quickly, such as families with children moving from a smaller apartment.
Another important factor to consider is the builder’s reputation. Ask your real estate agent about the different developers and builders in your area and look at testimonials or reviews online to determine which ones are best suited for your needs. It’s also wise to hire an inspector to conduct a thorough walkthrough of the new construction home you’re interested in. This will help ensure that everything is being built as promised and that it’s safe to live in.
It’s also a good idea to negotiate with the builder for additional upgrades or upgrades that are included in the base price of the new construction house. While it is rare for a builder to cut their prices, they will be more likely to give you a discount for being one of the first buyers in a development or for agreeing to pay for all extras upfront rather than at closing.
Finally, it’s crucial to understand the property taxes you will be paying on your new construction house. Your real estate agent will be able to tell you a general estimate of what you should expect to pay in property taxes based on how much your neighbors are paying, but it’s a good idea to have a town tax assessor come out and do a valuation once the house is finished. This will provide a more accurate number than just an estimated one.
As with any home purchase, it’s essential to hire a reputable real estate agent who specializes in new construction homes and knows the process inside and out. They’ll be able to protect you from any issues that could arise during the process, including problems with zoning or permitting and any delays in construction. It’s also a good idea to speak with your builder ahead of time about any financial details, such as who will be providing the financing and whether they have a preferred lender.
