There are two ways you can go when it comes to purchasing a brand new home. You can either buy into a building phase of planned tract homes or you can find a piece of land you love and hire a builder to create your custom home from scratch. Either way, you’re going to face some challenges that most home buyers never have to think about. Here are a few things you should know before you decide on new home construction.
- Newer isn’t always better. There seems to be a common misconception that newer homes are automatically better in terms of quality and construction, but this isn’t always the case. After all, a home that is still standing after 50 or 100 years probably features pretty solid construction. Building codes have almost certainly improved over time in terms of requirements for safety features, if nothing else. But the quality of materials used and the care the builders take in the construction process might not be what you expect. It is for this reason that you need to be careful when selecting a builder for your project or buying into a particular tract of homes. A little background research can help to ensure you find the quality you seek in new construction.
- Inspections are necessary. Because you’re not an expert when it comes to carpentry, plumbing, and construction in general, it’s a good idea to hire a home inspector to go over every inch of new home construction in order to spot potential problems, and in some cases even point out code violations that municipal inspectors may have missed. Generally speaking, you won’t necessarily need to hire a home inspector until the project is complete. But you might want to spend a little extra to have one come in and check things out before the walls are closed up. Or you could at least ask to be present when the city inspectors show up.
- Costs aren’t necessarily fixed. When you are in on a building project from start to finish, or even if you come in somewhere in the middle, you may have some control over the direction it takes, including the ability to change the layout, upgrade materials, and add items that you prefer. In some cases, this could increase the initial cost, although it might be just the opposite. Some builders, in order to close out a particular phase of their building project, will offer upgrades and extras for free as a way to entice buyers to seal the deal.
- Expect delays. Any time you have to wait for your home to be built, you could experience delays in the building process. For one thing, you can’t control the weather, and an unseasonable storm could definitely put work on hold. In addition, late delivery of materials or a failure to secure proper heavy machinery rental or rigging Los Angeles could hold up the works. In short, you need to prepare for the fact that your home may not be move-in ready as scheduled.
- It’s better to buy early. If you’re buying into a tract of homes that has yet to be built and there are several phases planned, you’ll likely find that the earlier you get in, the lower your price is likely to be, especially if the building project is in a fast-growing or otherwise desirable area. Of course, this won’t necessarily apply if you purchase a stand-alone parcel of land and hire an independent builder to erect a structure on it. In this case the only potential reason to rush is if you want to lock in rates or move in as quickly as possible.