New Construction Homes and Hidden Costs
When you are looking at new construction homes, you do need to be a little leery. There are times when you could face hidden costs that can take you right out of budget.
The Worry About Defects
One of the biggest concerns to have with new construction homes is the hidden defect. This is the problem you do not know about right away but happens later. Just like older houses, newer ones can have some problems. These are called latent defects. Some can equate to bigger costs than you expected. For example, the slab could crack or the roof could develop a leak. To protect yourself from this problem, ensure you have a thorough inspection from a home inspector you hire (not just the one from the city.) Additionally, ensure your contract includes services and repairs for a least a year after the build.
Another common area where individuals do not realize there is a hidden cost is in the details. When designing your home, you may take certain things for granted during the process. It is a good idea to work with a builder who is capable of ensuring every detail is thought about and planned for. For example, you may find that appliances are not a part of the purchase price. You may find that the closets do not have shelving or that the landscaping is not a part of the deal. Also discuss window coverings, fences, decking and cabinetry details.
Watch the Upgrades
Even the best builders will offer upgrades and some of them can be expensive. You may want to watch for these upgrades on the documents you are signing. For example, that oversized tub is going to cost more than the standard option. Adding in bay windows will cost more than traditional options. The type of flooring, wall coverings and other elements can also add to the costs associated with the purchase.
The more you know about the details of the contract, the less likely you are to end up paying too much. Of course, you can protect yourself from any of these situations, and when upgrades fit your needs better, it makes sense to invest in them. What you do not want is not to know that they are occurring. The right builder can help you to avoid these unknown costs in new construction homes. A builder that is upfront is easier to work with all around.
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