Buying a Pre-Construction Home: 5 Things to Consider

by Editor on November 13, 2013

Home Construction

Purchasing a pre-construction home can feel a little bit like purchasing a new car - you have the new home smell and the new home feel. When it comes down to it, older homes have their downsides: odd smells, chips and cracks and sometimes faulty appliances. Why not forgo all of those downsides and go with a brand new home? Moreover, a brand new home is often in a great part of town and it can be a great place to raise children. However, there are a number of considerations you must make before you do, because you can wind up getting a bad case of buyer’s remorse. Here are five things to consider when buying a pre-construction home.

1.  Is the neighborhood development a private enterprise? This can be an important consideration, because you don’t want to wind up with a home that has shoddy construction and maybe a few issues with the bank. Basically, private real estate institutions – not all of them – rush to complete homes in the hopes of securing a buyers. However, in this rush, they can leave out a number of details. So, it is important to be aware.

2.  Can you get a discount on the asking price? Again, a private housing development may be rushing to close on the home you are in love with. If the home has been inspected, you should ask the seller for a discount on the final asking price. In these trying financial times, some sellers are willing to take off up to a few hundred thousand dollars – just to close on the home. So, don’t be afraid to ask, because you may be surprised as to what they are willing to come down on.

3.  Can you adjust the blueprints? If the home you are purchasing hasn’t even broken ground yet, there is a good chance that you can jump in and make a few minor adjustments. For instance, maybe you want to expand a certain room or perhaps you want to shorten the garage to make room for a guest bedroom or a larger living room. This is the beauty of pre-construction homes – you can often customize the interior layout of the home – as per your specifications.

4.  Does the price of the home match the location? Location is everything – any real estate agent, like Front Door Real Estate, will be able to tell you that. However, it can be important to consider whether you are paying too much for a certain location. For instance, what if you are too close to a major road and can hear traffic – shouldn’t you pay less than what you would pay for a waterfront property in the same location?

5.  Is there a way to monitor the construction? Some construction jobs can take forever to complete. This can be a big problem if you want to move in right away. So, it may be wise to ask if you can watch or stay up to date with construction. Some builders offer this service. Not only can this service be great to monitor progress, but it will satiate your curiosity as well.

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