10 Things You Don’t Know About Buying a New Construction Home
New construction homes are a great option for many buyers. They offer great customization and the ability to get a brand-new home just the way you want it. But, there are some things you should be aware of when going into the new construction purchase process.
Here are 10 things people don't know about purchasing a new construction home:
The timeline for construction can vary. It's important to get a clear understanding of the builder's timeline for construction before you make an offer. There may be delays due to weather, permitting, or other factors.
Not all upgrades are created equal. Some upgrades, such as flooring and appliances, will add significant value to your home. Others, such as upgraded light fixtures, may not.
You may have to pay for upgrades upfront. Some builders require buyers to pay for upgrades upfront, while others allow buyers to finance them. Be sure to ask about the builder's policy before you make an offer.
The warranty may not cover everything. The builder's warranty will typically cover defects in materials and workmanship. However, it may not cover things like wear and tear or damage caused by owner negligence.
You may have to pay for closing costs. Closing costs are typically paid by the buyer, and they can add up. Be sure to factor closing costs into your budget before you make an offer.
You may have to pay property taxes and homeowners insurance before you move in. Property taxes and homeowners insurance are typically paid quarterly or annually. However, some lenders may require you to pay them upfront.
You may not be able to customize your home as much as you think. Some builders have strict restrictions on what buyers can customize. Be sure to ask the builder about their customization policies before you make an offer.
You may have to live with construction noise and dust. New construction can be noisy and dusty. Be prepared to deal with this inconvenience until the home is finished.
You may not be able to move in as soon as you think. The construction process can take longer than you expect. Be prepared to wait a few months before you can move into your new home.
New construction homes can be more expensive than you think. The cost of new construction can vary depending on the location, the size of the home, and the finishes you choose. Be sure to get an estimate from the builder before you make an offer.
These are just a few things people might not know about purchasing a new construction home. By being aware of these things, you can make an informed decision and avoid any surprises down the road.