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5 Common Mistakes People Make when Buying New Construction

5 Common Mistakes People Make when Buying New Construction

5 Common Mistakes
5 Common Mistakes
  1. NOT having a Realtor to help you
  2. a. Not reading over the sales contract and understanding terms
      i. Increase price after contract
      ii. Appraisal contingencies
      iii. Keeping the builder and reps accountable and on task

  3. Not having a home inspection
  4. a. Sub contractors and building superintendents often miss stuff
      i. Vents not properly attached
      ii. Not enough insulation like it was supposed to have

  5. Spending too much in design studio
  6. a. Some options don’t make sense to have done through the builder. A lot of things can and should be done later to save more money.

    b. Structural vs design – which is better

  7. Expecting things to happen on schedule
  8. a. Builder delays can range from a few weeks to several months
    b. Factors outside of the builders control
      i. Supply shortages
      ii. Permits
      iii. Inspections

  9. Not factoring in property tax increases after the first year
  10. a. The first year your taxes are just on the land. After the first year, your
    taxes would be on the land and the home so they will most certainly go
    up. Some builders already calculate the taxes with both to avoid this
    but some still don’t, making it a bit of a shock when you see your
    payment jump by several hundred dollars.

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