New Builds: Staying in Budget

When buying a new construction property, it is important to remember that this process is slightly different than buying a used home. While it is easy to get swept up in the idea of having a custom home that has never been lived in and won't have unwanted costs for old appliances, pipes or furnaces, you must remember that there are hidden costs in a new build as well. Remember to stay in budget!

Some extra costs that show up are property taxes, furniture, insurance, window coverings, landscaping and maintenance. While the model homes make it look like the house comes ready to live in, most of the nice touches come at a pretty penny. Window coverings, for example, are not included with the windows that you are buying. This goes for most lighting as well. While the electrical is all set up and ready to go, the light fixtures themselves are up to you to buy. Landscaping is another huge expense. Most new builds will landscape the front yard and a portion of the side. But, unless you want a pile of dirt in your backyard, it is up to the buyer to landscape the back. This can be extremely costly, especially when not even a deck is in place. Most times, a few concrete steps are included, but that is it. 

Another good thing to remember is that the neighborhood is not as grown up and grand as most old, historic neighborhoods are. While your home will maintain its value simply by the fact that it is newer as compared to the houses around it, it will take years for trees to mature and your community to feel well-established. Planting trees will be another expense to you and a perk that you may not get to enjoy during your time in the house. 

Finally, make sure you know the builder. Be certain that they have a good reputation and their other communities have maintained  the test of time. Any home can look nice in the model, but not every home has the quality finishes that will keep maintenance expenses down.

Also make sure you know what is included. Many new builds now a days are including community amenities. This means a clubhouse, pool and maybe even gym are being included for housing complexes. Remember though to buffer in the HOA fee that will come along with those perks. As for finishes, it is important to know what the standards are. New builds come with standard finishes for cabinets, floors, countertops, appliances, etc., but, most times, you are going to want to upgrade. And that means more money. Try to find a builder where their idea of standard finishes meets your own standards. Guaranteed you are going to want to change some things up, but it would be nice if you found a new build that had the options and quality finishes that you are looking for.

Good luck with your search, and feel free call or email with any questions that may arise.