New home buying can have its advantages, but it also comes with a different set of considerations than a pre-owned house. Here are some tips and potential pitfalls to consider before you buying a home that’s just been built.
Made to Order
The biggest upside of buying a home that’s just been built is that you can be directly involved in the planning process. If you have always wanted a chef’s kitchen or an open floor plan, you can work directly with an architect to plan out the home and have it built to your specifications — finding your dream home can become a reality. You can also have your pick of materials, allowing for a greener approach. Maybe you desire a specific kind of tile in the bathroom, or a specific finish for the hardwood floors. Before you go down the custom-build route, however, make sure you’re ready to take on the added responsibility since you’re going to have a larger role in the day-to-day process of actually designing and building a home. Essentially, you’re in change, so while you don’t have to find a Realtor, your role will be more hands-on.
Understand Exactly What You’re Getting
Often the first look at your new place will be a model home tour. Folks don’t always realize there are some potential big differences between the model home they toured and the house they actually ended up buying. To help sell houses, model homes are often upgrades with special features that aren’t part of the standard unit; granite counter tops, top-of-the-line appliances and supplied furnishings make these “show-units” look their best. Additionally,make sure that the materials you see in the model (door handles, light fixtures, etc) are still being used in the newly built versions. Ask plenty of questions so that you know exactly what you’re getting, and if you feel like you’re not getting honest answers, move on to the next option.
Is There A Warranty?
Second-hand homes come with very few guarantees. While you may be covered if a previous owner lied about or tried to conceal a known-defect, generally speaking, you’re on your own with an older home, though a good real estate agent will hopefully be honest about any major flaws.. A new home, on the other hand, usually comes with a warranty, requiring the builder to fix many problems. Buying a home that’s just been built will usually have a warranty that covers materials and workmanship. For instance, if your new floorboards start to warp, or a hot water tank was installed incorrectly, the company would be responsible for fixing those issues and may also be liable for any related damages incurred. Warranties do not take the place of home owners insurance, however, so a cracked window resulting from too hard a slam will still be your responsibility. be on the hook for that. Understand the warranty offered and go over it with a lawyer since they are not all the same.
Inspection!
A home inspection is crucial when buying a home, used or brand new. Before such a momentous purchase, ensure that the roof isn’t about to cave or the foundation isn’t fatally flawed. An inspector looking at a new home should double check the quality of the workmanship, i.e., is it up to code? Did the construction company skimp on materials? Are appliances installed incorrectly? Is the backyard properly graded to prevent flooding? When building a new home, mistakes can happen. But with an inspection, at least you’ll catch them early.
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