When they are about to purchase a new property, people seem to prefer brand new homes to those with the history. While buying a recently built property seems like a good deal in theory, there are some pitfalls and hidden aspects prospective buyers are usually not aware of.
Buying a new property for most people seems like a dream come true for numerous reasons.
– Buying a property in the pre-construction phase allows you to customize it to your liking as it’s being built. You can add some modern features, special lighting system, high ceilings or anything that will make you feel comfortable in your dream house.
Being able to add their personal touch and design it their way is what makes most people opt for buying a home in the pre-construction phase.
– Since you are the first to live in the house, you will barely have to perform some repair works in the next couple of years. Also, maintenance cost will be much lower than in ”already used” properties. Everything’s new and under warranty and probably years will pass until some of the appliances need to be replaced.
– Energy-efficient appliances and materials and new household systems are very economic, so your utility bills won’t be so high.
– Brand new homes are equipped with the latest security systems and technologies, which bring safety to a whole new level.
As any other decision, this one also comes with certain downsides. Since buying a property is a huge investment, you should be familiar with both positive and negative aspects of it. Also, decide which aspects you can compromise on and what your non-negotiables are.
– Brand new homes are typically very expensive and have various hidden costs. Unfortunately, sometimes happens that new homes have some hidden defects that call for costly repair works.
– Buying a property in the pre-construction phase can be a double-egded sword. Sometimes it turns out as a good deal and smart investment. The worst-case scenario would be that you purchase a property that will never be fully completed or that you end up in a bad neighborhood where no one would like to move to, which can be a problem if you decide one day to sell your home. Also, make sure you get a completion clause stating the expected time-frame within which the home will be finished.
– Unreliable or fraudulent developers may turn the whole home buying experience into a
nightmare. You need to be aware of all potential issues that may arise throughout the process and find out how to avoid them. Research your prospective developers’ reputation and find out how they are operating.
– Sometimes happens that new homes are not fully equipped, which will cause major additional expenses. If these new investments don’t fit your budget and you cannot reach an agreement with the developer, consider buying an almost brand new property situated in a good neighborhood. Also, keep in mind that moving into a pre-construction home may take a couple of months longer than moving into an almost new home in perfect condition.
– Buying a property in the neighborhood that hasn’t been established yet can be a bit risky, since you don’t know what the area will look like in the next couple of years. If you are ready to deal with this kind of uncertainty, make sure you get the best possible deal. Also, if you are the first to move into a brand new building, you are likely to live on a construction site for quite some time.
– New properties are often located in a construction zone far from some important amenities like hospitals, schools, shopping centers,…
Now that you are familiar with positive and negative aspects of a home buying process, take your time to decide which option works best for you, your family and your budget.
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