Prepare for the unexpected with these insights into your new home.
There’s nothing quite like being the first to live in a new home. Carpet no one has spilled on yet. Door frames no one has dinged. A yard where your kids will be the first to play. That new house smell (even better than that new car smell!).
Purchasing new construction definitely has its perks over older homes. But there are several surprises that new home owners can bump up against if they haven’t done their homework. And these are aspects of owning a new construction that you really should know. Here are the four things you should know about new construction.
1. There are hidden costs that come with a new build.
New construction may not have everything you need; in fact, it’s really common to have a new home that is void of essentials like appliances, window dressings, landscaping and more. It’s essential for anyone planning to buy a new build to find out what’s included and what you’ll have to purchase when it’s time to move in. Do the math, so you won’t be disappointed or in over your head. Kitchen appliances, washers and dryers, landscaping and blinds add up fast. If the costs are too high, you may want to consider purchasing a relatively new home that’s been lived in for a short time.
2. The neighborhood is developing, and that means change.
When you’re buying a new construction, particularly in a development, it’s impossible to know how the area will evolve over time, or even what kind of neighbors you’ll have. More, if it’s a new school system, it may be impossible to tell the quality of education your children will get. And while every neighborhood changes over time, even the established ones, it’s important to realize when moving into a new development, there are a lot of unknowns, including how your property value will change over time.
3. There may still be hidden defects in new construction.
We all know every older home likely has defects, but even new construction can have defects that lead to costly repair bills. Some don’t immediately emerge, and you may only discover that your siding was improperly installed after a storm, or that your flooring warps only after a particularly wet spring. Prepare yourself for the unexpected latent defects to occur on occasion, research your builder’s reputation, and be sure to coordinate inspections by independent home inspectors at two different stages of building. And don’t forget to study up on the warranty that comes with your home, before you buy it.
4. Upgrades in the model home can get expensive, fast.
When you tour the model home, you’ll likely be enticed by the high-end upgrades. It’s important to be realistic about what you can afford on top of the base price of the home. If your budget can handle it, of course, choose those sumptuous carpets and that gorgeous granite. But overall, it’s essential to think through what originally spoke to you about the house, and whether you can afford the upcharge for the upgrades you value most.
New construction: a dream come true, with these reality checks
Newly constructed homes are a dream come true for so many of us. And it can be an attainable goal, not to mention rewarding on a deep level, to own a new build. Just keep these four things in mind when considering the home of your dreams, and you’ll be better prepared when these considerations pop up. Then nothing can shake that joy of being the first to live in your new home.