New construction is popping up all over the country. For the last five years, we've seen developers and builders constructing new subdivisions and developments to keep up with the growing demand for housing. Even in the Columbus area, new home subdivisions are being built here in their in little pockets of outlying neighborhoods and communities. Whether it's an enclave of just five or six houses or large development of over 100 homes, new construction is all the rage.
If you're considering buying a new house or new construction in 2017 there are four things to remember and keep in mind before signing on the dotted line.
#1. Consider a pre-purchase inspection.
Many homebuyers have the false sense of security thinking that a brand-new home has no flaws. You might be surprised at how many faults, mistakes or flaws you find in the new construction home. Whether it's the title that's not quite even or the hardwood floors that got damaged during construction, there are flaws and mistakes that do happen in new construction. Because you are the first person to live in this house, it is imperative to do a pre-inspection before you finalize the purchase.
#2. Be wary of half-finished developments.
Many people like to buy one of the first homes in the neighborhood and you might think that you'll get the best deal but you also might end up being one of the more frustrated people in the neighborhood. If you are one of the first people to buy in a new construction neighborhood you don't know whether or not that neighborhood is desirable. What if you are one of the only people to buy in the neighborhood and the development takes the next five years to build out. Are you willing to put up with construction sounds for the next five years? What if the home values don't go up because of the lack of demand? It's important to find a home that either one of the last developments in the subdivision or when it's nearing its completion. If there are resale for sale signs going up in a development the fourth even completed, there's probably a reason a lot of these new homebuyers are already moving.
#3. Be careful about what you sign.
This is also a good spot to mention that you should have your own real estate agent when buying new construction. It's not a good idea to go with the real estate agent that is showing the property or sitting at the open houses. That agent's sole goal is to sell those particular properties. When you have your own real estate agent or buyers agent, your needs, concerns, and terms are the highest priority. Make sure you read everything before you sign it and if there is something you don't understand be sure to ask your real estate agent.
#4. Don't forget about the surrounding neighborhood.
This kind of goes back to not buying the first house for sale in a development. You not only buying that house but you're buying the surrounding neighborhood as well. Do you like the neighboring communities? Is this a good school district for resell value? Are you close to modern conveniences like markets, shops, and restaurants? This will be a long-term purchase even if it's just for a couple of years or more. Make sure that you are investing wisely in a neighborhood that is growing rather than getting run down.
For more information on buying new construction in the Columbus Ohio area contact my office today. I'd love to show you a complete list of new homes and developments in surrounding areas such as Lewis Center, Gahanna, and Worthington.