Why Buying a Newly Constructed Home Makes Sense
If you are in the market for a home, buying a newly constructed one can be a smart move. When you buy a newly constructed house, you do not have to wonder about its history or hidden damage lurking behind its walls. That is why so many smart home buyers drive around and look for new homes and new developments.
Buying new construction can be a smart move, but that does not mean you can close your eyes and simply hope for the best. There are things all home buyers, including those buying new construction, need to be aware of. Here are some practical tips new-construction home buyers can use to get the most for their money.
Pre-Approval Can Speed the Process
Whether you are buying a newly built house or a previously owned one, getting pre-approved for a mortgage will speed the process and give you one less thing to worry about. Getting pre-approved is an easy process, and having that pre-approval letter in your pocket will give everyone, from the real estate agent to the contractor, extra peace of mind.
You Still Need a Home Inspection
Buying a new home is no guarantee that the property will be trouble-free. You still need to schedule a thorough home inspection. When it’s completed, read the report carefully. If problems are found, you can use those issues to negotiate a better price or insist that the contractor make repairs before the sale is finalized.
The Nature of the Neighborhood Matters
The three most important things in real estate are location, location, and location. That is true whether the home is 100 years old or new. It is important to research the neighborhood carefully before you buy, no matter what the age of the home. From crime statistics and school graduation rates to the presence of local restaurants and shopping centers, there are plenty of things to consider when buying a home in a new development.
Check Out the Builder Carefully
When buying a newly constructed home or selecting a property in a new development, the No. 1 consideration is the quality of the builder. If the builder has a stellar reputation and hundreds of happy customers, you can buy with confidence. If you find nothing but bad reviews when you do your research, it might be time to look elsewhere.
A Home Warranty Might Be a Smart Purchase
Many buyers think they can skip the home warranty when buying new construction, but that is not necessarily true. Even new houses can have hidden problems, and having a warranty in place can give you extra peace of mind.
Get the Right Insurance Coverage
Whether you buy a new or existing property, having the right homeowners insurance coverage in place is essential. Insuring the property for the full replacement cost will let you sleep soundly in your brand new bedroom.
Whether you are buying your first home or moving up to your dream home, getting the most for your money is important. In many cases new construction will provide the best value, especially if you know what to look for and how to shop smart.