Temptation of Brand New Homes

Of cause you already heared the buzz about buying brand new homes in the pre-construction phase of development and having their home value increase as its being built.

These stories usually involve someone "getting in" during the earliest stage of development when the builders initially release the new homes for sale and typically offer homebuyers good incentives and competitive pricing to pre sell as many new homes as possible.

Many new home buyers have found that new-construction purchasing is the best way to own a new home or condo (reserving a price in the market), but postponing their closing date until the new home is completed, in some cases, can take as long 6-12 months to complete construction on the new home community. (Giving buyers time to sell their current house, save for additional down payment, or find a competitive lender). Along the same lines, most builders only require the buyer to put down a small amount of down payment money when purchasing a home in a new home community (anywhere from $1,000-18,000 depending on price of house) upfront. After making this payment, one does not typically need to put more money down or make a single mortgage payment until the new home is built, or they close on it.

So, if you are still making mortgage payments on your existing home, there's no need to worry about making double mortgage payments until your new house or investment property is completed and you close escrow. Another benefit of buying a new home in the early stages of construction is the home owner can be assured that their new home will be low maintenance once the new home is built. Builders are required by law to give specific minimum warranties to ensure that one will not face any major problems during the first few years of living in your new home. One of the warranties is a minimum of 1-year "bumper to bumper" warranty, which ensures that everything in the home is covered by the builder. There is also a 2-year warranty that covers all systems (electrical, plumbing, heating and air conditioning, etc.) in the home. Another warranty is the 10-year structural warranty that covers foundation and other structural problems. One more benefit of purchasing pre-built homes is that the buyer will get to choose many features in their home. Depending on the progress of construction, one can often choose flooring, cabinetry, light, plumbing fixtures, etc. A buyer can either go with the upgrades, or they can keep the standard features in order to keep costs down.

If you buying a home during the early stages of development, usually there will has the option to choose the floor plan they want to use and the lot they want to build on.

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