Should I Buy or Build a New Home?

Should I Buy or Build a New Home?

Should I Buy or Build a New Home?

New homes offer many attractive features to potential buyers. They often require fewer repairs, offer new appliances and are more energy efficient. New homes can cause just as many headaches and hassles as older homes, however. Before you build or buy new, consider the following factors.
Investigate the Builder's Reputation

Just because the home is brand new doesn't mean it was constructed with quality and care. Whether your next home is in a development or you are considering construction from scratch, always research the builder's past history. Do they have any complaints on file with your local government agencies? Do they have a history of unfinished projects? Are they caught up in legal troubles with failure to pay property taxes on unsold homes in the development? These are red flags that the builder may not be a reputable business operator.

Siding and roofing contractor Lee Alley says much of his business is for consumers who purchased or built brand new. Although shoddy workmanship keeps him busy with new jobs, he advises people to thoroughly check the home for flaws and defects.

"They are even more common now, as many of these newly built homes in developments sat vacant for years on end while the housing market recovered," Alley says. "Long months of rain and wind exposed structural flaws or substandard construction."
Invest in an Inspection

Don't assume that because the home is new, significant problems won't be discovered. You will want a thorough inspection conducted by a third party professional to be sure the home is sturdy and safe. Even if you trust your builder, Alley advises everyone to have the home inspected upon the completion of construction or before buying an existing new home.

New electrical and plumbing systems can cause extensive damage if they were installed improperly or poor materials were used. Spend the $200 on an inspection -- it could save you thousands of dollars in repairs. Often, buyers can have the problems corrected at no additional cost to the purchase price if they are identified early.
Consider Some Features that May be Missing

When you buy an existing new home in a development, many items are often left unfinished. The home may be fitted with the braces and structural needs for a deck, but no deck. If you are building from scratch, a builder may charge you far more to construct a deck than another company that specializes in porches, patios and decks. Consider outsourcing some of these tasks to other firms that may give you a better deal.

New homes also lack landscaping, fencing and other amenities. Be sure to shop around for the best prices if you are considering adding any of these features.
Don't Buy or Build Without a Warranty

All new homes come with an implied warranty from the builder stipulating that any major defectinf the structural integrity of the home must be repaired at no cost to the owner. You should always ask for a builder’s warranty in writing for a specified period of time following move-in (ideally no less than a year) that covers any defects in construction. Be certain any warranty you receive explicitly states what is covered and the damage limitations.

This warranty should be backed by insurance. A homeowners policy may or may not cover any construction defects on a new home, and thus the importance of a warranty. In order to ensure any policy you purchase will protect you from known and unknown risks of new home ownership, always speak to a qualified insurance agent. Independent insurance agents, such as those on the Trusted Choice® network, are a great option. They can find you a number of quotes from a variety of companies enabling you to obtain a policy with the best coverage at the most affordable rates

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