Are you considering buying a new development property? You should know that buying new construction homes is a slightly different process than buying homes that have had previous owners. One of the major differences is that you will be buying the home from the builder, instead of from previous owners. Here are some of the questions you should ask when buying a new development property:
What are some of the pros and cons of new construction homes?
In a recent survey, 41 percent of Americans responded that they would prefer to buy a new construction home over a previously owned home. New construction homes have huge appeal because they come with modern features and can be customized. However, there also a few potential downsides to new construction homes:
New construction homes remain a very attractive option, however. You just can't beat the freshness of living in a brand new home.
What comes standard with the new home?
The model home that you tour on the new development property won't necessarily represent exactly what comes with the home you plan on buying. The model home will likely show several of the standard features along with some extra upgrades that might cost you more down the line. Ask your builder for a list of standard features and available upgrades so that you know exactly what you're getting and what you have to pay extra to get.
What is the future of the new development?
Do some research with the city planner's office to see what the future plans are for the area. Zoning laws can change rapidly in areas under new development. If you can, talk to some of the current homeowners in the development to see how they like the area and if they know of future plans. Find out if there is an HOA for the new development and learn about any fees or regulations that they enforce.
Keep in mind that if you buy in a development that isn't finished yet, there'll be some construction traffic until the project is complete.
What's in the contract?
Make sure you've fully read and understand the terms of the contract with the builder before signing. This is especially important if you're buying a home that is not yet completed. Ask your agent and the builder if there is anything that you don't understand. You're making a huge investment, so there aren't any dumb questions.
What's in the warranty?
If you've decided to buy the home, have it inspected by a professional. The home is brand new, not necessarily flawless.
The warranty should stipulate that the builder is responsible to repair any major problems with the home. Warranties will typically run from 1-10 years. Warranties will also often cover appliances. Talk to your builder if you have any questions about the warranty, and let your agent look it over before you sign the contract.
Good luck as you consider buying a new development property! And if you're ready to buy a new construction on the water in Plymouth, contact us today to learn about your options.