NEW HOMES – NEW CONSTRUCTION
Buying a residential property which has been built recently carries with it some amount of risk. You need to deal with the builder directly rather than the owner of the property. Here are a few points to consider before investing in new homes:
- Hire a reputed agent- The agents that usually guide you when you check out model homes are associated with the builder. They always try to sell the property at the best price which can bring maximum profit for the builder. You need to hire an exclusive buyer’s agent who protects your interests and gives you guidance about how to make your offer to the builder in the most appealing way.
- Negotiate with the builder- Builders are never ready to bring down the listed prices of properties. They are reluctant in offering discounts so as to avoid similar requests from other buyers. So you need to negotiate with the builder in a smart way by asking him to upgrade your property without charging anything extra or pay the closing fees. Generally, builders are more likely to agree to these terms rather than providing direct discount. You can tell your agent to find out the negotiations style of the builder by enquiring about previous sales.
- Get written terms and conditions- It is very important to have a contract signed by the builder in which all the details regarding possible outcomes and their solutions are specified. You should have the proof regarding the projected time of construction and the actions to be taken if the process is not over on time. This purchase agreement can provide you protection in case there is any legal dispute.
- Check out the warranty- Most new homes come with warranties from the builder which cover specific components of the house. You need to find out what is covered under the warranty provided by the builder so that you can raise your concerns while making an offer.
- Go for home inspection- You should get the property inspected by a professional property inspector to check whether the property is up to code or not. If there are repairs required, your agent can help you understand your rights in terms of repair requests and termination of agreement.
- Check out the scope for development- The area where you are thinking of buying the property needs to be checked out thoroughly. Being aware of the neighborhood is important from the investment as well as livability points of view. The plan for development for the next five years as well as the current status in terms of amenities and utilities are the points to focus on.
Along with these tips, you also need to check the lender policy and the history of the builder before investing in a new construction.
For purchasing new homes in Connecticut, get in touch with Connecticut Real Estate & Investment.
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