When searching for a new property to buy, at times clients automatically think new is better, but this is not always the case. When looking at new construction, you have to really take a look at what is included, and more importantly, what is not included in the purchase.
In addition, you need to know what is the real completion or move-in date. All too often the big things such as landscaping and window treatments are not taken into account. Having to run sprinklers, level out ground, and dealing with all the dirt and mess of landscaping has a huge price associated.
The model homes are usually filled with upgrades, options, or designer details that do not come with the actual home. Is a daybed really something you are going to put in that small extra bedroom?
Lastly, is the loan lock period. Many times the new construction is a further date out for closing. This means you can’t lock your loan right then and there, causing possible added mortgage expenses if the rates change. Many times, when you really analyze new versus resale, the value and added benefits of a well done resale will save you time and money in the long run.