If you’re looking to move into an ideal home that perfectly fits both your needs and wants, chances are that you’ve considered buying a new unused construction home. After all, it is almost impossible to find a home on the resale market that perfectly suits our expectations. Apart from that, buying new construction homes also means that you won’t have to worry about any construction damage. With these benefits in mind, it is understandable for people to opt for new construction homes.
However, new construction homes do also come with their drawbacks. If you happen to be someone planning to purchase a construction home, we encourage you to read on and learn more about these drawbacks.
Higher Costs
Naturally, a newly constructed home will come with a much higher price tag. As such, homeowners will need a higher mortgage and have a higher down payment. Apart from that, these newly constructed homes might not necessarily have higher quality features as compared to existing renovated homes.
Newly constructed homes also require you to complete the finishing touches such as towel rods, window treatments, closet shelving, cabinetry hardware, and others alike. These may build up to a significant sum and also pose a hassle to deal with.
Another aspect to note will be a higher property tax rate. Newly constructed homes often come with higher property taxes as compared to other similar properties in the neighborhood.
Long Construction Period
If you are looking to purchase homes that are already completed by the time of purchase, then this will not be a concern for you.
However, for those that prefer a new home built to their ideals, you will be at the mercy of the builder when it comes to the duration it takes for the home to be ready for move-in. It is also not unusual for lengthy delays to happen, with builders citing reasons like a shortage of manpower. As such, this can cause all sorts of issues for buyers, especially those that have no temporary housing in the meantime. This can also cause problems if you’ve locked a mortgage rate since you’ll have to pay a fee for extending the rate lock or risk losing the rate.
As such, if you do plan on going ahead with purchasing a new-build construction home, we highly encourage that you thoroughly vet both the builder and contract thoroughly before signing. Choosing the right builder is paramount to your move-in experience, and one way you can do that is by reaching out to other homeowners in the development to find out their experiences.
Builder Grade Quality
Another reason why the choice of builders is important is that they determine the quality of your home. Oftentimes, miscommunications can appear and the homeowner is left with accepting a home that doesn’t meet their expectations. Instead of purchasing newly constructed homes, we believe you can find ideal homes through the resale market as well. If you’re looking for properties that suit your preferences, then we highly recommend that you make use of realty experts like NJLux. With plenty of experience and properties available, you will be sure to find a property that’s just right for you.
