We like new homes, but what are some mistakes we should take care to avoid?
Buying a new home built to your specifications can be exciting. But there are a few pitfalls that can make a home hard to resell when you are relocated.
Here are some keys to a smart selection:
- Look at the location.
One way to compare the value of various locations is to see how national builders price the same home in different nearby suburbs; there may be thousands of dollars of price difference for homes a few miles apart. Also, check how quickly existing homes resell in the neighborhood, and whether the sellers realize a profit or loss.
- See what they're selling.
Check if the builder has a model on site of the style and price home you want, or if a model is available at another nearby subdivision. Look for things that may not be noticeable on plans like narrow or steep stairs, poor workmanship, awkward placement of doors, etc. Also, try to see a nearly completed home to judge how the home will look with less finish and fewer upgrades than the model has.
- Stick to the facts.
Bring a scale floor plan of your current home with you, and be sure to include room measurements on the plan. Also, bring floor plans of any other homes you especially liked so you can have something concrete to compare.
- Add up the options.
Putting in too many options may price your home out of the market, but too few may make it difficult to resell. Hardwood floors on the main level, a fireplace in the family room; rear deck and walkout basement are important options in many areas.
- Check it out.
Hire a home inspector to check the home during construction as well as before closing. And consider having an experienced real estate attorney read the purchase contract before you sign it.