Millennials: Are Pre-Construction Homes the Best Choice For Millennial
You have finally decided to buy a home. The fact that you will be the first owner of a new home is exciting for any homebuyer. If you’re planning to buy a pre-construction home it will be an opportunity to plan and design your home from the flooring to the appliances. This is among the most desirable factor for those who choose pre-construction homes in Weston Fl.
The choice between a new and old home may seem to be a hard one since each kind has its pros and cons. If you are a first-time buyer, you must consider the advantages and disadvantages of buying a pre-construction home before signing on the dotted line. This discussion helps you make the best decision.
Benefits of Buying a Pre-construction Home
The initial deposit for pre-construction homes tends to be higher than for resale homes. However, you have the flexibility to spread the installments up to the closing time.
After choosing a pre-construction home, you have ten days in which you can get a lawyer to go through the agreement. In case you need to end the contract within the ten days, you have the right to reclaim your downpayment and move on.
Freedom to Choose and Customize
If you’re planning to buy a pre-construction home in Botaniko, you can choose the floor plan, materials, and finishes of your home. You can work with the designer on what light fixtures you prefer, you can choose your floor layout, the color of walls or tiles, etc. You can make any alterations to upgrade the home before it’s complete. Most young buyers want spaces that be altered to serve the need of the moment. For instance, a living room can turn to a bedroom if they have visitors staying for the night. You can, therefore, plan the layout of the interior.
Enough Time to Save
If you are a first-time buyer, buying a preconstruction enables you to save enough for your deposit and closing bills. It’s good to note that for the period that your home is under construction, you don’t do any mortgage payments. This is an ideal option for young buyers who are probably in college and paying their student loans. They can pay as they study.
Higher Resale Value
Typically, many people prefer living in newer homes because they have upgraded features. The feeling of freshness is something many buyers desire. This means that if you want to resell or rent out your pre-construction home, it’s easy and fast since the demand high. Your home increases in value while it’s being constructed.
New homes in Weston Fl typically have new flooring, new appliances, and new equipment. This means that the cost of maintenance is minimal for the homebuyer, especially for the first few years. Without having to state the obvious, older homes will require higher costs of maintenance from the frequent repairs.
The designers of Preconstruction homes Weston Fl ensure that they consider energy-efficient appliances in their developments, for instance, the use of solar water heaters to save on electricity bills. The windows and doors in these homes are designed in a way that ensures enough lighting from outside while the high ceilings allow efficient cooling and airiness in the home.
You can benefit from tax exemptions by choosing certain energy-efficient features for your home. Your area tax adviser can advise on whether you qualify for this.
Should you note any issues in your house after moving in, e.g. leaking roofs cracked tiles or cabinets that are not locking properly, warranty programs should take care of that. These programs could also offer protection in deposit or occupancy issues.
Buying a pre-construction home typically comes with its challenges. It’s good to prepare for this before taking on buying your new home.
Challenges of Buying a Pre-construction Home
Possible unforeseen delays
When buying a pre-construction home there might be delays between the expected occupancy date given to you by the developer and the date you move in legally. However, you must be keen to find a reliable developer to avoid unnecessary delays.
Buying a pre-constructed house means that you purchase a home that is yet to be built. Consequently, the end product might be different from what you initially saw on the computerized model.
Your original design could indicate things that the developer decided to change or omit completely. This might be a source of frustration.
Make sure to research your builder. Have they done other successful projects before and how did they do it? You can ask to view them to assess the quality of their services.
In case you move into your new home before it’s legally transferred to you, you are liable to pay a monthly fee similar to rent. Unfortunately, this is not a part of paying your mortgage.
Unlike when buying an old home, preconstruction homes require you to meet what is termed as ‘closing costs’ which can further add to the purchase price. These costs include land transfer taxes, development charges, legal fees, warranty and more. Make sure you get professional advice on what closing costs are applicable in your area so as you know what to expect.