5 DON’TS WHEN LOOKING TO BUILD NEW
Don’t buy land lots directly from developer! Usually, these are financed by them, take a long time to pay off, are overpriced and end up in foreclosure if the development doesn’t go as planned. In most instances, you have a ‘rendering’ of what the development will look like but if it doesn’t go as planned you’ll end up losing BIG! Most common areas such as club houses, pools, and neighborhood parks are left to be completed after a certain percentage of the development is complete. Seek a professional agent to help you sort this out.
Don’t upgrade! If you must add to the base price do so only with structural items. Structural items are difficult to complete later such as removing/adding a wall or room so these are items you should consider. Flooring and other types of upgrades are most times much more expensive thru the builder. Consider the cost before you agree to an upgrade that can be done later.
Don’t believe everything you hear! It’s important to listen carefully to what the on-site sales person is saying. Don’t forget that this person works for the builder. Often they’re forthright and honest but when you come across a builder that may not have an established reputation you may place yourself at risk. Do your homework or seek a professional agent that’s been in the business for a while and knows what to look for.
Don’t get emotional! You walk-in and everything is set up perfectly and you want to buy it now and all of it! Patience grasshopper… Go thru the property carefully. The models are set up with lots of upgrades and dressed to kill. Kind of like a pretty lady or handsome guy at a club. Get to know him/her before committing. Same thing with a house... Sit on the sofa, imagine yourself watching TV. Is there a wall to add a screen or must you go to the media room? Is something nagging you? Yeah. You get the picture…
Don’t go in blind! New homes/developments have no established resale values. The builder will work with an appraiser to get the property to appraise at a certain price point. That’s why most builders offer their own financing ‘partner’. If you want an objective opinion on values seek an agent that represents you and can give you surrounding value information and market trends. This is especially true if you’re looking to add a substantial amount of upgrades.
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