“Buying a new home is smarter than buying a used one,” some homebuyers think. They envision a special place with each system, material choice, and amenities meeting every personal specification. The emotional appeal of owning a custom home is very attractive.
However, responsible homebuilders want you to be aware of the potential pitfalls of buying any brand new home, whether it’s pre-built or you get to choose some characteristics, like the colour of indoor carpet. Any home, whether it’s “new to you” or one you’re having built from the ground up can have unexpected costs. Budgeting for contingencies like repairs is important so you do not place unnecessary strain on your income and savings. Here are some considerations that might help you realize a particular home is too good to be true.
Missing Amenities
A brand new property home might lack a few things such as fencing, some appliances, and landscaping. How much time, effort, and cost can you afford to have them installed after you’ve closed the deal?
Research the expense of these items and any labour involved. Factor this into your budget. If you cannot make it work financially, consider purchasing a home that provides anything essential for you and your family, and already possesses most of the amenities you require.
Fees
Before signing those papers, think about any fees involved. Do you have the money ready for the downpayment? How about the cost of home inspection? You don’t want to find out your roofing is inadequate when the rain comes. Finally, remember there are closing costs which cover fees involved in home sale and mortgage deals. These fees could include fees for:
- Property appraisal
- Credit report
- Flood certification
- Underwriting
- Title insurance
- Origination
- Recording
Now you hopefully feel a little more prepared before embarking on your home buying experience. To ensure you get the best home your money can buy, rely on V-Can Construction. We handle small- and large-scale commercial or residential construction projects with a dedicated, highly-skilled team. Call us today at (647) 560-4955.