Buying a new home is an exciting time in a person’s life. However, it comes with its challenges, and there are some things that need to be kept in mind when buying a home in a new development.
You May Spend Too Much Money
Model homes are supposed to give the potential buyers an idea of how their home may look. Developers stage these homes and put in all types of upgrades into the model home so these buyers will want to purchase the home. It is important to find out when checking out a model home what parts of the home are included in the price and what are extras. Remember to stay in budget when considering upgrades from the developer. Sometimes, it can be cheaper to do it without the developer at a later stage. It is also important not to wave the inspection. Although it may seem like money is being saved, an inspector can find potential problems before the house is completed. Sometimes, developers cut corners to save money.
It May Be Too Good to Be True
Find out the orientation of the property. Are the homes too close together? Is the home close to a playground? Perhaps the noise from the playground may be a disturbance. If more homes will be built in the development, is it possible that the other homes may obstruct any potential views? Also in model homes, developers sometimes use smaller furniture so it appears bigger (a full bed instead of a queen size). So, it is important to find out just how big the home will be.
Risk of Not Completing Development
One thing to keep in mind is if a potential buyer needs to sell their home before the development is completed due to a family emergency or for financial reasons, they may have difficulty selling their home for a good price as many would not move into an unfinished development. When purchasing a home, go with a reputable developer as there is a risk that the home may not be completed. A potential buyer should have a completion clause written in the purchasing agreement. This protects the buyer because if the developer cannot deliver on finishing the home, it is possible to get a refund.