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Buying a New Home: Pre-Construction and New Construction

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By : Lauren Kline    99 or more times read
For most potential buyers there are many options when looking at what sort of home to buy in any given area. Most areas have a variety of new construction, previously owned homes, and older character homes. It can be tempting to buy an older "fixer-upper" or pre-owned home that needs renovations in order to save some money, but buyers should look at new growth in their preferred area as well.

Buying into a new development can be a bigger money-saving investment than many potential buyers think. When you consider time and money that could be saved if you didn't have to renovate or replace decorating details that might not have been updated since the Age of Aquarius, buying a newly constructed home makes a lot of sense. Most new homes come with a warranty which can also save you money if any issues come to light during the first few years after construction is complete.

When you buy into a new neighbourhood development under construction there are a number of pros and cons to consider depending on what stage of construction the company is at when you buy in.

Before the company actually starts the building is one particularly good time to buy in; the pricing may be significantly cheaper because they need to pre-sell a certain percent to get their financing for the development. The drawbacks to buying in before construction starts, however, are that it will take longer to actually get your house and the developer may increase the price of your house before it's completed because there is no set-in-stone contract that early in the process. You do have more say in any customizations that you'd like to see in a home if you buy in early though.

If you buy into the project when the homes are being built there are still many opportunities to have your say about the final result. If you buy a home that isn't finished you can choose upgrades and colours for the finishing. When the construction is underway is a good time to look at the quality of building going on in the neighbourhood as well; ask if you can have a tour through a partially built home to see what the inside of your walls are going to look like.

Buying into a project when it's complete will still give you the benefit of moving into a brand new home but you will not be able to make any decisions about finishing that you might have had otherwise. Many of the homes that are built without being pre-bought will have just the default basic flooring and appliances which can make them a little cheaper to purchase. You may want to take the money you saved in this way and invest it into better flooring or a nicer fridge. If there are only a few units or homes left when you're looking at buying into a development you might be able to talk them into taking less than asking price because the company will be looking at moving on to their next project.

All in all, there are many reasons to buy any particular kind of property, but if you're looking for a clean, new living space that you get to help pick out the finishing details, then pre-construction and new developments might just be what you're looking for. Make sure that you deal with a reputable builder and do your homework before you make your decision.
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