5 Tips for Purchasing a Newly Constructed Home
Due to the housing crash and the nationwide credit debacle, it has never been a wiser investment for house hunters to purchase a newly built home. Architects and community developers are building homes that not only have customizable and versatile floor plans, but that are also good for the environment. In most cases, these homes are less expensive and can possibly give you much more bang for your buck. Best of all, it’s a new home, which means that in all likelihood you won’t need to pay for any major renovations. It is common with many older homes that an inspector or realtor recommends the buyer fix a few things before the house is totally livable. Yet, there are still a few things to consider when buying a new home. Here are 5 tips for purchasing a newly constructed home.
- First, you always want to get a third party assessment of the property, before you sign for the deed. In most cases, your newly constructed home will have a warranty of up to 12 months. Yet, most of the problems that occur in new homes don’t happen until after the warranty is up. Many buyers make the mistake of assuming that if any problems come up, they will fix them before the warranty’s expiration. However, by hiring a qualified and licensed housing inspector, he or she will be able to give you a non-biased assessment that could save you big money in the long run.
- Another tip is to make sure that the person that has built the home, or the developer, doesn’t have any pending lawsuits – or a history of disputes with homeowners. In some cases, a community of newly built homes will be constructed by a sneaky developer who is only looking to make a quick turnaround or profit and not provide safe, habitable homes to create a friendly and neighborly community.
- Make sure that you the person selling you the home has a reputable lender. In many cases, the seller of the home or the developer will provide the buyer of the home with a particular lender, because it is easier for the seller in terms of paperwork. However, if the lender is working with the seller or the seller is the lender, it can end up costing you a fortune if you don’t read the terms and conditions carefully, because they might be bilking you for more cash.
- Next, always choose a real estate agent or agency who specializes in selling newly constructed homes. Whether you are searching for real estate in Louisville Kentucy or Akron Ohio, an experienced agent will protected you from overly eager developers or sellers that will use a whole range of tactics to get you to buy a home.
- Lastly, the most important thing is to have qualified and trustworthy legal council by your side. You will be signing a lot of paperwork, so it is important to know exactly what you are signing. When you move into the home of your dreams you don’t want to find yourself in legal trouble or owing more money just because you didn’t read the fine print.