Florida’s real estate market has a low inventory right now, and new construction might be the best option for some. However, the experience and process involved with buying a new build are far different from a traditional sale.
Alexis Nickley of the Nickley Group gives you all the pros and cons to help you decide whether buying new construction is the perfect choice for you.
Pros of New Construction:
Brand New Everything!
In a traditional sale, you have to inspect the house, and there’s a high possibility that you’ll find out that the roof or the AC needs repair. But with new construction, you won’t have to experience that since everything is brand new.
“When you are purchasing new construction, you get the peace of mind that you are buying a brand new house.”
Homes that are newly constructed often come with warranties. This is one of the benefits of buying new construction since the builder will evaluate and repair any structural concerns about your home.
“Most builders have a ten-year structural warranty. That means, and a good example of that is if something happens on the exterior of your home… the builder can come out and assess that situation.”
Completely Customize Your Home
Purchasing new construction means it gets to be your canvass. Some home buyers prefer to go down this route compared to the traditional sale since it’s a way for them to finally build the house that they’ve always dreamed of.
“So if you’ve always wanted a home with a white kitchen that’s super modern, you can create that. You also get to pick out the lot that your house is going to sit on.”
The Builder Will Fix Any Mistakes
One of the ways that make buying a new build hassle-free is that the builder will fix any mistake that comes up after the inspection. You don’t get to enjoy that benefit when you’re buying an old house. And that’s also one of the things that make it worth every penny.
“If something does come up in your inspection, then 99% of the time the builder is going to fix those items for you.”
More Time to Move In
With new construction, the usual closing is between six to eight months, compared to a traditional sale which is usually just thirty days. When you only have thirty days to prepare and make decisions, that can be pretty stressful. Having more time to move in means more time to prepare and less pressure on you.
“When you’re purchasing new construction, you have a longer time period, and that makes it a little bit less stressful.”
Cons of New Construction:
The Number of Options can be Overwhelming
Having the opportunity to decorate your home means it’s all up to you. And having too many options can leave you feeling overwhelmed, or worse, it could lead to analysis paralysis. That feeling of being overwhelmed could eventually lead to stress.
“What happens is you get to pick out everything in your home… when you go to that design center, it is overwhelming with the number of options you have to choose from.”
You Have to Pay Extra for Upgrades
Having a carpet on your dining room floor is not common, but some builders will do just that because hardwood floors require an upgrade. And getting an upgrade means you’ll have to shell out an extra amount of cash to your builder.
“How it works in new construction is… you have to pay an upgrade… But unfortunately, with new construction, it’s a business and it’s an easy way for them to make money.”
You’re Working With a Business and not an Individual Seller
One of the things you should be conscious of when buying new construction is that you are dealing with a company that’s meant to do business. Remember, the sales rep and the builder aren’t working for you, they’re working for the company.
“When you are signing that new construction contract, that contract is going to be extremely skewed for the builder when you are purchasing new construction.”
Tip: Use an Experienced Realtor When Buying New Construction
When purchasing new construction, you’re doing transactions with sales reps and builders who are working for a company. That’s why it’s vital that you have a professional who’s not only experienced with new construction purchases but also makes sure that you receive your own fair share of the transaction.
“It is so important when you are purchasing new construction that you have someone in your corner that has your back.”
If you’ve decided that buying new construction is the perfect choice for you, then you’ll need an experienced realtor in making sure that you get your money’s worth when it comes to your investment.
The Nickley Group is Orlando’s leading realtor agency and is experienced in purchasing new construction. We’ll be more than happy to assist you. Call us at 407.906.2456 or drop by our office at 1013 E. Colonial Dr. Orlando, FL 32803.
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