Ask most homebuyers what their ideal home would be and the majority of them would say the newer the home, the better. Buying a brand-new home that has never been lived in definitely comes with a lot of perks such as lower maintenance costs, but there are still a lot of misconceptions about buying these houses. Here is a look at some of the most common misconceptions about new homes for sale and the actual facts you should know as a prospective buyer.
Misconception: You don't need to work with a real estate agent when buying a new home.
Many buyers will work directly with the builder or property developer when they are trying to buy a new construction home for sale and completely bypass the idea that they need to enlist the help of a realtor. However, having a real estate agent on your side throughout the buying process is actually wiser, even when you are buying a new house. The agent can help you track down the most fitting properties and also help you negotiate with the builder.
Misconception: It's difficult to find financing for a brand-new home.
Many people assume that buying a new construction home is more difficult because it is hard to find financing. This misconception oftentimes stem from the idea that a brand-new home is more expensive than a home that has been lived in before. However, most new construction homes have price tags that are in line with the current market, and lenders don't have any qualms about offering financing.
Misconception: There's no need to research a builder; local codes ensure quality.
Any time you buy a home that has just been built, it is best to do a little investigative research into the company that built the home. Look at their track record by checking reviews on Google, check out some of the other homes built by the company, and even get advice from your chosen real estate agent. Local building codes can ensure a home is built to certain standards, but there is more to quality than just these codes.
Misconception: You won't have to get a new home inspected to get a loan.
In order to get a home loan on a newly constructed house, your lender will likely still require that the home is inspected. A home inspection is a way for the lender to assess their risks, but it can also yield you a great deal of insight into the quality of the construction of the house.
If you're interested in looking at new homes for sale in your area, talk to a real estate agent in your area.
When you are faced with a down market, there are a lot of things that can run through your mind as a homeowner. If you had to sell, would you be able to make your money back? What will you do if you have to sell your property at a loss? Do you think you are ready to buy a new home?
Although there are a lot of things that are important to think about, the fact of the matter is that understanding real estate challenges is instrumental to making money with your property. From moving forward with new ideas about real estate to working with the right professionals, it pays to read up on the market. Learn more today!