Buying a new build home typically requires an attention-to-detail approach. That’s because new homes can still have hidden costs in terms of expensive repairs, missing necessities, future upgrades, etc. If you buy a home without considering such things, it could cost you more in the long run.
To avoid this, consider these common hidden costs of buying a new-build home:
1. Hidden House Defects
Hidden new home construction defects could turn into expensive repairs. For example, a home built during the rainy season could cause mold issues, incorrect electrical wiring can lead to power surges, and a poor foundation can lead to flooding. To protect you from such issues, schedule a professional home inspection that helps identify potential defects. Also, check the home warranty, as you may have to rely on that if your homeowner’s insurance does not cover such repairs.
2. Missing Essentials
A common problem with new-build houses is lack of essentials, including no window coverings or blinds, lack of appliances, little to no landscaping, etc. Installing these items yourself could be an additional expense. Therefore, before buying the home, find out whether these items are included. If they’re excluded, make sure adding these extra features will fit your budget.
3. Pricey Upgrades
One of the major hidden costs of buying a new-build home is pricey upgrades. The home you are going to tour will typically have upgrades including, granite countertops, sophisticated bathrooms, hardwood flooring, the latest appliances, etc. These features will surely attract you to buy the home, but the price difference between a home with the basic features and upgraded features can be several thousands of dollars.
Additionally, if you choose to get your home upgrades through your builder, there’s a high chance you might have to pay an additional price while having limited choices compared to doing the same upgrades yourself. Therefore, make sure to choose upgrades that would be useful to you and also consider the resale value of the home. Adding these upgrades can significantly push up your home’s resale value.
4. Lack of Representation
Sometimes the home's sales agent also represents the builder. They may not represent you, and any financing the builder has arranged may not necessarily be the best or the most affordable choice. Therefore, research yourself to find the best lenders available in your community and choose one who can offer you the lowest interest rates and fees on your home loan.
Buying a home is a huge investment, so ensure to conduct a home inspection to know the exact condition of the home. Contact Worthy Inspections today to schedule a professional home inspection that ensures an unbiased report.