Some things never change. You'll have to file your taxes every April, there are seven days in a week, and buying a home is the pinnacle of the American Dream. Data shows that 4.5 million people purchased homes in 2023. Out of those buyers, 500,000 purchased new construction homes.
If you're considering looking at offerings from new home builders, then there are certain things you need to know before you put pen to paper. Read on to learn what to add to your new home construction checklist!
Reputation Check
A shocking 90% of Millennial home buyers have regrets about their first home purchase. There are so many surprises when you buy a house, and new construction homes are no exception.
Lots of people think that buying a brand new home means that it's free from any imperfections, and you won't have to worry about repairs for a long time. Sometimes that's true, and sometimes it's a disappointing falsehood. The best way to live the new construction dream is to make sure to do your research on the builder.
What are the ratings online? Do they have other, older homes that demonstrate their construction quality?
Use a Realtor
Compared to a standard home purchase, buying a home from new home builders is quite simple. If they have availability coming up and you have financing, you're under contract. That doesn't mean you shouldn't go in with your own realtor, however.
Using a buyer's agent gets you someone on your side who can give you advice and negotiate on your behalf. You'll walk away with a better deal than if you go with the builder's representative alone.
Consider the Neighborhood
The neighborhood is always an important consideration, but that's especially true with new construction. Many developers offer their homes at prices that are far more affordable than homes in established neighborhoods. Consider whether the discount is worth any negative impact on your daily life.
You should also consider what you see in your future. If you think you might want to use that home as a rental property, is it in a place where you can attract and retain great tenants?
Are There Any Restrictions?
A home can check every single box, but that won't mean anything if you're not allowed to do what you want with it. Some new homes are subject to neighborhood covenants or HOAs that restrict things like vacation rentals, modifications, and even landscaping.
Always read the fine print before you sign!
Are New Construction Homes Right for You?
New construction homes are a great option for people who want to establish themselves in a place no one else has ever lived. You just need to make sure that you take extra precautions to make sure it's right for you and your plans for the future. You won't regret taking your time to make an informed decision!
The professionals at PMI West Michigan have a wealth of experience in everything from rental property management to HOA guidance. Contact us today if you want to take your property to the next level!
