fbpx

Buying a Newly Built Home? These Mistakes Could Cost You

According to the National Association of Realtors, 52% of home buyers cited finding the right property as the most difficult part of buying a home. And it makes sense — after all, buying a home is a major decision that shouldn’t be taken lightly. That’s why many people prefer to live in newly constructed homes that have never been lived in. Not only does this reduce the amount of maintenance you have to do, but many times, you can have a bigger say in how the home is built. But finding the right home takes more than doing a quick Google search for “homes for sale near me.” You have to be a bit more diligent to avoid making some common mistakes. Here are just a few mistakes to avoid when looking for new construction in Red Clay school district.

NOT DOING ENOUGH RESEARCH

There are plenty of new homes available, but it’s important to do your research and shop around. This is mostly a financial issue; even if you feel as though you’ve found the perfect home, area, or price, you could be missing out on a better deal:

“Many large builders have in-house mortgage lenders or preferred companies they work with who may or may not offer competitive rates and terms. Unless you shop around for mortgage rates, you won’t have a basis for comparison…When in-house and outside lenders compete for your business, you gain more leverage to negotiate loan costs or interest rates,” writes Deborah Kearns on Bankrate.

NOT KNOWING ABOUT BUILDER WARRANTIES

Builder warranties come in two different types: implied and express. An implied warranty will cover workmanship defects that impact a home’s livability and safety. Express warranties, on the other hand, have more specific wording and may ask buyers to waive certain rights. Neither one of these types of warranties is necessarily ‘better’ than the other, but you should take the time to explore your options.

NOT CHOOSING THE RIGHT UPGRADES

Finally, it’s important to choose the right upgrades — those that will help to increase the value of your home over time. Feel free to personalize your home whichever way you prefer, but keep ROI in mind.

Ultimately, avoiding these mistakes can put you on the right path to buy a brand new home you’ll live in comfortably for years to come. For more information about new homes for sale near metropolitan or suburban areas, contact Cornish Hills.