Many people need to understand new constriction properties. Below are some erroneous beliefs about these properties.
New Construction Is Expensive
Many people believe new constructions are expensive, and that belief might be true or false depending on how you evaluate property cost. First, you should know that the sticker price for new construction would likely exceed that of a comparable existing home. However, a home's purchase price is not the only component of its cost.
You should also consider associated costs, such as:
- Maintenance costs
- Financing fees
- Insurance costs
- Utility costs
- Upgrade or repair costs
New constructions usually beat existing homes in cost if you consider the above factors in addition to their respective sticker prices. For example, new construction properties are usually more energy efficient, easier to maintain, and cheaper to insure than existing homes.
Buying New Construction Takes Too Much Time
Some people also believe that you have to wait a long time to move into your new construction. However, this depends on your new home's construction stage at the time of your purchase.
Many builders don't wait for buyers to start construction. Rather, they start construction and look for buyers as the construction progresses. As such, you can buy a new construction that is nearly complete and move into it sooner than most people think.
You Can't Inspect a New Construction
Some people claim that they don't like new constructions because they cannot inspect the properties. However, a home inspection is a critical step in the home purchase — you can and should inspect all properties, including new constructions.
The only difference is the point at which you can inspect new construction. You can inspect a new construction at any time. However, you should delay a full inspection until after the construction is complete — just before closing the purchase deal.
The Purchase Process Involves Too Many Decisions
Many property developers allow prospective buyers to customize their homes during purchase. For example, you can decide which materials to use for the kitchen countertop, which cabinets to purchase, and even the bathroom wall color. Those who dislike making decisions think it's a disadvantage to buying new construction.
In reality, you get to decide whether to make all these decisions or leave them up to your builder. Many builders have standard selections for buyers who dislike numerous decisions. For example, a standard package may come with granite countertops, wooden flooring, and white bathroom walls, while another comes with marble, tile, and tile. You just choose the package you want.
For more information, contact a real estate agent near you.