We know why you might be feeling hesitant about buying a new home. It’s a BIG investment, and not just financially. You’ll also need to put in a lot of time and effort, especially if you’re buying a property that still needs some finishing touches. So, what does “worth it” mean to you? What are you trying to achieve by buying a new home? We always ask our clients questions that will help them make the best decision for themselves.
Here are some of the questions we ask and how they might help you answer this question.
If you are considering investing in new real estate, here are some of the most critical questions you need to ask yourself before you buy.
A lot of new homes require a 10% down payment. Some may require less, depending on the home, but a sizable down payment is still necessary. If you are starting from scratch, it probably means you’ll need to save up. So, how much will you save up? How long will it take you? New home sales usually only give you six months to save up the down payment.
One great thing about new home sales is that you can look at the floor plan, take a look at the colours, and see what it’s going to look like. You can see everything there is to see before you sign on the dotted line. It’s not like buying a resale home that you have to wait for someone to finish their project before you can move in.
Closing costs can easily put you over your budget. Ask yourself, are you prepared for the expenses required to buy a new home? The costs will vary depending on the home you buy, but some think that it’s usually between 3% to 5% of the sales price.
If you’re in a hurry to move, it’s better to go with a resale home. You can get a nicer home that’s absolutely ready to move into at a lower price. There’s no waiting for contractors to finish the home. There’s no having to wait for the home to be built.
When you buy a new home, it’s going to be pretty basic. You’re not going to get all the bells and whistles you want. So, it’s going to be up to you to add your own touch. You might want to ask yourself how much time you can invest. Based on other questions, you’ll know if you have enough time and money to invest in adding your own touches.
Buying a new home is going to be a big responsibility. If you really want to buy a new home, you better have the time and resources, or else you might have to wait a long time before you can buy, or you might have to settle for a house that’s not exactly what you want. When it comes to investing in real estate, always make sure that you are both mentally and financially prepared.
If you have your eye on new construction properties, contact Roger Rampuri. Roger Rampuri provides all his Real Estate clients with the highest degree of professionalism and a personalized strategy for success. Book an appointment today!