If You're Buying a New Home, Don't Make These Blunders
Having a new home built should be a lovely experience. You should be able to curl up at night surrounded by walls that are exactly how and where you want them. Unfortunately, for some people, buying a new home ends up being a lot more frustrating than they had hoped. You don't want to be one of those people, and if you avoid these common blunders, you don't have to be!
1. Over-extending your budget
You start with a moderate budget, and over time, your budget may creep higher and higher if you have trouble saying "no" to additional options. When you finally move in and finalize the mortgage, the payments may be a bit higher than you are comfortable with. You can avoid this situation by setting a firm budget from day one. Share that budget with your real estate agent so everyone knows where you are coming from. Along the way, you may have to turn down some finish upgrades and special features, but once you've moved in, you won't miss them.
2. Counting on the original completion date sticking
When you have a new home built, the builder will typically give you a target completion date. In most cases, though, this date will end up being pushed. Some supplies may be late coming in, the bank may take some extra time to approve the loan, or something else small may go wrong and end up moving the completion date. If you plan on the home not being finished until 1 -2 months after the projected completion date, things will go more smoothly. Don't plan on moving out of your current home or apartment on the initially projected completion date, or you stand to be disappointed.
3. Failing to consider future changes in your needs
It's common for clients to arrange to buy a new home to meet their current needs. But a few years later, those need change, and the home no longer meets them. You can avoid outgrowing your new home with some better planning. Do you think you might have kids? Then choose a home with an extra bedroom or two. Is there a chance you may start working from home next year? Then include a home office.
By planning for future needs, under-projecting the completion date, and sticking to a budget, you will have better luck buying a new home. Contact a real estate agency, such as RE/MAX Great Basin Realty, for help finding the right place.
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