When buying a home, the options can feel overwhelming. There are a variety of properties to choose from in most areas ranging from condominiums to single-family homes. You also have the choice between existing properties and new homes. New homes are newly constructed and haven't been lived in yet. While being the first to live in a home may be attractive, there are a few things that you should know about buying this type of property. Here are three things that you should keep in mind if you are planning on buying a new home.
A Real Estate Agent Can Help
When looking at new homes, you may feel that you can do it without a real estate agent. However, real estate agents offer a variety of home buyer services that can be invaluable when purchasing this type of property. A buyer's agent will do the research for you in order to determine if a home is right for your needs. Often when you buy a new home, the neighborhood is still developing. Home buyers should consider future development when purchasing a home in this type of community. Real estate agents can offer valuable insights and help you get the best deal when buying a new home.
Be Prepared to Spend More
New home sales are skyrocketing throughout much of the country and there's a good reason for that. New homes often offer a greater opportunity for customization as well as updated features and amenities. However, this does typically come at a cost. New homes, on average, tend to be more expensive than existing homes. On average, new homes cost around $60,000 more than existing homes. Being prepared to spend more is a must if you are considering a new construction home.
You Still Need a Home Inspection
With a brand-new home you may be tempted to skip out on the home inspection. However, even newly built homes can have construction issues that may require expensive repairs down the road. Getting a home inspection is a must before buying a new home. On average, home inspections range between $278 and $390 depending on the size of the home and the difficulty of the inspection. A home inspection can prevent you from investing in a property that has serious issues.
If you are planning on buying a new home, there are a few things that you need to know. First, a real estate agent can be very helpful when looking at new homes. They can help you find the right fit for your needs. New homes also tend to be more expensive so be prepared to spend more than you would on an existing property. Before going through with the purchase, a home inspection is also a must.