7 THINGS I WISH I KNEW BEFORE I BOUGHT MY FIRST PRE CONSTRUCTION HOME
Pride is among the unique feelings that come with owning a home. Many new homes seeking are hunting for it. There are many reasons behind folks seeking new pre construction homes. Some of these reasons are; high rent rates, substantial monthly bills, poor designs, and old style. On top of that, we also need to move into a new neighbourhood of choice.
Generally, the trend of moving from one apartment to another always becomes daunting and tiresome. Therefore, the ultimate solution to that problem is investing or purchasing a new home.
Old house versus New Pre Construction Home.
Purchasing an old house is quite expensive. For instance, most average family homes have a fixed price of not less than $400,000. That is no mean amount of money and so hard to be sourced all at once. The expense of purchasing a new home is the only barrier between people and their dreams of owning a home.
People are now shifting to purchasing pre constructed homes to beat that barrier. This is no new word to the “dreamers.” Unlike old houses, they are more flexible in purchasing and have a lesser burden on low-income earners.
Currently, there are many new construction homeowners. Unfortunately, one or two issues could have gone wrong or been missing during the investment period.
This article clears the air with seven things one would have missed when buying a pre construction home. Read on!
Scrutiny of financial options is vital.
This is an essential aspect whenever you want to invest in any asset. In this case, you are to give a deep and severe insight into the modes of payment relayed by the developer/builder. Only by understanding the financial options will you have a smooth process. Many beginners tend to fumble and quickly make a random decision without thinking more and considering.
You should seek a developer that helps you as a customer with financial assistance in terms of advice and guidance. Otherwise, ensure you have an experienced realtor with deep root networks and many financing options. That will entail telling you the perfect lender and advising you on the budget needed to facilitate the investment.
Do not rush to pick on any given lender. Instead, take your precious time and select the preferable lender with the rights rates you find friends. Once you are through with that, do not wait till you are ready. Get into it immediately if you’ve comprehended the financial options well.
Go for an experienced realtor.
If you want peace of mind all through the many procedures when buying a pre construction hoe, then a realtor must come in handy. Remember, you not only need a realtor but a realtor once who is experienced to the core.
A good realtor will save you considerable time, especially if you are a first-time buyer. The real estate industry has no saints, as is evident. The possibility of being scammed or exploited is too high. Realtors work on your behalf to help you manoeuvre through difficult moments. Another instance where realtors carry the day is when dealing with builders with so much fluff and hyped projects. The realtor will help you avoid overpaying vast amounts of money for a project that is not worth the high spirits.
To be safer, please go for a realtor around the community you plan on buying. You will be at the forefront with an insight into the area. Also, with a broader perspective of the location ahead of the rest. You can also choose new homes from G1homes.
Applying the hawk-eye technique during the inspection
During the inspection phase, you are constantly called upon by the builder, who then walks you through the unit. During this time, you are to keep an eye on details. Being so vigilant will help you spot even the slightest error during construction.
If inspecting by yourself is not satisfactory, you can secure a professional who is better at the job. If you or the inspecting officer point out a problem, you can forward it straight to the builder. After doing so, you will discuss the fixing terms and negotiate a way forward.
Inspections should not be a one-time affair but a constant practice you must undertake.
Ensure all verbal agreements are on paper.
This is one part where many home seekers fail the test. It is necessary always to put all information on paper to contain any understandings, negotiations, and payments; this applies mainly to the matter discussed before signing the purchase agreement.
You must make sure that everything necessary is noted down and on paper. By so doing, you will have made it easier to retrieve vital information later on in case anything arises. Failure to do so will be disastrous in the end.
The home model isn’t the standard model.
Once you show interest in a given brand new house for sale from a given developer, you will begin securing a unit before time goes by. During the process of securing a newbuild construction home, you will be at one time be requested to come to visit the home model.
The home model acts similarly to a car showroom where you will get to check out the design of the house, upgrades and features and interact more with the developer. A customer will have garnered real-time experience with the home. Of course, the model is usually beautiful and nicely designed to impress.
Do not be too impressed, thinking your unit would come out that nice. Most builders always construct traditional houses will lesser upgrades and fancy features. However, that comes at an extra cost. Luckily, you’ve got room to pick on what features you want your home to come out looking.
Hidden Charges Of Pre Construction.
Thinking of purchasing a new construction home? Did you know that apart from the base price of any given unit, there are other hidden fees? Well, you better be prepared financially.
Yes! There will always be other hidden fees not included in the agreement. They are usually included in the closing costs. An experienced real estate agent will help establish all the expenses needed for the entire venture.
Always go low in terms of price.
If you want a new construction home, try picking the least expensive one. You will save big since that won’t be costly compared to going for a much more expensive unit. At the same time, be extra careful with your mortgage rates.
In case you are now in a pre-constructed house, and you missed to tips above, now you know! A pre construction home is so much more convenient and flexible, unlike purchasing an old home. To those seeking to buy new houses for sale, never walk alone; walk with the information above.
However, know that the entire process can turn out to be a trick. Always take your time and consider all the vital tips before making any rushed decision. This is not the time to ask whether a presale is worth it; hurry now and check out any pre-constructed house of your dream.