Buying a new construction home is often seen as a safer choice. Everything is brand new, so presumably you don't have to worry about it breaking. You get to choose your own finishes, so you don't have to worry about mismatches and ugly colors. But there are still some precautions you should take when buying new construction homes. Here are a few of them.
1. Have a home inspection.
You probably think of home inspectors identifying things like damaged roofs and old, leaky basements. While these are not issues you are likely to see in a new construction home, you should still have a home inspector come take a look. They will point out problems like loose plumbing connections, missing hardware on cabinets, drywall that was not properly sealed, and so forth. If these item are identified by an inspector, you will have an easier time getting the builders to come back out and fix them before you officially buy the home and move in.
2. Pay for a home warranty.
You should absolutely purchase a home warranty when you buy a new construction home. This warranty will pay the associated costs should anything go wrong in the home for the first year, two years, or even five years. (You should be able to choose your warranty period; the longer the period, the more you will pay.) If the oven breaks, your home warranty should cover it. If the duct work was not attached properly and you need to have an HVAC contractor come fix it, the warranty should pay for that, too. Basically, any home repair costs that would not be covered by homeowners insurance would be covered by the warranty,
3. Check the home after construction but before moving in.
Do not sign the final paperwork or move into the home before doing a thorough walk-through. Make sure all of the loose ends are tired up before this walk-through. All the walls should be painted, and all the hardware should be in place. If the builders used any of the wrong finishes or made any other visual mistakes that would not necessarily be noticed by the home inspector, you'll pick up on these things and have a chance to have them fixed.
Builders have the best of intentions, but sometime they do make mistakes. And accidents can happen even with a new home's appliances and bones. Taking the precautions above will protect you.
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!