Advantages Of Buying A New Single Family Home
We are now going to talk about choosing different kinds of home to buy when it comes to making the choice. The three common kinds of housing that you can pick up to stay in:
- A detached family home,
- a condominium
- and a cooperative apartment.
Different people might have different definition of what kind of a structure they associate with what they think of a home. If you have always stayed in busy metropolitan city, the odds are that you have stayed in an apartment in high-rise multi-story building.
However, if you have been raised in a suburb or in a smaller town, then your idea of a home might be the kind of place where you have a garden all around the home, windows looking out on a lush green patio or the backyard.
These kind of residences are known as a detached single-family home. This is because these kind of homes are not attached to any other home and are located on separate pieces of property and land. In this post we are going to discuss the advantages of choosing a new detached single-family home to buy over other kinds of property.
Detached single-family homes come in two basic types:
- new homes and
- used and previously lived in homes.
Advantages of buying a new detached single-family home
Detached single-family home come with their own set of advantages. They are as follows.
A newly constructed home is more suitable to modern day needs
A home that has been recently built is likely to have the modern amenities as well as features that the modern consumer desires. There is likely to be ample lighting, electrical outlets, provisions to put all modern appliances as well as modern furniture.
The kitchen will probably have the kind of set up where you can put in a dishwasher, microwave and fit in a refrigerator as well. The bathroom will have adequate lighting and multiple outlets to plug in your electric shaver’s etc.
The living room and the bedroom again will be able to accommodate all your modern gadgets such as your Internet connection, your laptops, DVD players, wall mounted televisions etc. You will also find it more convenient and easier to rig up your phone connection, fax machines and so on.
Since a certain amount of planning is going to go into building a new home to accommodate the needs of the modern homeowner, the entire setup will end up being much more neater. You will not have to deal with making cable modifications, using extension cords etc. to accommodate all your gadgets.
Compliance with Federal Safety and Environmental Standards
The newer built homes and are more likely to comply with the latest federal guidelines of safety regulations regarding fire hazards, electricity connection, plumbing extra. There is also going to be the least likely chance of use of hazardous materials that has been banned such as asbestos, lead based paints and other toxics substances.
The house is also more likely to be built according to other safety and environmental codes and safeguarded against natural calamities like earthquakes, floods, heavy rainfall, snowstorms etc. It is likely to be better insulated and offer you more savings on power consumption.
Cheaper to operate and maintain than an older home.
Just like new car, a new home is also likely to cost you less to operate and maintain at least for the first few years since everything is newly built, you will not have problems with plumbing and fixtures as you might with an older house that requires these things to be either repaired, replaced or maintained.
Also, the new home is more likely to have energy efficient systems in place such as more efficient heating and cooling, modern plumbing and electricity supply. You’re likely to have energy efficient appliances with proper insulation in the house that save your money on the power consumption bill.
The one thing to keep in mind is that the quality and the overall standard of a newly built home is greatly dependent upon who has built it. If the builder is reputable and has a record of building good-quality houses that do not cause homeowners problem for years, then it is a good buy.
However, if you find out that homeowners staying in old developments by that same builder are having problems, then you might want to reconsider. You should inquire into the reputation and the user experience of other home owners of the same builder before you close on the purchase.
You should find out if the builder finishes the construction on time, honors all contractual obligations including the completion of any unfinished construction and whether he cooperates with fixing any defects that occur later on. Find out if any previous homeowners had to take legal action to get the problems corrected. Another good sign of the popularity of the builder is how quickly the housing built by him gets sold and how much that property appreciates over time.
Disadvantages Of Buying A New Detached Home
After the advantages, lets look at some of the possible advantage of buying a detached home.
You might not always get what you see
It often happens that many prospective homebuyers who go to see the housing being constructed by a certain builder are shown beautifully decorated and furnished homes. It is common for builders to spend thousands of dollars in decorating a model home in order to lure potential homebuyers to purchase.
You find modern appliances, beautiful furniture, window coverings, fireplace finishes, landscaping and many other features that you might desire in your home. Most importantly, all these extras make the place look like your dream home.
At this point of time you should get a very clear statement from the salesperson regarding which of the amenities and features that you are seeing in the model home are included in the sales price of the home.This is extremely important because many homeowners end up spending several thousands of dollars more off to having purchased the home in trying to make it look like the model home that they saw.
Prices are less negotiable
For upcoming homes that are being newly built, the builders are usually much more frigid wind comes to negotiating over the sales price. This becomes even more difficult if the housing happens to be in an area that is highly in demand or being built by builder who is popular.
The builders do not negotiate over the sale price of the homes that are coming up in order to maintain the integrity of the project. If they cut the prices for one customer, pretty soon that can have a rippling effect.
Other buyers will ask for a similar discount and before you know it the value of the homes in that project have come down. In fact, a builder slashing the prices for the homes for sale is a warning sign that may point out that the project is in jeopardy. These builders also may offer to throw in extras such as upgrade on furnishings, better kitchen appliances and a superior finish to your interiors.
Some builders also attract potential homebuyers by selling the home close to the actual building cost and pulling in a huge profit by selling extras and upgrades.
You should carefully look at the expense of buying items for the home from the builder himself even though it might seem like the easiest and the most convenient thing to do because you don’t have to go shopping for those later on separately. You might be able to save some money if you can get a better deal on home appliances, furnishings and other interior embellishments from elsewhere.
New homes might be more expensive than older ones
This is no surprise since the cost of construction, raw material, labor and professional expertise has gone up over the past several years. many builders will also look to charging a premium for providing a modern and new housing set up as they know that it will be preferable to older homes to many potential home buyers
Newer homes might not be built in as prime locations as older homes
It is an obvious fact that builders are running out of prime locations in popular cities and towns as the years go by. The land that was available in the prime and budding locations of the city 10 years back has long since run out. The newer homes that are built are either built further away from the main city or in certain undesirable locations such as landfills, steep hillsides etc.
If you want to locate yourself in an extremely prime location in your city, you might not have an option other than to buy an older existing home or apartment. As time goes by however, the location that is not considered to be prime and worthy now might become more in demand as the land needed to build for the homes become lesser in the future.
New homes may have hidden operating costs
1st of all, you should consider the various amenities and features that your new home has that might require higher maintenance costs in the future. It is nice to have a swimming pool and tennis court in your home but you should figure in the amount you would have to spend to maintain the same as well.
If your home happens to be a part of a housing society, there are probably going to be a society maintenance charges as well for maintaining the overall society, clubhouse, swimming pools, gymnasium etc. Some housing societies keep their monthly charges for the home owners low but then slap them with a special valuation of the repairs required for repainting the clubhouse or some such expenditure.
If your house happens to be a part of the housing society, take a careful look at the format they used to charge the society maintenance fee and whether there is a clause for paying a higher sum of money sometime in the future when additional expense is required.
Second thing to watch our for when living is a housing society is that there might be certain amount of restrictions as to the kind of modifications you can think about in your home. For example, the society might not permit certain kind of colors that you can use to paint the exterior of your home in order to maintain the overall look, feel, standard and overall value of the homes in the society.
You might not be allowed to use your own house broker
Builders usually have their own sales staff to handle potential homebuyers. They have their own contracts and sometimes also require you to deal with their agents and brokers rather than have one of your own. This is usually not never see able and if you are not comfortable with this then your only option is to walk away from the deal.
However, an alternative to this is that you at least use an independent appraiser to appraise the value of your home and have your contract reviewed by a real estate attorney of your own choosing. This will offset some of the disadvantage of not being able to use your own broker and safeguard you against the commonest pitfalls that a a person can make when buying a home.
It is always good to look at a certain situation from all perspectives. While buying a new home has its advantages, it is obvious that it has its disadvantages and potential for pitfalls as well. Just because a home is new does not mean that it is going to be without flaws.
Homes are built by people and human error is always possible. The intention of the builder is also very important. He should not be the kind of person who is tempted to cut corners to maximize their profit. On the other hand, there are good builders and those who are simply just not as good at their jobs.
Therefore if nothing else, even a brand-new home should be thoroughly inspected by a professional property inspector to discover these possible human errors before you purchase it. Believe us when we tell you that this is important and only a professional and a competent property inspector might be able to point out certain flaws that might be a deal breaker in purchasing the home.
These flaws in the property will probably never become obvious to you even if you make a great effort in inspecting the property yourself until it’s too late.