San Antonio Express-News (Sunday)
THINKING OF BUYING A PRECONSTRUCTION HOUSE?
READ THIS FIRST!
With a 24.5% decline in the national inventory of active listings, finding the right house that fits your budget and musthaves can be a significant challenge these days.
So if you aren’t finding anything that fits what you’re looking for in a home after searching high and low, it might be the perfect opportunity to buy a preconstruction home. That’s especially true if you have time on your side and don’t have to move right away.
“Buying preconstruction allows buyers to lock in preconstruction pricing,w because completed properties show better and are highly desirable,” says Anne Van Dyke, a real estate agent with Coldwell Banker in northern New Jersey.
But it’s crucial to think ahead before you buy a home that doesn’t exist quite yet. Here’s a breakdown of everything you developer or the contractor.
“Make sure they have good reviews and are highly respectable in their field,” says Jeff Johnson, real estate agent and acquisition manager at Simple Homebuyers in Maryland’s Charles County. “It’s inevitable for some minor errors to happen even need to know about buying a preconstruction house.
Do a deep dive on the developer
Just like with buying an existing home, buyers must do their due diligence and research everything they can about the new house. As with any home search, you want to feel comfortable moving into the area. But just as important, your research on a preconstruction home needs to focus on the in new developments. But the contractor must respond quickly to any issues and be willing to fix them. This shows their work ethic and credibility.”
So look for online reviews, testimonials, and any information on the developers you’re interested in working with and the development itself.
And if you’re buying in a brand-new development, it’s crucial to look into the future of the neighborhood and the surrounding area, which will, in turn, determine the return on your investment. The local planning department is an excellent place to start your investigation to see what else is in store for the area.
Beware of hidden costs
New homes provide homebuyers with a clean slate. So instead of worrying about how to replace the questionable design choices of a previous homeowner, you can usually choose everything from the tile to the countertops to the wall color—all tailored to your personal style and budget.
But be sure you fully understand which fixtures and finishes are included in your builder obligation contract. Everything from door handles to light switches can often be upgraded—for an additional fee.