Navigating Real Estate Transactions

Three Misconceptions About Buying A Newly Constructed Home

If you like the idea of living in a home that has never been lived in before, then you're probably leaning towards purchasing a new construction home rather than an older one. This can be a very rewarding experience, but it is also a very different experience from buying a previously lived-in home. Here are a few misconceptions you may have about buying new construction -- and the real truth:

Misconception: The advertised base price is the price you will pay.

When you start shopping for new construction homes from the builder, they will often give you a price estimate. However, you should not assume this is the final price you'd pay for the home. Usually, the initial price does not include any upgraded features, some of which you will most certainly want. (After all, one of the great advantages of buying new construction is the ability to customize it!) Keep the advertised price in mind, but figure that you'll pay at least another 10% on top of that by the time all is said and done. 

Misconception: Everything will work perfectly.

It's true that you have to worry a lot less about furnaces and other appliances malfunctioning in new construction -- since they are brand new. However, you should not assume you won't have any repairs or maintenance issues to think about. There are sure to be little troubles that are only noticeable once someone moves into the home. A certain floor may creak a little, or a door may not close smoothly. This does not mean your builder did a bad job. Adjustments always need to be made once a home has been "broken in," and they will usually come fix these minor issues for free within a year or so of your move-in date.

Misconception: You don't need to have a home inspection.

You might think you can save on the cost of the home inspection by purchasing a new home, but in fact, it's still a good idea to get one. When the same building team has been working on the home since the get-go, they may accidentally look over some mistakes they've made. An inspector can reveal these mistakes and ensure they're repaired before you move in. Plus, the home inspector can let you know a little more about the maintenance you should do to certain home elements and materials in the coming years. In some cases, your bank may even require an inspection prior to issuing a loan. 

Contact a company that can help you find the right new home construction for sale for more information. 

About Me

Discussing Real Estate Transactions

Hi there, my name is Francesska O’Conner. Welcome to my website about real estate transactions. The real estate transaction process is particularly difficult to navigate without some guidance. Although real estate agents try to offer this guidance to their clients, sometimes a little information is lost along the way. I created this site to help explain the real estate transaction process from start to finish. I will explore both sides of the transaction process for buyers and sellers. I hope you will feel inspired to visit often to learn everything there is to know about real estate transactions. Thank you for coming by.



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